Where to start…
The idea of starting a new business can be daunting, but the rewards can be great! Some of the benefits of owning your own business are independence, flexibility, satisfaction, and personal fulfillment. It’s important to choose something you know well and that you love doing. As with anything, there are some risks of course, but knowing where to start will help you get off on the right foot.
- The first step is forming a legal entity for your business. Smoker Gard Associates LLP is your local resource for legal help concerning your new business. Whether you choose an LLC or S-Corp it’s important to have a form of legal protection.
- Register with the IRS for an EIN (Employer Identification Number). There are hefty penalties for not complying with tax regulations.
- Choose a Certified Public Accountant from a reputable accounting firm. You will eventually need to pay taxes, so it’s best to get this step out of the way early on. When choosing a CPA, consider the services available and whether or not the firm has a clear understanding of tax law. Our CEO is a CPA and a Tax Attorney. We offer tax preparation for individual returns as well as business tax returns. Ask about our Second Opinion Program exclusive to business owners. Our experienced team will review the last three years of your business and personal tax returns to look for accuracy, ways to lower your tax liability, and missed deductions. We have found savings in 6/10 returns that we have reviewed.
- Determine how you will keep track of your books. Smoker & Company has a small business division for all your bookkeeping needs, whether it’s onsite bookkeeping, or QuickBooks Support Services. We also offer QuickBooks training classes should you choose to keep track of your own books.
- How will you submit payroll taxes? If you have employees, you will need to remit and report payroll taxes to the IRS. Smoker & Company offers full-service payroll services to include remitting payroll taxes quarterly and for the end of year.
- Decide how you will end the year. Most businesses entities are required to use the calendar year; however, corporations may select a fiscal year end in another month.
- How will you fund your business? You may have capital up front, but there is bound to be a time where you may need to consider financing options, or even using equity to fund your new business.
- Evaluate risk and consider what kind of insurance policies you need to protect yourself and your business. Our sister-company Smoker-Sheaffer Insurance LLC can assist you in determining the right type of insurance and how much coverage you need.
- Have a plan for unpaid invoices. Don’t let unpaid debt ruin your cash flow! Have Keystone Credit Services LLC, in your back pocket. Keystone Credit Services LLC, one of our affiliate companies, is a great resource for your business. They don’t charge unless they collect.
- Know when to seek out help. There are plenty of ups and down when starting a new business. Developing a Business plan is a must for you to give your new business direction and goals. Having a consulting firm on hand is a good idea. OneSource Business Solutions LLC offers a variety of consulting services if your business needs an extra boost.
Smoker & Company is your business resource. Call us today for all of your small and medium business needs. Our Marketing Department will be happy to direct your call. 717-656-7544 x3007