What New Business Owners Need To Know
As a new business owner you have it all figured out, right? I didn’t think so. Knowing what to do can be a lifelong learning process, but there are some basic resources out there that can help get you moving in the right direction.
First of all, you need to make some basic business decisions. Ask yourself:
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? What are my financial resources?
? How will I market my products and services?
? How will I develop a strategic business plan?
? How will I manage my business on a day-to-day basis?
? How will I recruit employees?
If you need help answering these questions, check out the Small Business Administration (SBA) or SCORE®. These organizations offer professional guidance and advice, at little or no cost.
In addition to the above, you need to know your federal tax responsibilities and develop a plan for record keeping.
In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. Fortunately, the IRS wants to make sure you have as much information as you can handle to cover yourself in these areas. They have made the following free publications available to you:
• Starting a Business and Keeping Records (IRS Publication 583)
• Travel, Entertainment, Gift, and Car Expenses (IRS Publication 463)
All of these low cost or no cost resources are great for the shoestring budget, but that’s not to say you shouldn’t consider the services of an attorney or accountant entirely. If you have specific needs and considerations, you might do well to explore all of your options. In the long run, it may be better to pay a little now for the advice to lay a strong foundation upon which to build your business.
I recently set up a new office. I am amazed how much more productive the staff has become. I decided to purchase new office furniture including new desks, conference tables, and files. With thie modular configuration I purchased I can reconfigure the office every few months. This periodic change seems to help improve the office productivity and creativity.