Aster Consulting
Business Advisory Services

Did You Know

Did You Know?

  • Recent statistics reveal that about half (50%) of all small businesses fail from Startup in the first 5 years – it is not the 80-90% some believe
     
  • Great ideas do not make great businesses; educated risk takers do….
     
  • Raw talent will open doors, but it will not always result in a successful business.
     
  • A successful business is identified by 3 things – longevity, security for both the owners and employees and being valued by its customers.  Not everything in small business is about the bottom line.
     
  • The cliché “Build it and they will come” is simply not true in business, you need to spend likely 3-5 times more on marketing than you believe you will need to be successful before you run out of cash hoping people will find you.
     
  • Using a Consultant is not a sign of weakness or lack of education, in fact most consultants are used by people looking for validation of their ideas and a support system for executing their growth. They are highly trained and confident.
     
  • Misclassified workers are one of the costliest errors a small business owner can make. The impulse to “try people out” or avoid the extra payroll taxes when getting started lead to an expensive host of big problems. It is not just the IRS you should worry about, the DOL has a long and deep reach that will teach you a difficult lesson.
     
  • Mitigating Risk in small business is often the last piece people consider when starting a business. The idea there is nothing to lose is more myth than reality. You need to insure your investment upfront and be sure you have policies and procedures that will protect you, your business, your employees and your clients.
     
  • Budgets and the budgeting process are one of the single best tools to understanding your business from the financial side. No matter your size, you should have a yearly plan laid out and then monitor yourself.
     
  • NEXUS Rules Apply: If you think we are talking about shampoo or a car you have a problem. As a business owner you need to know what you have to do to be compliant for sales tax collection.
     
  • Did you know that your “online shopping cart” just bought you a host of compliance rules that you need to take seriously?  Business owner are not entitled to the “I didn’t know defense.”
     
  • What does LLC stand for? Limited Liability COMPANY – and LLC is NOT a corporation! You must designate your entity type – Sole Prop, Partnership or Corporation.