Survive the Recession by Starting Your Own Business
Survive the Recession by Starting Your Own Business
Are you an entrepreneur at heart? Many Americans idolize the American Dream; the “get rich quick” mentality. But, how many make it happen? Starting a business requires hard work, and even then it is not guaranteed that it will succeed. In fact, in the US, only 51% of businesses survive past their first five years of start-up.[1] So, how do you start a business that will thrive? There is no perfect formula, but the following tips may help you with your start-up:
1. Write a Business Plan.
A business plan is a formal document which includes business goals and the plans for reaching those goals. When writing your business plan be sure to include the purpose of your business, operational and financial objectives, and a marketing plan. For more information on how to write your business plan see https://groco.com/readingroom/businessplan.aspx.
2. Create a business account.
As you start your own business, where will you get funding? Whether financing through a loan or personal resources, once you have the funds to start your business, set up a business account. This will help you to stay organized and start record keeping. Some individuals are great at what they do, but their business fails because of a lack of financial organization.
3. Develop a Marketing Strategy.
Have you ever wondered how some of the well-known fast-food chains became so popular? Marketing is the answer. If you can get your name in the public eye, odds of your business succeeding will increase. A cheap and easy way to start marketing is through social media. There are several resources when using this method. Simply determine who your target audience is and start branding your name. Developing a marketing strategy will help your business succeed.
4. Be Aware of your Tax Obligations.
It would be wise to determine what tax bracket you are in and file your tax returns timely. You can approximate business taxes that you will owe by setting aside a percentage of all profits that you bring in. Many business owners overlook their tax obligation and find themselves in a financial bind when tax deadlines come along.
5. Keep track of all start-up expenses.
Be sure to track all of your business start-up expenses, as you may be able to deduct many of them. Keeping organized records will benefit you. For more information on determining what expenses are deductible see https://groco.com/readingroom/bus_startupexpenses.aspx.
As you venture out on an entrepreneurial limb, remember that speaking with a tax professional can help you as you prepare to start your own business.
We hope you found this article about “Survive the Recession by Starting Your Own Business” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
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