Petkovsek & Moran, LLP provides a complete set of services to assist those who are planning or in the process of launching a business. Our experience helps you define your business, provide an honest/prudent assessment of opportunities available and highlight operational challenges affecting your business.
The start-up of any business is an exciting event, especially for the entrepreneur. At Petkovsek & Moran, LLP we help focus energy and thought to the right issues at the right time. The volume of work, multitude of decisions and the sheer pace at which actions and thought must occur creates a great challenge for business owners. We can help control this process with management techniques and practical experience, helping you avoid expensive and momentum robbing mistakes. Consider the following:
Why Do Start-Ups Fail?
- Insufficient knowledge of the business, industry and/or competition.
- Poor management (improvising, guessing, taking unnecessary risks, no clear business plan)
- Insufficient capital
- Poor record keeping (accounting and taxes)
- Unfavorable competitive climate
Questions to ask yourself about the start-up process:
- Do I have the “right stuff” to open a small business?
- Do I have adequate knowledge and experience to operate this business?
- How will I determine what business or industry is right for me?
- How do I find the right business opportunity?
- Should I purchase an existing business or build it from scratch?
- Is “opportunity really knocking”?
- How do I prepare a business plan and why does my banker require it?
- How do I determine if my business can be profitable?
- What is the best legal entity for my business?
- How do tax considerations affect my choice of entity?
- Where and how will I obtain any needed funding?
- What planning mechanisms will I use to enhance business management?
- How will I market my products or services?
- What challenges do I anticipate from competitors, market growth or saturation?
- Do you need to hire employees? If so, what tax and employment laws apply?
- How will I replace my current income to support my family while growing this business?
- Am I ready to give up my day job to be my own boss?
Advanced Planning Can Help Avoid Problems
Not every opportunity presented to you will be the right fit. Going into a venture without a solid plan is doomed to fail.
- 1/3 of new businesses will fail within 6 months.
- 75% of start- ups shut down within 5 years.
- Businesses with fewer than 20 employees have only a 37% chance of surviving 4 years and only a 9% chance of surviving 10 years” - Dun & Bradstreet
- 9 of 10 companies operating today will eventually fail, or just give up trying.
On the bright side, those who were proactive with planning and implementation of the advice they received had remarkably better success.
- “More than 85% of all small businesses show a profit” – Harvard Business Review
- “89% of the people that made over $50,000 a year were the owners of small businesses.” – IRS
Your Advisory Team
Assemble an experienced advisory team to guide you through the many aspects of starting your business.
Your list should include a:
- Employee Benefits Specialist
- Human Relations Resources
- Insurance Agent
- Marketing Consultant
Petkovsek & Moran, LLP provides the foundation for sound decision making and solid business planning. Working smart is the only way to succeed and no one individual can do it alone. We can help you plan for success and achieve it!