Duluth/Gwinnett CPA…Looking to Set Up Your New Business?
If you are looking to incorporate your new business in Georgia and have taken the first step to considering becoming a business owner, you will want to be well armed and informed of the many issues you will now need to address. For just as a soldier trains for war to avoid being a fatality in battle by surrounding themselves with the needed leadership and tools with which to wage battle, so will you as a business owner want to arm yourself with advisers and information to rise to the top. As a soldier will ready himself before launching himself in the fray, you will want to exercise due diligence in obtaining the financial goals and administrative responsibilities your new mantel will now require.
To determine your new venture choice the initial decision will center around the market in which you are desiring to place your business. Many have failed on this issue alone and their business was doomed from the offset because they did not carefully examine the environment or location sufficiently. When a soldier readies himself for the actual battle ahead his first charge and responsibility is to obtain a lay of the land understanding its topography, population, obstacles, and infrastructure. He then scrutinizes this information in great detail striving to maximize its strength and minimize the negative influences on his plan. Often after such examination he will decide not to fight at all, to move the fight to another day when the circumstances are right, or to move the battle to a location whose environment is more suitable to his liking. It is often during this planning process alone that the battle is fought and won as he is able to overcome the deficiencies in his plan and allow him to overcome those who would dare to defeat him. A new business owner should take no less of a detailed posture in evaluating his business model and carefully craft their business before it starts enabling him to ensure a greater chance of survival.
After you have carefully evaluated your business model you will want to spend great time and care in developing a business plan. This will be the way that you wage economic warfare in determining the how and care of your business. Your business plan will be a source which you can review and update periodically to ensure that you are on track and that your plans are valid. Just as a soldier makes changes during a battle as it progresses so should a business owner adjust his plan and actions to meet the ever demanding needs of both their clients and technology. A well crafted business plan will include the below components:
Introduction which will detail the business, its legal structure, and the talents and experience the owner brings to the fray.
Marketing the business detailing its proposed location, traffic flow if relevant, demographics, who your proposed clients are, as well as your competition.
Financial needs of the business detailing a monthly operating budget for the first year with at least two additional years forecast by quarter. The plan should include the projected profits, cash flow, fixed asset purchases required, capital and its sources, and a contingency fund for unexpected occurrences which are bound to always occur.
Operations section of your business plan will include how the business is to be carried out and managed. Care in this section should be taken to carefully determine the amount of personnel which will be needed as well as any infrastructure and facilities which will be required.
After you have set about your basic business model there are many more components in which you will want to consider such as which legal entity you will want to use for your corporate structure, licenses/permits/local codes & ordinances, payroll/sales taxes, and the protection of your business’s intellectual property. Going into business for yourself, though not for the faint hearted, has substantial quality of life issues for those who are willing to go the distance. Surrounding yourself with professionals who have a track record of success will be the first most important step in beginning your journey into business ownership.
You can reach John Dillard CPA today at 770 814 9304 and visit www.HisCPA.com
Choosing an Entity Type for Your New Georgia Business Your initial choice of entity is perhaps the most important tax, financial and legal decision you might ever reach. Being well versed in these areas is essential to a wise and prudent decision. Visit http://www.hiscpa.com/article2.html
Tax Effects of Entity Choice when Incorporating Your New Georgia Business Carefully considering the tax effects of your entity choice is essential to getting your business off on the right foot. Being careful to avoid, if at all possible, the double taxation of C Corporations and then selecting the right entity for your business from both a tax and legal perspective is critical. See http://www.hiscpa.com/article6.html
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