If your planning to start a new business, it is highly recommended to go through theses 5 steps first. If you’ve been in business for a while, now is the time to STOP and do some business restructuring.
Legal Entity Planning – Legal entity selection is the first and most important thing you should consider when operating a business. Are you a corporation, an LLC or a Sole Proprietorship? Understand the risks you assume when doing business and keep liability away from your personal assets.
Tax Planning - Create a tax plan that makes sense with your legal entity. If you haven't done this, you’re probably paying 15 to 20 percent more on taxes right now. You need a good tax strategy that yields the highest tax savings possible allowed by the Internal Revenue Code.
Profitability Planning – Identify the products/services you will be selling. How much does it cost to sell your products/services. It is important to ID which are not profitable. Make adjustments in these. How much do you have to sell to cover expenses and break even? Prepare a forecasted profit and loss.
Staffing Planning – You should know by now much staff you need to operate your business. Make sure you have established a proper and consistent employee onboarding process. There’s paperwork to be completed as required by law. Avoid at all cost employee mis-classification as independent contractors.
Sales / Marketing Planning - How will you sell your product/service? Who are you selling to? Know your customers. Establish a good selling strategy combined with a marketing strategy that speaks to your audience. Get out there and let's get going.
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