Boosting New
Businesses

Small businesses and entrepreneur face many challenges when they are first starting out. Luckily, there are many resources available to avoid the most common pitfalls and to increase your chances of success.

Establishing the Business

The most important step is to establish the business as an entity. This limits liability & protects personal assets. The choice of business entity varies . The most typical are limited liability corporations (LLC) and S-corporations (S-Corps).

Establishing the Business

These are pass through entities, meaning any profit you make passes directly to the owners/partners as income. There a specific tax implications for each depending on your industry
Tips & Tools

Validate Your Market

It’s important to demonstrate that your service is seen as valuable to your customers. This is a common mistake many businesses make. They believe so strongly in their idea or service that they are certain other will feel the same

Validate Your Market

This may not be the case. Providing the product or service for free or at a significant discount can entice customers to try it. Obtaining their feedback on satisfaction, pricing, value, etc. is extremely important.
Tips & Tools

Understand Resources Needs

It’s important to understand and to articulate clearly both the capital and talent required to successfully run the business. What do you need in terms of money? People? When and for what will it be needed?

Understand Resource Needs

Now is the best time to write your business plan. The business plan is a great tool both to articulate the need and to provide the justification to yourself and to potential employees and financiers.
Tips & Tools

Funding

There are a number of approaches when looking to fund capital needs. How you fund your capital needs will depend on:

- How much of the company will you sell?
- How much is the company worth?
- How big of a loan can you afford?
- What is your personal credit?

Funding

When it comes to seeking capital, there is not one ‘correct’ approach. It’s very dependent on each individual company’s circumstances. See our Funding Advice section for more information.
Tips & Tools

Building Scale

When it comes to building scale, each case is unique. There are a couple of standards like:

  • accounting & financial reporting systems
  • human resources
  • legal
  • etc.

  • BUT there is no one-size-fits-all approach.

    Building Scale

    If possible, it's usually helpful to plan to build scale in stages. For example, start with sales, and once successful, expand operations, etc.
    Tips & Tools

    Marketing Plan

    The one area that we have notice over the years is that many start-up fail to put enough effort in their marketing plan. The marketing plan is the engine that drives sales.

    What's Our Plan?

    We outline the elements of a quality plan in our tips and tools section
    Tips & Tools