Posted by Jim McClaflin, EA, NTPI Fellow

10 Tips to Starting Your New Business

10 Tips to Starting Your New Business

Starting a new business is a great way to live your dreams and to become your own boss. But there are a lot of things that you will need to keep in mind in order to see the successful start of your own business. These ten tips will help you to get your business set up on the right path so you know nothing gets missed. And make sure that you contact us at Accounting and Tax Professionals when you are ready to start a new business. We have the experience to help you out so you can concentrate on the business and not on all the paperwork.

Write  out the Business Plan

It is impossible to run your business without a good business plan. You need something to refer back to in order to show others that you are a serious business owner and are ready to take the business to a new level. This business plan can help you to show investors that you are ready to run with this business and that you know how to run this whole process. Write out the business plan as early as possible to make sure you are set to go.

Get  Business Training

If you have not spent a ton of time in the business world, it may be a good idea to get some business training. This will help you to learn the most important factors of the business world so you are ready to go. You may be surprised at how many things go on in the business world and many of them can leave you in the dust without the proper training. Whether you are going through some education to learn a few things that you are unfamiliar with or you are interested in taking a general overall course, you can really benefit from taking some time to dust off your skills.

Choose  a Location

Location is really important when it comes to bringing in the customers. You want the building to be affordable, but it also needs to be in a location that is convenient to your customers. Take the time to find your location that your business can call home. Make sure that the location is in the right place, easy to find, and will work within your budget.

Finance  the Business

Before you can open your business, you need to make sure that you are able to finance the whole endeavor. Banks, personal savings, and private donors are all great ways to finance your endeavor, but you need to make sure that you will be able to pay them back. We at Accounting and Tax professionals can take the time to look at your finances and help you come up with the financing plan that works out the best for you.

Pick  Your Legal Structure

The legal entity of your business is going to make a huge difference in how you run your business, how much paperwork is needed, and even how much you pay in taxes. The professionals at Accounting and Tax Professionals can help you to determine which business entity is the best for your business.

Register  the Name

Picking a name for your company is a huge deal. This is the thing that your customers are going to call you. You want the name to be memorable and easy to use. Once you pick a name, you will need to register it for tax and other government reasons so no one is able to steal your ideas while you are in business.

Register  for Local and State Taxes

As a new business owner, you will need to make sure that you are paying all your local and state taxes. Keeping all of this organized can seem like a challenge. Instead of wasting your time organizing the paperwork and trying to figure out how much you will need to pay for taxes, consider contacting the professionals at Accounting and Tax Professionals. We will be able to help you file all your taxes so they are in on time.

Obtain  the Permits

Before you open your doors, you will need to receive the proper permits from the state and county saying that you are prepared to run the business. For food establishments, you will need ones that show your restaurant is up to the right standards and the food is going to be prepared properly. There are a lot of different permits and pretty much every business is going to need some kind of permit before they are even allowed to open. Talk to your local officials and find out what permits you will need to get started.

Understand  Your Responsibilities if Hiring Employees

Each area is going to be a bit different if you are hiring employees, so make sure to learn all the right steps. Learn the minimum wages, what you are expected to provide concerning wages, benefits, and training, and anything else that is needed. You cannot run a successful business without the right employees; make sure they are taken care of and will stay loyal to your company for a long time.

If you are considering starting a new business, make sure to contact Jim McClaflin at Accounting and Tax Professionals in Grimes, IA. They have the experience to help you figure out everything that you need to get your business up and running in the proper manner. Contact them today to get started on all your business needs.

Jim McClaflin, EA, NTPI Fellow
Contact Member