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Business Plan
"Business Advice"
So you think you want to start up a small business. After reading this, you may want to think again. Starting a small business is a very difficult undertaking. If you ever thought you worked hard for someone else, the time it will take to successfully get your business off the ground will be much more.
Not only does it take a substantial amount of time to start a small business and nurture it in its early development, it takes other resources. These resources include:
1 ) common sense,
2) good decision making skills;
3) capital or money to invest in the embryonic business and to live on while the business grows;
4) people who care about the business almost as much as you do;
5) an understanding family; and 6) a sound idea, well-thought out business plan and customers!!At Campbell Schock & Co., CPAs, we assist the small business owner as they make their way through the maze of forms and accounting considerations. A good, bookkeeping system will assure the new business owner that the records will be there when reports need to be filed, when taxes are due and when planning the next step for the business.
Always have a CPA set up your initial system. Most business owners just think a cousin or brother-in-law can do the bookkeeping even though they have had no formal training. It is often down the road when the owner realizes that seemingly simple delegation is fraught with possible problems.
For one, the family member or close friend will know everything about the business. Whether you are making good decisions or bad decisions, your sales numbers, what you pay yourself and your employees, your pricing structure, all of your purchases in the business. This kind of information makes its way through even the best of families. As the business grows, resentment can begin. If the business is flailing, resentment on how one spends the money, often becomes an issue.
Secondly, an inexperienced bookkeeper can miss-classify purchases or income which can have grave tax consequences.
If you insist on having someone you know do your books that is fine, just have the system set up by a CPA. The CPA can help the small business owner determine what the legal entity of the business should be. Should the small business incorporate, should the business be a traditional C corporation, an S corporation or an LLC (limited liability company)? These are often tax-related decisions. Once the decision is made, it is difficult to change the legal status of the business.
Campbell Schock can assist the small business owner with the preparation of the all-important business plan. Campbell Schock can work with the owner in the preparation of financial projections which are often required if a loan is needed. Business Plans are so helpful in managing an embryonic business, that the lack of one almost always creates unneeded stress for the owner and can lessen the chances of success.
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