New Business Venture
Are you thinking of starting on a New Business Venture?
Starting a business of your own is both exhilarating and thrilling. However, it is what happens after the thrill subsides that will determine whether your business will be a success. It is your job to make this period of excitement last as long as humanly possible.
In order to realize your ambitions of owning a profitable business, you will need to have a methodical business plan for building your new company. The approach you decide to take will determine your success in the marketplace. Our company can help you avoid the most common mistakes made by new small business owners in the beginning of their undertaking. With our assistance, you can be sure that your business will start its operations with all of the tools necessary to become profitable.
Lopato & Associates will help you with a new business venture to...
- Develop a start-up business plan to refine your financial, marketing, and management plans.
- Identify how much capital you will need to start all of your business operations.
- Identify possible sources of start-up capital, as well as back-up sources if they will be necessary.
- Determine how much money you will be able to borrow should you need to take out a loan to start your business.
- Evaluate your business's legal exposure, tax advantages, portability and ease of operation to choose the business structure that is best suited for your specific needs.
- Evaluate your needs, hardware and budget to choose the appropriate accounting software for your business.
- Develop a cash flow budget to make you aware of the exact amount of money you will need to support your business every month during its first few years. Encountering unintended cash shortages is both frustrating and stressful, and having such a budget will prevent this from occurring.
- Maximize cash flow by creating and implementing effective procedures for billing and collection.
- Create systems for monitoring and controlling your business's expenses.
- Maximize tax deductions by establishing a home office for your company.
- Prepare and file all necessary local and state permits and licenses.
- Prepare and file your company's application for a Federal Employer Identification Number.
- Provide you with payroll services and file your payroll taxes from the time you hire your first employee.
- Comply with all applicable employment laws to avoid expensive fines and prevent employees from becoming unhappy or hostile.
- Identify your business's specific insurance needs and requirements.
Develop a high quality partnership agreement. This document is incredibly important for any new partnership. Having a solid partnership agreement will prevent a lot of emotional and financial turmoil in the future of your business.
Building a business is an exciting adventure, but it can be very intimidating as well. However, with careful, effective planning and professional advice, you can ensure that your company will be all you envision and more. Allow us to help you attain success by starting your new business off on the right foot. Call Lopato and Associates today to learn more about our business planning services.
Contact Lopato and Associate for more info on Starting a new business venture.