Up to this point, you may be feeling that these threads are concerned with only a seasoned, well-established enterprise. Nothing could be further from the truth. If you are just starting a new business, this is the perfect time to develop a Business Succession Plan. Yet you may feel overwhelmed as to where to begin.
I would first assemble a team of an accountant, an attorney, and a financial planner. At the very least, have a brief non-committal meeting with each advisor. The purpose here would be to get a feel for charges and an idea of what services each professional would offer. Additionally, try to set aside ideally 10% of your net earnings toward a savings account. Perhaps you could start a Roth IRA (more about that later) or a savings plan in a money market fund. This is a low risk, no sales charge simple, basic savings plan.
There are other local groups that could help your business get off to a good resounding start. Seriously consider joining a local Chamber of Commerce. There are also a host of smart, sharp, caring innovative groups. I fortunately have had the experience of partnering with several of these groups. One I highly recommend is StartUp Grind, located in Albany. I encourage you to contact the local chapter Director, Ms. E. Patrice Perkins. She can be contacted at epatriceperkins@startupgrind.com. I promise you will not be disappointed as her group has a vast arrray of resources to help new businesses get off to a great start.
In closing, work hard every single day. I’m often amazed at the notion that any business is as simple as working smarter, not harder. Be prepared to work hard and smart every single day. With the recovery still very slow, government regulations stifling businesses, stock market volatility abounding, competition, inflation and vast budget deficits, it really takes a concerted hard-nose never say die attitude. So have at it. Enjoy and have fun.