Starting your own business is thrilling and can fulfill the dream of being your own boss. But a methodical plan of action is essential to starting and running a successful business. You must prepare and approach your new business with knowledge and a plan.
Joyce CPA LLC’s business startup consultation services will help you with starting your new business and avoid common mistakes that many new small business owners make.
How Our Experts will Help You Start Your Business
Prepare an initial business plan to clarify your marketing, management, and financial plans
Determine your start-up capital needs
Identify sources of start-up capital and backup sources
Evaluate your borrowing power to identify financing possibilities
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
Select the accounting software that best suits your needs
Prepare a Cash Flow Budget to determine the money needed to sustain the business each month for the first few years
Establish billing and collection procedures to maximize cash flow
Establish procedures to monitor and control costs
Set up a home office to maximize tax deductions
Prepare and file all required state and local licenses and permits
Prepare and file your Federal Employer Identification Number application
Provide payroll and payroll tax filing for your first employee
Comply with employment laws
Identify your business insurance needs
How To Plan Strategically:
It is important for every business to clarify the direction of the business, to ensure that key leaders are informed and in agreement, and to keep management and staff focused on tasks. Strategic business plans are important when starting a new business, expanding a business, buying a new business, or turning around a declining business. It can turn ideas into a road map to success. Failing to plan is planning to fail.
The strategic plan is a blueprint that explains your company, its products, and the management team, and defines its financial health, the competitive environment, and any risks.
Our Strategic Business Planning Services will help you:
Identify your target customer profile and determine the advantages and benefits of your new venture, product or service
Justify your plans by researching and demonstrating that your new venture or product satisfies a need
Develop marketing plans and targeted promotional campaigns with implementation timelines
Examine market conditions, your direct competitors, your sales potential, and the projected results of your promotional campaigns
Create a staffing plan by identifying the key players, skills, attitudes, and necessary for the venture
Develop a management plan with a description of management systems and timelines for implementation
Develop financial plans with projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years *A projected financial plan allows you to predict and prevent problems – a key component in pursuing funding as most private investors and lending institutions require a solid financial plan
Identify building and equipment needs as well as vendors and cost estimates
Formulate company milestones with timelines for upcoming products and services in development