Starting your own business will always be a risky venture but completely worth it when it yields the projected results. Wisely investing your time is vital to a successful company. The organization of your team, infrastructure and having sufficient cash flow will help you thrive in whatever industry you pursue. As an entrepreneur, taking one step at a time is crucial and will help you climb the ladder to success.
Some simple steps to help start your business include the following:
Step 1: Be Committed
Don’t underestimate the large amount of time, energy and financial resources needed to begin a new business. A large part of beginning a startup is the commitment needed to kick off this venture. You will be working more to keep the structure and integrity of your company, so it’s important to know from the beginning it will take the majority of your time and efforts. Everyone wants the “elevator to success,” but that does not exist. You need to take the stairs like every other successful entrepreneur… one step at a time!
Step 2: Have a Great Product
Is it something people need or want? Will it last longer than a quick trend? If you know you have a great product, get it out on the market today! Separate yourself from the competition with different and unique (yet appropriate) marketing strategies, and an affordable product that sells to your target audience. Most importantly, make sure someone else doesn’t already have the exact same product, and if they do, make sure you can separate yours from the competition.
Step 3: Brand Name
Picking a great name has its hurdles. You want to have the perfect name for your business. Test out different names amongst your employees, investors and possible customers to see which one stands out in their minds. Pick something that will convert great into a domain name, is easy to spell and can encompass other products as your business grows. Another idea is to contact a commercial Registered Agent or incorporating firm to assist with creating the perfect name for your company to ensure it is available to use to form a Corporation or an LLC.
Step 4: Setting Up a Business Plan
Having a good business plan will help you as you progress. It will ensure you are comfortable and, more importantly, accurate in your market space. It will help set the stage to help you manage and make decisions with a core structure. With a business plan in place, you can show investors that you are a company worth investing.
The most important thing is to have “a plan” so start with something simple and add to it as your company matures. For more guidelines on starting a small business, visit the U.S. Small Business Administration at https://www.sba.gov/.
Step 5: Fund Your Business
After establishing a business plan, understand your financial options because there are so many. Consult with business consultants, attorneys and accountants (like our experts here at Corporate Capital) to get a clear idea of what your investing and what you need for your business to grow. You will look at different aspects such as self-funding, investors and loans. Avoid the mistake of not having enough capital to help you expand.
Step 6: LLC or Corporation
Determine which business structure is best for you, a limited liability company (LLC) or a Corporation (Inc.). Both entities shield your personal assets from business liability, separating your business and personal finances; especially with a Nevada Corporation, Nevada LLC, Wyoming Corporation or Wyoming LLC (click here to learn more https://www.corporatecapitalinc.com/starting-a-business/why-nevada/).
The main differences are that LLC’s allow a much more flexible management structure and different tax reporting options (some varies from state to state). For example, your LLC can be taxed as a single member, partnership, C corporation or even as an S corp. Once you form your LLC, you have 75 days to notify the IRS of how you wished to be taxed for that calendar year. In most cases, an LLC taxed as an S corp has been the most advantageous for our clients in 2018-2019.
Although an LLC is more flexible, corporations can be preferred by outside investors and IPO (initial public offerings or the first sales of stock), so people can have a return on investment. It is also recognized outside of the United States.
To help determine which tax system is right for you, consult with our experts here at Corporate Capital in Las Vegas, Nevada. We service all businesses in all 50 states.
Step 7: Set Up Your Accounting and Bookkeeping
It is important to make sure your accounting is set up properly from the beginning. What many business owners do not realize is that the success of their enterprise often depends on their bookkeeping and accounting support. So many business owners run their business based on the amount of money in their bank account instead of true, calculated numbers. By having the proper accounting in place, it will be easier for you to make real-time decisions for your company knowing whether you can afford it or not.
Multiple books and records will be needed to keep track of all your financials. At Corporate Capital we provide the following:
– Bookkeeping tailored to each individual client with daily or monthly entries & consulting
– Service provided by accounting professionals
– Profit & loss and balance sheet review on a regular basis
– QuickBooks: File housed online, at Corporate Capital, or your home or office
– Review of corporate financials to ensure maximum tax deductions and compliance
– Monthly bank and credit card statement reconciliation
– Payroll management services
– W-2 and 1099 Creation: Not only will both help you financially, but it will help avoid any legalities and have a thorough record of all your accounts.
Step 8: Hire a CPA
Here at Corporate Capital, our certified public accountants (CPAs) can set you up with a strategic financial plan, separate your personal and business expenses (including taxes), and minimize other costs. You can avoid IRS issues (like not paying payroll taxes), get deductions (such as owning a home office), and get taxable perks and bonuses by hiring us as your tax professionals. By outlining your goals and creating a financial plan suited to your goals, we can help you achieve a successful business while not overpaying on your taxes.
If you are an entrepreneur starting a new business, give Corporate Capital a call at 855-371-0070. Our experienced staff will give you the tips and direction you need to keep your head above water. With our professional guidance, you can rest assured this aspect of your business is being looked after. Call and set up a consultation with Corporate Capital today! We are located in Las Vegas, NV, but have the privilege to work with over 13,000 clients across the country! From California to Florida, New York to Texas, or anywhere in between, we can help you start and grow a successful business!