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. It's up to you to maintain and stretch out the
"thrill and excitement" period forever.
A methodical plan of action is needed to fulfill your dream
or 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 new venture.
We help you...
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Prepare an initial business plan to clarify
your marketing, management, and financial plans.
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Determine your start-up capital needs.
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Identify sources of start-up capital
and backup sources if needed.
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Evaluate and quantify your borrowing
power so you know how much money you can get your hands
on if needed.
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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.
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Select the right accounting software
by evaluating your budget, needs and hardware.
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Prepare a Cash Flow Budget so you know
exactly how much money you need to keep the business alive
each month for the first few years. Unplanned cash requirements
are always emotionally painful.
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Establish billing and collection procedures
to maximize your cash flow.
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Establish procedures to monitor and control
costs.
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Setup a home office so you can maximize
your tax deductions.
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Prepare and file all required state and
local licenses and permits.
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Prepare and file your application for
your Federal Employer Identification Number.
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Provide payroll and payroll tax filing
when you bring on your first employee.
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Comply with employment laws so you don't
get hit with fines and unhappy employees.
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Identify your business insurance needs.
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Develop a solid Partnership Agreement.
This is an extremely important document for all new partnerships
and will help prevent a tremendous amount of financial and
emotional problems down the road.
