As an aspiring entrepreneur, the dream of launching and successfully operating your own venture is a thrilling prospect that will fill you to the brim with unbridled excitement. However, that novelty can quickly dissipate once you come to realize all of the steps that are involved in converting your dream into a tangible reality. The ancient Chinese warrior strategist and philosopher Sun Tzu once wrote, “Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.” This fundamental principle or maxim of military strategy is equally applicable to new business formation.
To maximize your chances of success, it is essential to start off on the right foot and employ a methodical plan that allows you to “win first”. At Courtland & Company Accounting, our new business start-up services provide you with a comprehensive strategy that lays the fundamental groundwork needed to successfully launch and operate your new enterprise. With our guidance, we’ll help you to avoid the common mistakes all too many budding entrepreneurs fall prey to.
Initially, we can help you with a preliminary business plan that will give organizational structure and direction to your vision. If your firm needs start-up funds, we can assist you in assessing your capital requirements and provide you with sourcing options. After you determine the legal structure that’s best suited for your needs, we will help you to set up an accounting system along with billing and collections procedures that serve to optimize cash flow. A cash budget can also be prepared which will give you a framework to plan for your business’ first few years of growth.
Once the aforementioned is achieved, we can help you to establish procedures to monitor and control costs. Business insurance needs can also be ascertained which offers a great supplemental layer of protection in addition to that provided by your legal structure. When you hire your first employee, we can set up and manage your payroll system in a manner that ensures you are compliant with all applicable employment laws. Preparing and filing your application for a Federal Employer Identification Number can also be accomplished which will be necessary for you to open a business checking account and process payroll.
Lastly, we will assist you in preparing and filing all required state and local licenses and permits. In addition, we can advise you on what you will need to do to maintain “good standing status” with the state you choose to base your business in. We can even help with recommendations on vendor options for establishing an online presence as part of a multi-faceted marketing plan. Assistance with establishing a polished business identity is another area of service we provide that can help your business look more professional.