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8 Steps to Starting Your Own Business

8 Steps to Starting Your Own Business

Starting your own business is a big deal. You are the one who will be in charge of all the things that go on from day to day and you get to be the boss. Rather than working for another company who doesn’t appreciate everything that you bring to the table, you can be the one in charge and getting to make all the rules. But while this can be an exciting time in your life, make sure that you are as prepared as possible to take on all of the work that comes with running your own business.


If you do need help with starting your business, make sure to talk to a tax professional in your area. They will be able to answer all of your questions and help you through every step of the way. Here are some of the things that you should consider when you are ready to start your own business.


Pick a Name


Picking a name for your new business can be a lot of fun. Keep in mind that this name is going to set the tone for the start of your business so you want something that is catchy and fun, but simple enough for your customers to remember. Many people will keep it simple with just their last name and the services that they offer. Be creative and find the one that works for your business.


Pick a Business  Entity

 

The business entity is another important aspect of your business. It is going to determine a lot about how the business is to be run and how much you are going to be held liable when something goes wrong with the business part. There are various options that you can choose with the entity and it is often about personal choice as well as the structuring that you want out of the business. Make sure to talk to your tax professional and see how which entity is the right one for you.


Get Funding

 

Before you can get your business off the ground, you will need to make sure that you have the right kind of funding to get it started. Consider going to the bank as these often have the best terms of loans, although they are a bit harder to get. There are lots of other options that are available for you to choose from too though, including going to credit unions, talking to friends and family about loaning you some money, or looking for some investors in your area who are looking at expanding their portfolio. Being creative is important here to have some fun and see where you can get funded.


Write a Business Plan

 

This should really be the first thing that you work on when it comes to your business. It is basically an in depth outline about the business. You will need to describe your business, how funding money will be spent, and how you plan to start turning a profit within so much time. You will need to show this to your funders as you go along so they can tell whether this is a good venture for them to help with or not.


Work on the  Bookkeeping


No matter how big or small your business is, you need to make sure that the bookkeeping is being done on time every month. You need to keep track of the income coming in as well as all the debts that you have and other costs of running the business. Your tax professional will be able to help out with this bookkeeping if you don’t have the time to get it done.


Hire a Tax  Professional


Keeping track of all the different things that come up during the year is never easy. Most business owners would love to skip out on the tax stuff and so on. Rather than trying to take all of this on yourself, consider hiring a tax professional in your area. They will be able to answer any questions that you have and can take on your needs no matter how big or small.


Find Employees


Finding employees may be something that is on your list depending on the amount of inventory you have or the business you are working on. Make sure to work hard to find the right employees who will be nice to your customers and will do their job right. Also, keep good records of these individuals because you can claim some deductions on them during tax season as well.


Work on Taxes


Taxes are probably some of the hardest things you will need to consider when you run your own business. You will need to keep track of three things: estimated taxes, your deductions, and your tax return at the end of the year. If you did a good job with that bookkeeping through the year, this is not going to be such a big deal. But do make sure that you are sending in the estimated taxes on time every quarter to avoid penalties and more fees. Your tax professional will be able to help you out with this part.


When you are ready to start your own business and you want to make sure that you have the right team on your side, make sure to contact our offices to find the right tax professional for your needs today.

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