The formation of a new business needs to be a strategic decision rather than a simple process of a few filings and the opening of bank accounts. Every business is unique from the management team with their experience all the way to the level of service that is offered for the price the customer is willing to pay. In addition, there are large risks associated including personal property that you may expose to creditors, new tax liabilities, and debt that is generated by the day-to-day operations of your business.
The top reasons that new business fails are: being under-capitalized, poor accounting practices including poor financial management, and running into cash-flow issues such as when you are not paid in a timely manner by your clients for work performed. If those reasons alone are not sufficient, other business failures include owners never setting goals where progress can be measured, business managers do not see the marketplace from a realistic perspective, thus, missing sales targets month after month, and owners simply have high expectations that are not realistic.
Corporation Associates is here to help you create a comprehensive business plan. In addition, we will look at the marketplace and determine the feasibility of your plan. We are here to guide you every step of the way from selecting a business name to manager training and setting-up your operations.