Small Business



1. A small business needs a defined business plan.

True
Before starting a business, you need to go through the process of researching and thinking about your company in a systematic way that defines your company's plans and goals. At the same time, a specific and credible model is crucial. As always, seeking advice before starting any company is important to its success. This advice can be sought through meeting with a lawyer or a financial advisor.


2. Bringing your small business online can dramatically increase the number of customers you reach.

True
Many companies are realizing that having a website is boosting their profits and customer base dramatically. It is important to keep in mind; however, that staying focused on the marketing plan is important to making an online effort successful. When an organization offers too many products or services, the expenses are increased and profits are reduced. Staying somewhat specialized is a more effective way to generate income.


3. A financial consultant can assist a small business on a variety of topics.

True
Any small businesses can get help with retirement planning, income tax planning, estate planning, financial strategies and employee and executive benefits. Poor management is cited most frequently as the reason most new small businesses fail. Speaking with a financial advisor to get all income and expenses in order as well as create a finance goal or plan is recommended. Inadequate financing to operate a new company is the next reason most companies fail.


4. The SBA offers a variety of financing options for small businesses.

True
The SBA's assistance is usually in the form of loan guaranties. At the same time, the Government provides grants for starting a new company. Americans who are starting small businesses may be eligible for a free grant ranging from $500 to $250,000 or more.


5. It is wise to seek counsel before starting a small business.

True
Proverbs 15:22 - Without counsel purposes are disappointed: but in the multitude of counselors they are established.


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