A Beginner’s Guide To Starting A Small Business
When bringing your idea to life, it is important to recognize if there is a need in the marketplace for your product or service offering. However, even if the odds are in your favor, it takes a lot more than passion and commitment to transition from a startup to a well-established company. If you want to reach the latter, you’ll need to go through the process step-by-step.
To cover every base before your launch, Holyoak & Company has formulated a Beginner’s Guide to starting a small business. Through this guide, we want to lay out the necessary steps needed to get your business up and running.
Research: The only way to validate your business idea and find out whether it will survive the real world is by conducting market research. You can ask experienced business owners to review your concept or potential customers to provide feedback.
Formulate a business plan: Investors will be interested in financing your new venture only if you can prove to them that you are serious about your business. A thorough and well-detailed business plan is an effective way to get them on board.
The Next Steps
Choose a business structure: Your business structure will have an impact on the amount of taxes you have to pay, the paperwork needed to file as well your personal liability.
The most common business structures include sole proprietorship, partnership, and corporation. Each type of structure comes with different legal requirements and tax consequences, so it is crucial to select one that suits your business requirements and also offers legal protection and benefits. Besides, you can register for the correct license and permits only after picking a business structure.
Work with an accountant: As a small business owner, you will not possess accurate knowledge of the accounting practices and procedures. Therefore, it makes sense to hire a professional accountant who can shoulder time-consuming tasks such as bookkeeping, tax returns, payroll, etc. Apart from managing complex financial duties, they offer a wealth of small business advice to ensure your business succeeds in the long run.
Advice From The Pros
Prepare in advance: Starting a business takes commitment, but more importantly, it needs planning. Before commencing business operations, there are many ways to prepare yourself, test your idea and improve performance. If there are modifications required, it is advisable to be flexible and incorporate those changes.
Seek expert advice: Utilize an accountant or accounting firm that has knowledge and experience in your business area. This will save you a ton of time, prevent you from making similar mistakes, and gives you an opportunity to focus on growing your business. It is also vital to clearly communicate your goals to your accountant and to make sure everything is taken in writing.
At Holyoak & Company, our goal is to exceed your expectations. As the leading accounting firm in Lindon, Utah, you can feel confident starting a new business with us. We are profit and growth experts for small and medium-sized businesses, and it has become our mission to add value to your company.
In addition to accounting and bookkeeping, we also specialize in providing tax preparation, business consultation, and payroll services to individuals and small businesses.