You have entered the start-up world and with it brings all the baggage of passion, success and failure. What’s next?
Making the decision to branch out is a major step towards your own financial freedom and towards becoming your own boss. Before you take the next steps there are a few different areas to focus on and questions to answer.
- Who will manage the performance of the business? Establish goals? Take corrective action?
- Who will handle product development?
- Who will generate sales?
- Who will be responsible for human resources and related compliance issues?
- Do you need an attorney? An accountant?
The Business Organization
- What type of entity should you be? S Corp? C Corp? Partnership? LLC? Sole Proprietor?
- What are the tax implications of each entity?
- What will the capital structure be?
- Will there be other owners?
- What accounting system should you use?
- Do you need a payroll service?
- What about a timekeeping system?
- Do you need a customer relationship management software?
- Do you need expense reporting systems?
- Can you monitor marketing campaigns?
At first glance it seems like there are many different things to look at and that reality is that there are numerous areas you can plan for and strategies you can implement. The best option would be to sit down and think exactly where you as the entrepreneur envisions the company. From there, you can begin to create your own list of questions. The most important thing you can know is what you do not know. Chart your course before you start down that road to increase the probability of reaching your goals.
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