Starting a business is a big step whenever it is done. A question is: when to do it? Is now a good time, or should you wait for the right time? People go into a business for many reasons, with some being started as a part-time activity, when you are laid off and cannot get another comparable job or when you are just ready to do it and need to quit your job. Some businesses need initial or seed financing; some are started from scratch, purchased or franchises are acquired.
This Thursday, October 20th, at noon, I will be presenting a program on Zoom that provides answers to many of the questions people have about when to get started. I previously presented a program in March on how to get started using a 60-point checklist of what you need to know. I received a lot of feedback, and a major concern was when to get started, which precipitated this program. I will cover new material and provide the 60-point PowerPoint handout to attendees; there will be no duplication with that earlier presentation.
The program will include ways to finance the new business and changes occurring because of inflation and rising interest rates, the availability of businesses to buy and changes in the selling prices of those businesses, and how buying a franchise works. There will be information on what to watch out for with bank loan covenants. Included will be a model of how to reduce the cash you need to buy the business. Any step to start a business is a major undertaking and needs to be treated with the utmost seriousness, and this program will add to your reservoir of knowledge to help you make your decision.
The program is part of the Take a Business Break series I have been presenting for the East Brunswick Public Library since COVID started and is co-sponsored by Withum, and is free. It will be on Zoom, and you must register in advance.
For those that do not know me, I am an emeritus partner at Withum, one of Accounting Today’s 100 Most Influential People, the author of 30 books and an adjunct professor at Fairleigh Dickinson University. I am also accredited by the American Institute of Certified Public Accountants as a personal financial specialist.
I look forward to “seeing” you Thursday.
Contact Us
If you have any tax, business, financial or leadership or management issues you want to discuss please do not hesitate to contact me at [email protected] or click here.
