We would advise anyone thinking about starting a new business to first formulate a business plan. Every new business venture should have a business plan before any action is taken. Not only is it a good idea to put down on paper all the details of what your business will involve, it will probably be a necessary part of any proposal you’ll need to submit to a lending institution for funding.
Some important questions that we can help you answer: What products or services will you offer? How much will you charge for those products or services? Who are your potential customers? How will you market your products or services to those customers? Do you need a factory, office space, loading dock, delivery trucks, retail space, office equipment and furniture? What about a Sales Tax License? Will you be selling wholesale or retail? If you will be manufacturing a product, will you need to keep inventory of that product? And finally, after all other questions have been answered: How will your business be funded? We’ll help you determine how much money you’ll need to get going, how much to charge for your products or services, what employees you’ll need and how much to pay them, whether you’ll work out of your home or need a separate office, etc.
These questions, along with those in the next section, should be answered, or at least discussed, when preparing your business plan. And for any that aren’t finalized, provisions should be made to allow for later adjustments. We can help you formulate a business plan, answering all of these questions and more.
Decide how your business will be structured and managed. Should you organize as a sole proprietor, a partnership, an LLC, or a corporation? What are the benefits and disadvantages of each? Will you be the President? Who will be the Vice President, Sales Manager, Production Manager, Purchasing Manager, and what will be their duties? Do you need employees for all these positions, or others? Who will supervise whom? How do you decide how much to pay your employees, and how often? What about benefits? Should you offer health insurance, retirement plans, holiday pay, or vacation pay? Who will keep track of all these elements? Do you need a Human Resources Department to handle hiring, write and maintain an employee manual, ensure compliance with state and Federal labor laws? Who will be the signers on your checking account? How will you manage your cash to minimize the possibility of theft, fraud, embezzlement, etc.?
We can help you answer all of these questions so that you will organize your new business not only in the best way for you, but also in such a way that your potential for success is maximized.