Starting a new business can be an exhilarating, fulfilling experience. Proper planning and sound decision making is important, as you often get one chance to "get it right". We can help you avoid costly mistakes.
When considering the formation of a new business there are many things that you need to consider. A proper business plan will help to uncover these points, as well as lay out a plan to minimize risk and maximize your chance for success. Studies have shown that new businesses that begin with a solid foundation of planning have a much greater chance of long term success than those that do not.
When we work with you to prepare for launching your new business, we will pull together a comprehensive strategy that covers the following points:
- Entity selection. Analysis of your situation and educate you regarding the various choice of business entities and the pros and cons of each. If forming a partnership, we will guide you through best practices for the partnership agreement, so your interests and those of your partners are protected.
- A break-even and overall cash flow plan, to show you exactly what your P&L requirements are in the critical first few months of your new business.
- State and federal employer obligations. From classifying employees, to payroll and insurance, we will lay out a plan to handle everything.
- Financial processes, including software selection and proper accounting procedures.
- Comprehensive tax planning.
- Inventory management (if applicable).
- Key measurements required to understand how the business is performing.
- Securing any local or state permits required.
- Analysis of capital requirements as part of an integrated financial plan for the business.
Don't leave your new business idea to chance, or get caught in the "build the plane while flying" mode that so many entrepreneurs find themselves in! Contact us and we will work with you to plan for success.
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