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Prepare an initial business plan to clarify your marketing, management, and financial plans.
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Determine your start-up capital needs.
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Identify sources of start-up capital and backup sources if needed.
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Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
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Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
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Select the right accounting software by evaluating your budget, needs and hardware.
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Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years.
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Establish billing and collection procedures to maximize your cash flow.
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Establish procedures to monitor and control costs.
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Setup a home office so you can maximize your tax deductions.
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Prepare and file all required state and local licenses and permits.
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Prepare and file your application for your Federal Employer Identification Number.
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Provide payroll and payroll tax filing when you bring on your first employee.
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Comply with employment laws so you don't get hit with fines and unhappy employees.
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Identify your business insurance needs.
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Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.