Virtual Accounting Blog

Starting a New Business

Published by Jake Grimm on 16 Mar 2017

Do you want to start your own business but not sure where to begin? It can be quite a challenge and a lot of time and hard work are involved. There are a certain important things that you should focus on as you begin your new venture. Here are some suggestions to get you started.

* Business plan. Your plan should include an outline that answers these questions:

*** Who will own the business as well as their qualifications to run the company?stick_figure_drawing_goals_loop_5048.gif

*** What will the legal form be? You can incorporate, or operate as an LLC, a partnership, or a sole proprietorship. Consider both tax and non-tax reasons for selecting a given entity.

*** What sort of competitive market you face. Talk to other companies in your industry.

*** What products or services you will sell?

*** How you intend to advertise your service/product to prospective customers?

*** How much cash will you need to start up and where will those funds come from?

* Location. If your business will consist only of online sales, your world headquarters can be wherever you are. However, if your business needs foot traffic to thrive, you'll need to research rents and other costs such as utilities, as well as zoning and traffic restrictions.

* Taxes. You'll have to work with the IRS, state tax agencies, and local governments to obtain permits and occupational licenses.

* Advisors. Create a business financial team that includes a banker, an insurance agent, an attorney, and an accountant. Involve your advisors early and frequently.

If you have further questions on how to get started contact our office at (260) 497-9761 to schedule an appointment with our advisors.

                                                                    New Business Kit

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