As a small business owner I understand the number of questions that need to be considered before deciding to be a business owner. There is a great amount of liability and also a great amount of reward being your own boss. Many Americans who have been laid off are considering opening small businesses, creating opportunity from an otherwise dismal outlook. We offer the following ten questions to consider as a new business owner:
- Who is my target audience? While you may not initially know exactly who your target audience is, you should have a general idea. For BASC Expertise our focus is small business owners and start-ups.
- What products will my business offer? This will more than likely be evolving based on business development, interest and need of your clients. We offer a full line of accounting services from payroll to bookkeeping, accounting and tax preparation.
- What will the business charge for products or services? Charge what you are worth or you will regret it. Set client expectations and prices accordingly.
- Do I want or need partners? Partners create a whole new dimension to your business and probably a whole other blog post! While you may be partners today, how will you handle being partners in the future? How will the business be divided should your partnership end? These among other questions are important to answer before entering a business partnership agreement.
- Will I hire employees? Like a partnership, hiring employees adds another dimension to the business. Classifying employees as 1099 or W-2 is important especially for Uncle Sam. As the business owner you take on additional liabilities and compliance issues when adding employees.
- Is my business name available? Check with your state corporation commission.
- How will the business be marketed? More than likely you will create an online presence rather than print ads and the like. Consider hiring a social media professional and/or a marketing director to guide you through the rollout of your business.
- Should I get a business bank account? YES. Your accountant will be forever grateful that you have personal and business separated. They will not have to dig through personal statements to find business expenses and income.
- Do I need an accountant? YES. To start your business and tax season in the right direction we recommend a bookkeeper and/or accountant. If you are so inclined ask if they offer a Quickbooks class and get your books set up the right way. You will then be able to classify income and expenses so you can run financial statements and know where your business stands financially.
- How do I select a business structure? A business structure is based on a variety of factors including how much money your business has made, tax implications, number of employees and industry. Talk to a trusted professional before selecting a structure; it can impact your bottom line in the future.
We look forward to working with you!
- What $40 Means to Small Business Owners, Employees, and Customers (whitehouse.gov)
- 5 Reasons to Outsource Payroll (bascexpertise.com)
- Money Saving Resources for Business Owners (bascexpertise.com)
- What sets BASC Expertise apart from the competition? (bascexpertise.com)