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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 secure 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.
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Identify your business insurance needs.
- Develop a solid Partnership Agreement. (*Note: This is an extremely important document for all new partnerships)
