Q: I have always wanted to run my own business, be my own boss, set my own hours and reap all the benefits of that. What should I know about starting my own business?
A: Starting a business takes a well thought-out idea, a solid business plan and a tremendous amount of discipline.
Q: What is a business plan? And why would I need that?
A: A business plan is a roadmap for your company. It should outline the services/products that you will provide, how you will provide them and what your long-term goals are. A good plan doesn’t have to be extensive, but it does need to set out the expectations.
Q: I want to keep my overhead to a minimum. I was just going to work out of my house. Is that OK?
A: Sure, but depending on what your long-term goals are, that may limit your exposure to other potential clients. The company’s growth often dictates where and how a business should operate.
Q: Keeping accounting records is not my thing; what’s the best way to keep track of my business income and expenses?
A: There are a number of software packages out there that are fairly user friendly. Many of our clients use QuickBooks to keep track of their revenue and expenses. Having an organized set of records can help you manage your business and help you identify where there may be issues.
There are many other things to consider before you start your own business. Contact a CPA or business advisor for more information before you begin.
Weyrich, Cronin & Sorra