New Business Formation
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.
- 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 backup sources if needed.
- Evaluate and quantify your borrowing power so you know how much money you might need.
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, and ease of operation.
- 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 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 your application for your Federal Employer Identification Number.
- Prepare and file your applications for any state tax accounts you may need.
- Provide payroll and payroll tax filing when you bring on your first employee.