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
