New Business Formation
Have you been thinking of owning your own business? Getting started is exciting and thrilling but, it's everything that comes after the excitement and thrill has worn off that dictates whether a small business will survive or thrive.
A methodical plan of action is needed to fulfill your dream and Resourceful Business Advisors can help you avoid the common pitfalls that many new small business owners make when starting a new venture.
Ways We Can Help:
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 can get your hands on if needed.
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.
Making decisions is overwhelming when there are so many to be made. We can help you:
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.
Create billing and collection procedures to maximize your cash flow.
Define procedures to monitor and control costs.
Setup 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 don't get hit with fines and unhappy employees.