The idea of launching your own business yields many exciting benefits – pursuing a passion, developing your own schedule, and best of all, being your own boss. However, before you become immersed in the dream of no longer reporting to anyone, there are important financial steps to consider.
In order to move forward and propel your passion, you need to advance with a business mindset – especially because only half of all businesses survive at least five years.
When thinking about starting a new business, there are financial considerations that new entrepreneurs should take into account which may help the business survive long-term.
- Hire an attorney and an accountant
- Choose an entity type
- Learn both state and federal requirements for starting a business
- Follow tax compliance rules
- Classify new employees correctly
It’s easy for small or new businesses to have a hard time handling financial aspects. The focus is generally on a product or service first, and often times, financial or legal crises are only handled as they arise. With guidance and structure, it’s possible to avoid such devastating circumstances.
However, it’s imperative to know all aspects of starting a business, and to think ahead for ongoing success. Most importantly, be sure to acknowledge the long-term tax and accounting implications.
GSG’s Small Business Department works with you at every life stage of your business. Depending on your needs, we look to be as hands on as possible – assisting with registering with the state, obtaining your federal employment number, recommending an attorney, bookkeeping, QuickBooks consulting, creating financial statements, and processing your tax returns.
Starting a new business is an exciting endeavor. While it’s important to pursue your passion, it’s even more important to structure your new business for lasting success. If you have any questions about the financial steps to starting a business, contact us today.Categories: Tax, Audit & Accounting, Consulting, Small Business