Business Start Up
RECOMMENDATIONS FOR START-UP COMPANIES
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- Choose management adviser: an accountant, an attorney and a banker
- Develop a business plan, including flow projections
- Using the business plan, establish a relationship with a banker for the following:
- Credit-Card merchant account
- Business checking account
- Working capital loan
- Equipment loan
- Lock-box services
- Select the legal entity and year-end date
- Find a location for the business
- Negotiate a lease
- Prepare the necessary legal documents, as applicable:
- Partnership Agreements
- Articles of Incorporation and first organizational minutes
- Bylaws
- Federal Identification Number(SS-4)
- State and local license application
- State unemployment number
- Industry-specific license
- Order business cards and business stationery
- Order office telephone number
- Purchase adequate insurance, as applicable:
- Health
- Umbrella
- Employee dishonesty
- Malpractice
- Liability
- Worker's Compensation
- Life
- Fidelity Bond
- Computer and Equipment
- Register business name with local & state authorities
- Establish prices for your goods & services
- Promote the business's operations through:
- Press release to local and national media
- Advertising
- Direct-mail announcement
- Coupons, discounts, invitations, etc.
- Seek, interview and make offers to job candidates
- Place ads
- Check references
- Obtain payroll and withholding information (Form W-4 and I-9)
MOST IMPORTANT PART!!
- Select and implement a financial record keeping system, including:
- Accounts payable
- Accounts receivable
- Inventory Tracking
- Order Entry
RECOMMENDATIONS FOR ONGOING OPERATIONS
- Develop personnel policies and procedures
- Prepare quarterly payroll returns and verify timely tax deposits
- Prepare quarterly or monthly financial statements
- Perform year-end tax planning, at least one month before year end
- Prepare annual federal, state and payroll returns
- Develop employee job descriptions
- Review existing insurance coverage at least once a year
- Prepare and maintain personnel files
- Establish a petty cash fund and policy
- Establish answering mechanism for after-hours
- Join industry associations and groups
- Register trademarks (word, name, symbol or device) that indicates a unique identity on which your business is building.
