Decisions needs to be made when you decide to go into business; especially when it comes to finances. Yet, this is an area that tends to fall through the cracks. Some folks put all of their money into the start-up with no thought to ongoing marketing costs.
You need money to continue to operate. I truly believe that the 90% failure rate for those who decide to start an online business would go down if folks would plan for future operating costs before starting their business.
You should educate yourself; and that includes marketing and advertising skills. Sit down with the key folks who are going to be a part of your business; it may very well be your spouse. You may have to swallow your pride and learn to take advice. Don’t be an island. Make an appointment with your CPA and discuss all the options that are open to small business owners.
If you think you’re going to need investors; education is key. Finding the right business partner is one of more important decisions you are going to face. A lot of folks will go to family or friends first. But I strongly suggest that you think long and hard before going into business with family or friends. Many relationships have been ruined by this very action.
Ask the following questions:
Does your town require a business license?
What type of business entity are you going to set up? LLC, Corporation, S Corp?
Will you hire employees?
Even with a small business the above questions are important. When you decide to own your own business–give us a call. Let us help you talk through some of the above questions. Sometimes all you need is a non-invested 3rd party to help with the major decisions involved in a new business venture.
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