When building a new business, it’s critical to take the time to develop a comprehensive plan and have all the relevant information available and in place before you begin this venture. Our team will help you identify and avoid the common mistakes often made by new business owners, review your business plan, and provide the financial management services you require to meet the specific needs of your business.
Steps to ensure success when starting a new business:
- Review your business plan and determine your initial capital needs.
- Identify your current resources, sources of start-up capital, and your borrowing capacity.
- Set up business structures in terms of tax advantages and portability in case you need to relocate.
- Plan for the financial management of your business by selecting the appropriate bookkeeping software for your projected budget and acquire the necessary equipment and hardware to run it.
- Understand and develop a “cash flow projection” for each month during the first year of business.
- Develop billing and collection procedures to maximize your cash flow.
- Research the employment laws that apply to your state, so you are prepared to comply from the very beginning.
- Consider starting with a home office to maximize your tax deductions.
- Acquire a “Federal Employer Identification Number” and set up payroll services and payroll tax filing systems with your first employee.
- Identify any business insurance needs.
- If you intend to enter into a business partnership, develop a legally binding partnership agreement. This will help to prevent any future issues and any potential detriment to your business.
Don’t let this list overwhelm your desire to start your own business. Our services were developed with small business owners in mind. Our experienced team will walk you through this process so you can build a successful business.
Ready to Request an appointment?
Contact our office at (469) 567-3017 or fill out an appointment request form to speak with a member of our team and discuss our new business setup services, today!