Brian Zucker, CPA
August 1, 2016
Starting a Business? Find a Trusted Advisor Today
One of the great things about having our practice in New Jersey has been the opportunity to help so many people to start up and run their own businesses. These plucky men and women are not just landscapers, roofers, and electricians, but also hair stylists, restaurateurs, and Web designers, too.
Their infectious enthusiasm is what makes America great, and New Jersey a hotbed of innovation. Yet these would-be entrepreneurs also tend to overlook the need to address critical business issues early on. Instead they focus on getting customers and leave the rest to tomorrow.
This kind of myopia, unfortunately, can lead to costly mistakes. Some locations, for example, are terrible for a restaurant. That’s why the rent in that particular location is cheap. Or the parking or visibility from the road may be wrong. In other cases, simply setting up a business incorrectly—such as choosing a sole proprietorship—could eventually wipe out your fledgling business, your home, and your life savings.
Why most small businesses fail
According to the U.S Small Business Administration, about 90 percent of small enterprises fail within the first two years of operation. This occurs because new entrepreneurs lack the basic knowledge and experience to handle the challenges of their companies in their initial stages.
There is a lot to consider at the outset, such as choosing and selecting the right business structure; obtaining financing; tax compliance and planning; creating a business plan and budget; locating a property; and maintaining records and complying with all income, employment, and sales tax laws.
That’s why you should find a trusted business advisor well before you hang out your shingle. Our seasoned consulting professionals help you to develop a solid business plan, one that will stand up to lender scrutiny. We also serve as objective sounding boards, offering professional guidance and research assistance where appropriate.
Strategic plan versus ‘trial and error’
The difference between a successful and unsuccessful business is simple. Both types of founders know their subject areas cold. The successful ones hire experts to fill in the gaps in their business knowledge. The rest make a lot of costly mistakes along the way, only to watch helplessly as their dreams turn into nightmares.
So why go it alone? Whether your needs include developing a strategic plan to accomplish the future goals of your company, obtaining assistance in assembling a marketing plan, or determining the cost of manufacturing your product, RRBB can provide all of the support you need. Call me, we can help you get started on the right path.