Starting a New Business
You’ve thought about it for a long time and finally have decided to take the plunge and set up your own business. Are you prepared?
Here are a list of questions you should consider when starting a new business. It’s important to get the right answers to adress your new business venture and your financial situation to ensure you are successful in getting the business set up, operational and growing:
- Do you have a business plan?
- Do you know how much capital (cash) you need to get your business started?
- Can you secure these monies and where will the funds come from?
- What is the required cash flow needed to keep the doors open every month?
- What type of legal entity will best suit your needs?
- Some possibilities include: Sole Proprietorship, Parternship, Limited Liability Corporation, S-corp and Corporations — which one is best for you?.
- Who will own the business?
- Do you have stakeholder?
- Will you have partners?
- Have you identified a location or an area to serve?
- Will your have a storefront, or be a home business or an Internet business?
- Do you need to meet clients at your business?
- What is your target market?
- How do you expect customers to find you?
- How will you price your offerings?
- When do you expect to attain profitability?
- Will you own or rent your space and/or equipment?
- Have you considered a Recordkeeping / Accounting system?
- Do you need a point-of-sales system?
- Will you have employees?
- If so, do you understand payroll and payroll tax administration?
- Is there a timeline to hire headcount that corresponds to revenue targets to pay them?
- Do you have a website or an internet presence?
- This list of questions goes on — there are a lot more questions you need answers for <i> starting a new business</l>.
These questions can be overwhelming and cause some to give up before starting. Don’t fall into this category. Let Lanese + Associates help you get started. We have over 26 years of experience helping people like youself that are starting a new business from the concept stage to an operational status quickly. Lanese + Associates are here to help you fulfill your dreams in starting your new business the right way with a planned direction by using our expert consulting services to discuss your ideas to helping you with a business model, to anlayzing the actual business case with planned revenue targets to filing all the required paperwork.