For most of my life, I’ve heard the phrase “…living the American dream”. Ever wondered what that dream is? Google the phrase “What is the American Dream ?” and you’ll get about 14,500,000 results. Ask someone, and you will get as many different answers as the number of people that you ask. If you ask an entrepreneur, he/she will almost always include in their answer – OWNING YOUR OWN BUSINESS. Each year many individuals embark on this trip that will take you through every emotion you have plus some you may not know you have.
According to the Small Business Administration (SBA), over 627,000 businesses start each year while approximately 595,000 businesses close year with only 51% of those start-ups surviving the 5-year mark (some “experts” put the failure rate as high as 80%). Why is the failure rate so high? Another search of the internet will provide you with more results than there are humans. For the most part, you’ll find a common theme – lack of research, failing to plan and finally, too much emotion. An entrepreneur will often have so much excitement over a business idea, that he/she will fail to logically think the process through – instead, they go from business idea to signing an office lease without ever thinking of in-between steps.
Over the next few months, we will walk you through this process. We will review the planning necessary to start a business, discuss the various entity structures with pros and cons of each, as well as the “ugly” side of owning a business – the administrative side. I’ve never met a business owner that enjoys this but this this the quickest way to become a failure statistic.
While we walk you through these steps, please feel free to contact us directly to discuss in totality. It always sounds easy – but it hardly ever is!
Let’s get started now, with Step 1 to owning your own business.
At Lesemann CPAs, our mission is to assist you in getting your business started and guide the entrepreneur as it grows and prospers.