Starting a new business can be both exciting and a bit scary...

Most small businesses that do not succeed, fail because they did not lay a solid foundation at the beginning. Consequently, when trouble came up in the future, the whole thing collapsed.

Here are a few questions to ask yourself that will help you to lay that solid foundation and increase your chances of success:

Business Start-up Checklist

Do you have a written business plan?

Have you done any market research to be sure your product/service is sellable?

Have you run profitability/sales projections?

Both: best and WORST case scenarios?

Can you survive even the worst case scenario projections?

Do you have a team of Professional Advisors you can trust?

Attorney

CPA

Financial Advisor

Insurance Agent

Have you formed a corporate entity?

Do you know if you should?

Do you know which entity you should have?

Do you have partners (other owners besides yourself)?

Do you have an operating agreement?

Do you have clear job descriptions of each member?

Do you have a written “Buy/Sell Agreement”?

Do you have an “Exit Strategy”?

This might shock you, but you will not likely live here on earth forever...

thus your business will not operate forever.

You have 3 options for getting out of your business once it is started:

1. CLOSE (cold-turkey), liquidate whatever assets there may be and be done

2. Sell for no gain, possibly even a loss (no retirement income to speak of)

3. Sell your business profitably and have the financial resources to do whatever you want.

We have posted a video below to help you understand how to properly position your business for sale...

As always, initial consultations are free.

Call our office at 775-882-4459 to schedule an appointment.