What do I need to know when starting a business?

Starting a business is both exciting and challenging at the same time. It comes with great risk and reward.

When I was in college, one of my accounting professors said to never start a business unless you have a good accountant and marketing plan. You need to be able to manage cashflow to keep the business solvent and you need to have a marketing plan to generate sales. The accounting professor said never go into business unless you have a marketing plan. So, part of the budgeting process for any business should include an investment in marketing. There are quite a number of marketing options, so it will be a matter of prioritizing those marketing dollars for the best return on investment. I’ll discuss a variety of marketing options in the months to come.