TAX TIP OF THE DAY... Spring is a favorite time to launch a new business!
You've been thinking about this for years. You have documented your plan in writing. Is now the right time? Take this test:
1) Do you have enough time to devote? Estimate the required time and double it.
2) Do you have enough cash to invest toward startup? Estimate cash requirements and double it.
3) Are you willing to lose the start up cash? Starting a business is an investment... a risky investment.
4) Is your family onboard with the plan? You will most likely be taking time and money away from them. And of course if you make it, they will be rewarded with your profits.
5) How is the overall economy? Do customers have disposable income to buy what you are offering?
6) How is the competition? Is the market already flooded with what you are offering? How are you different from the competition? How will you communicate this difference?
7) What is your advertising plan to reach customers? If customers don't know about you, they can't purchase.
8) ARE YOU READY FOR THIS?
Business is an emotional rollercoaster. Years ago, a customer leaving our firm asked why I was taking it so personally? A small business is like a baby that you have given birth to... the business owner takes all customer interactions, business successes, business idea failures VERY PERSONALLY. Yes, it hurts when a new marketing plan fails. Prepare yourself now. You will have disappointment along the road to success.
If you are still reading, you are ready.
LET'S DO THIS!!!
Who is ready to kick some aspartame?
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We offer small business start-up initial consultations... www.baboiancpa.com