Sunday, Oct 23rd

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Small business owners need more than a great idea and a ready market. New businesses often flounder because of the nuts and bolts of starting a new company, rather than because of a failure to deliver a good product. A little advance planning can save the new entrepreneur endless headaches later.

“Some business owners are so focused on the idea or the product that they don't always invest a lot of time to build a plan on how to bring it to life,” said Nathan Pugliese, a Registered Principal and Certified Financial Planner practitioner for Ameriprise. “And I think part of that plan really needs to involve more than one person.”

Pugliese advises business owners to involve their legal and financial advisers in their business plans. At a minimum, entrepreneurs should consult a CPA and possibly an attorney as well. These experts can provide guidance in areas such as choosing the right business entity – be it a corporation, a sole proprietorship, an LLC or another type. And bringing in their advisers early in the planning process enables business owners to head off legal hassles before they occur.

“For small business owners in particular, I think it starts with 'What's your approach? Are you in business not to lose? Or are you going into business planning on how you're going to win?' So I think how people approach their small business is an opportunity,” Pugliese said. “And seeking out the information about what's available to you as a business owner as opposed to  having someone doing it for you. It's a very different game.”

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