DiMeglio Septic , Inc .
BUSINESS , from Page 1 able inisghts about a number of topics relevant to starting a business , such as market demographics , capital management , insurance , networking , advertising and more .
Due to the demanding nature of starting a business , many local businesspersons agree that a strong passion and full commitment to one ’ s business venture is imperative to its success . D ’ agostino agency Vice President and insurance broker John D ’ agostino Jr . said many aspiring business owners often underestimate how much time and effort is required to parlay a passionate interest into a self-made career .
“ i think one of the most important things that i tell people that are starting business is to make sure it ’ s something they really
Wednesday , July 25 , 2018 • The Hammonton Gazette • Page 3
Business insights from financial professionals
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love doing because sometimes , people will have a hobby and they think it ’ d be a good idea to do it full time , and then they find out that it ’ s not so much fun when you ’ re doing it for a living ,” D ’ agostino Jr . said . even if someone has the dedication and passion to turn their hobby into a full-time business , they must first make sure there is a consumer demand for whatever good or service they ’ re providing in the location they are providing it , or else they won ’ t generate enough revenue to flourish .
“ if you were going to be opening a Lamborghini dealer in Hammonton , it may not be the best place versus if you were living in Princeton , you ’ d have a lot bigger market . So , a lot of it is picking the right product for the right area and make sure you going to have enough of a demand for your product or your service ,” D ’ agostino Jr . said . according to insurance agent Scott Brown , owner of Scott Brown insurance agency , it may take an extended period of time until a new business is producing considerable profit margins , and due to the inherent amount of overhead costs associated with establishing a business , every aspiring business owner needs to enter the venture with pre-existing funds to cover their early operating costs .
“ Make sure you don ’ t start with $ 0 in the bank . You have to have some cushion of monies to operate . and you ’ re trying to learn the business , get things up and running , get a computer , a new office , so make sure you have a little cushion of money to get that curve until the income starts coming in ,” Brown said .
Once a business owner gets their business off the ground , wise spending choices and financial discipline will usually determine the difference between a startup that fails within a few years and a profitable mainstay in the business community . financial advisor and Gandolfi financial Services owner Bruce Gandolfi has been in his line of work for the past 35 years and said , in that timeframe , he has noticed several clients who were small business owners that failed to continuously reinvest profits into their business . instead , they frivolously spent money on their own lifestyles until it was too late .
“ Be cognizant of spending ; that ’ s the biggest problem we see . People start making money and they start taking the excess and blowing it on their self instead of reinvesting in the business ,” Gandolfi said .
No matter how small or independent a new , ambitious business owner intends for their company to be , having a support system can go a long way , especially if they begin to encounter some of the aforementioned pitfalls that often doom many news businesses . according to alloy Silverstein accountants and advisors Managing Shareholder ren Cicalese , CPa , PSf , CGMa , not only will having this team of individuals provide valuable insight and advice to a new business owner , they can also help them stay grounded and maintain realistic goals for their business .
“ a lot of times , when somebody starts a new business , their eyes are glazed and they look at everything as the best-case scenario , and they always prepare for the best-case scenario . and what they really need to do is look at various worst-case scenarios and prepare for them … Most of the people that have a plan , they really need to surround themselves with a good support team and they have to listen to that support team ,” Cicalese said .
Sometimes , a new business owner may have an airtight business plan that develops quickly , but falls apart due to unforeseen factors that are outside of their control . fortunately , insurance policies can provide coverage to some of these individuals and just
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DiMeglio Septic , Inc .
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