​Small Business Set Up

Small Business Set Up

Small business success plays a vital role in this country’s mythology. While there are indeed factors that make it a good time to be an entrepreneur in America, there are also factors that make it a challenging time to be running your own business. You as a small business owner will need to:

     • Survive early pitfalls

     • Deal with taxes, insurance and finding money

     • Learn what federal regulations apply to you

     • Know what your state requires

As reliable partner BATS can help:

     • Prepare an initial business plan to clarify your marketing, management, and financial plans.

     • Determine your start-up capital needs.

     • Identify sources of start-up capital and backup sources if needed.

     • Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.

     • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and

        portability should you need to relocate.

     • Select the right accounting software by evaluating your budget, needs and hardware.

     • Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first

        few years.

     • Establish billing and collection procedures to maximize your cash flow.

     • Establish procedures to monitor and control costs.

     • Setup a home office so you can maximize your tax deductions.

     • Prepare and file all required state and local licenses and permits.

     • Prepare and file your application for your Federal Employer Identification Number.

     • Provide payroll and payroll tax filing when you bring on your first employee.

     • Comply with employment laws so you don’t get hit with fines and unhappy employees.

     • Identify your business insurance needs.

     • Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a 

        tremendous amount of financial and emotional problems down the road