Starting a Business? We can Help!

There are few things in life that offer greater rewards or challenges than starting a business. In many ways, our businesses are an extension of ourselves and there is an emotional as well as a financial connection. Corporations, partnerships and even non-profits are at their heart, built of people – people with energy and vision. For those who have successfully made the leap, there is nothing they would rather do.

The sooner concrete plans are formulated, the sooner the business idea becomes a real enterprise. The bridge between the two is a business plan. This can be as informal as a discussion with a spouse or as formal as a detailed written plan that can be presented to banks or investors.

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"The sooner concrete plans are formulated, the sooner the business idea becomes a real enterprise. The bridge between the two is a business plan. This can be as informal as a discussion with a spouse or as formal as a detailed written plan that can be presented to banks or investors."

Some of the elements of starting a business are:

Choosing a business structure that fits the company, its goals and expectations for growth.
Registering a business name – exploring the landscape and creating a unique business entity.
Business licenses and permits – the legal paperwork needed to transact business.
Obtain a Federal Tax ID (EIN) – a requirement for almost all businesses and a good idea for even the smallest operation.
Register with the State Revenue authority – this applies to all but sole proprietorships.

Reading and education are essential for both first-timers and experienced entrepreneurs. Even old hands will benefit from a refresher course and novices will learn the traps to avoid. Some of the basics of a good business plan will include material on how the business is to be organized, managed, and marketed. It will also answer such basic questions as, “What is the product or service; who will buy it; and how will the business be financed?”

As complexity increases, planning becomes more important. A detailed business structure will keep all parties focused and on track. An ounce of prevention is worth much more than the proverbial pound of cure. Although starting a business isn't hard, mistakes on the essentials can be catastrophic. Tax penalties alone could kill an otherwise healthy business.