Proper Planning is Critical for Small Business Owners

Sole proprietorship, limited liability company, limited liability partnership, 501c-3 or other? Should I apply for credit financing, personal financing, small business loans, personal loans or bank loans? Do I need to register with the local town, county, state and federal government? Do I need an EIN or D&B number?

These are just a few of the basic questions a new small business owner must answer before setting up his/her business. They don’t even touch upon the more important issues like market research, pricing, expense analysis, forecasting, profit/loss statements, etc. With research, these questions and the many other decisions small business owners face are easy to answer, but why waste your creative energy on these questions when you could be focused on your core strength: your business idea?

Make no mistake, pre-startup planning is crucial to ones success. 40% of businesses fail because of poor pre-startup planning and lack of market demand for their products[1]. Another 18% of businesses fail due to poor pricing and margins.[2] Having a qualified expert who has the experience necessary to help you make these decisions will help you: 1) decide if this is a viable business or just an interesting idea; and 2) let you focus on growing your idea into a successful business while the energy sapping operational details are hammered out behind the scenes.

Contact TC2 Advisors to set up a consultation and see how TC2 can help you achieve your small business dreams.

[1], [2] Erin Griffith, “Why startups fail, according to their founders”, (9/25/2014)

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