By Brian E. Ravencraft, CPA, CGMA, Partner at Holbrook & Manter, CPAs
Does the approaching new year have you thinking of starting a new business? New businesses with impressive, innovative ideas and products enter the marketplace all the time, but they are often short-lived and end up closing their physical or digital doors. According to the SBA (The U. S. Small Business Administration), almost 80% of new businesses started will survive their first year. That sounds wonderful until you research further and find that only about half of new businesses survive for 5 years, and only about one-third last 10 years or more. Those numbers can seem daunting when considering whether or not to start a new business.
There are several reasons why new businesses fail — failure to research the market, business plan problems, not enough capital, etc. To lessen the risk of closing prematurely, there are several steps that a potential new business owner can take.… Continue readingRead More »