Starting a Business
Know the Simple Steps for Starting a Business Right.
Owning your own business is right up there with apple pie and baseball as an American pastime. In order to assure that your business succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having all pertinent information in place before starting a business.
We can help you avoid becoming another failed business statistic.
With our help, you will identify and avoid the common mistakes many new business owners make. We will help you build a business plan for success, as well as provide financial management services to meet your needs.
Steps to starting a business right…
Prepare a business plan and determine your initial capital needs.
Identify your current resources, as well as sources of start-up capital and your borrowing capacity.
Review potential business structures in terms of tax advantages and portability in case you need to relocate.
Plan for financial management of your business by selecting accounting software that fits your projected budget and gaining the hardware necessary to run it.
Understand the key components of a Cash Flow Projection and develop one to cover each month of your business for the first year, at least.
Learn about the best billing and collection procedures to maximize your cash flow.
Research and gain an understanding of employment laws so that you are prepared to comply from the start.
Consider a home office for maximizing tax deductions.
Prepare and file for all local and state licenses and permits.
Gain a Federal Employer Identification Number and set up payroll services and payroll tax filing systems with your first employee.
Identify any business insurance needs.
Develop a Partnership Agreement. By putting the terms of all business partnerships into writing, you will save a lot of future pain and headache, as well as the potential detriment of your business.
Decide on a business entity
Sole Proprietorship:
Perfect for individuals starting out, this entity is simple to establish, offering full control but no separation between personal and business liabilities. Ideal for low-risk ventures.
Partnership:
Limited Liability Company (LLC):
LLCs blend the flexibility of a partnership with the liability protection of a corporation, safeguarding personal assets from business debts.
S-Corporation:
C-Corporation:
Don’t let this list overwhelm your desire to start a business. Our services were created with small business owners like you in mind.
Call us today to get help starting a business the right way!
Ready to come in for an appointment?
Click here to schedule a time to meet with us about your tax levy. We will NOT make dealing with a tax preparation professional as painful as it’s been in the past!