It is important to adequately complete market research, hold discussions with possible suppliers and be able to place estimated costs into models that will enable you to more accurately complete feasibility assessments. Your financial and/or legal professional will assist you in determining the structure best suited to your business needs.Ĭritical business decisions need to be made before you invest significant time and capital. Additional types of business structures may possibly include new generation co-ops or joint ventures. The typical business structures are: sole proprietorship, partnerships or corporations. The structure of your business will determine the variation and format of some of the financial documents that you will utilize. Others will be used to provide information that will enable you to attract partners, investors or financing capital, while some will monitor and benchmark your business activities on an ongoing basis. Some may be used in the earliest stages - simply to determine whether or not your proposed or existing business is feasible or sustainable. Each plays an important role in planning and managing your business. IntroductionĮntrepreneurs, start-up companies and existing companies will utilize and require the development of numerous financial documents during the planning and operational stages. Tip: Remember it takes time, good research and a great team effort to achieve a realistic financial plan on which good decisions can be made. ![]()
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