Clients often share that they dream of owning their own business but feel overwhelmed by the thought of navigating small business startup. We’re here to tell you that starting a small business is easy when you have the right support and the right resources. Here, we answer some of the most common questions about startup.
Where do I start?
Writing a business plan is the very first step, as it helps you outline your goals, identify your competition, create your mission, and plan for a successful launch and future. When you’re ready to write your business plan, you can simple perform an online search for a great template and fill in the blanks. If you need more help, you can hire a business plan writer (they can easily be found through an online search, too). This document will drive your next steps.
What are the legal requirements?
Legal requirements depend on what kind of business you’re opening, and the best resource to ensure you’re meeting all of them is your local Secretary of State. This position is found at the state level and can tell you everything you need to know about registering your business name (often called your DBA – “doing business as” name) and obtaining necessary licenses, permits, and insurance coverage. There are also a few federal requirements, such as registering as an employer so you can pay employment taxes. This guide from the US Small Business Association provides detailed information on the process.
How will I manage the bookkeeping?
Many small business owners aren’t finance graduates and worry about managing the financial aspects of the business like bookkeeping and tax filing. For this reason, accounting is often outsourced to an accounting firm who specializes in bookkeeping and tax filing for small businesses. Because these third party vendors provide services to many small business, they’re often able to do so at a very affordable rate, providing confidence and a high return on investment for small business owners.
To learn more about starting a small business or outsourcing your accounting and tax filing needs, contact us at Complete Tax and Notary Services today. We’re eager to help you realize the American dream of business ownership.