Thinking of owning your own business? Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. A methodical plan of action is needed to fulfill your goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their venture. We help you:- Determine your start-up capital needs.
- Identify sources of start-up capital and backup sources if needed.
- Evaluate and quantify your borrowing power so you know how much money you can borrow from a lender.
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation, and portability (should you need to relocate).
- Select the right accounting software by evaluating your budget, needs, and hardware.
- Prepare a Cash Flow Budget so you know exactly how much money you will need to keep the business alive each month for the first few years.
- Establish billing and collection procedures to maximize your cash flow.
- Establish procedures to monitor and control costs.
- Prepare and file all required State and local licenses and permits.
- Prepare and file your application for your Federal Employer Identification Number.
- Provide payroll and payroll tax filing when you bring on your first employee.
- Comply with employment laws so you don’t get hit with fines and unhappy employees.
- Identify your business insurance needs.
- Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships. It can help prevent a tremendous amount of financial and emotional problems down the road.
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