Thinking of starting a business? The thrill is exciting, but a business’s fate depends on what follows once that excitement is over. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.

Achieving your dream of becoming your own boss and running a successful business requires a systematic approach. The key to success lies in the strategy you adopt. We guide you to navigate common pitfalls that many new small business owners encounter when launching their ventures.

We can assist you in:

• Crafting an initial business plan to clarify your marketing, management, and financial strategies.
• Determining your start-up capital requirements.
• Identifying potential sources of start-up capital and establishing backup sources if necessary.
• Assessing and quantifying your borrowing capacity to understand the available funds.
• Choosing a business structure that aligns with your needs, considering tax advantages, legal exposure, operational ease, and portability.
• Selecting suitable accounting software based on your budget, requirements, and hardware.
• Developing a Cash Flow Budget to understand the monthly financial needs during the initial years.
• Establishing billing and collection procedures to optimize cash flow.
• Implementing procedures to monitor and control costs.
• Setting up a home office for maximizing tax deductions.
• Completing all necessary state and local licenses and permits.
• Filing your application for a Federal Employer Identification Number.
• Providing payroll and payroll tax filing services when hiring your first employee.
• Ensuring compliance with employment laws to avoid fines and employee dissatisfaction.
• Identifying your business insurance requirements.
• Creating a robust Partnership Agreement is a critical document for new partnerships that prevent potential financial and emotional issues in the future.