New Business Formation
Are you thinking of owning your own business?
Opening your own business is exciting, but it is up to you to maintain and stretch out the period of excitement forever.
A methodical plan of action is needed to fulfill your dream of 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 new ventures.
We will help you:
- Prepare an initial business plan to clarify your marketing, management and financial plans.
- Determine your start-up capital needs.
- Identify sources of start-up capital and back-up sources if needed.
- Evaluate and quantify your borrowing power so you know how much money you can obtain if needed.
- 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 correct accounting software by evaluating your budget, needs and hardware.
- 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.
- Establish billing and collection procedures to maximize your cash flow.
- Establish procedures to monitor and control costs.
- Set up a home office so you can maximize your tax deductions.
- 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 do not receive fines and/or have ungratified employees.
- Identify your business insurance needs.
- Develop a solid partnership agreement. This is an extremely important document for all new partnerships, as it will assist in preventing a tremendous amount of financial and emotional problems down the road.