Starting a Business

Know the Simple Steps for Starting Your Business Right.

Owning your own business is right up there with apple pie and baseball as an American pastime. In order to assure that your business succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having all pertinent information in place before you begin your venture.

We can help you avoid becoming another failed business statistic.

With our help, you will identify and avoid the common mistakes many new business owners make. We will help you build a business plan for success, as well as provide financial management services to meet your needs.

Steps to starting your business right…

  • Prepare a business plan and determine your initial capital needs.
  • Identify your current resources, as well as sources of start-up capital and your borrowing capacity.
  • Review potential business structures in terms of tax advantages and portability in case you need to relocate.
  • Plan for financial management of your business by selecting accounting software that fits your projected budget and gaining the hardware necessary to run it.
  • Understand the key components of a Cash Flow Projection and develop one to cover each month of your business for the first year, at least.
  • Learn about the best billing and collection procedures to maximize your cash flow.
  • Research and gain an understanding of employment laws so that you are prepared to comply from the start.
  • Consider a home office for maximizing tax deductions.
  • Prepare and file for all local and state licenses and permits.
  • Gain a Federal Employer Identification Number and set up payroll services and payroll tax filing systems with your first employee.
  • Identify any business insurance needs.
  • Develop a Partnership Agreement. By putting the terms of all business partnerships into writing, you will save a lot of future pain and headache, as well as the potential detriment of your business.

Don’t let this list overwhelm your desire to start a business. Our services were created with small business owners like you in mind.

Call us today to start your business the right way!

Let Us Help:

Remote Work & Your Inland Empire Business Insurance Policy

Now that we’re through January (and all of the 1099’s and payroll-related information returns), we take a small breath … but then things start ramping up again for us here at Garrett & Associates, CPA.So let this serve as an early notice that it would be a very...

Garrett & Associates, CPA’s 7 Keys to Lowering Shipping Costs

Seen on Twitter this past weekend:Seems pretty typical with the way the IRS has operated over the past few years. If you’ve had any trouble with them processing anything of yours … well, that’s one explanation (and there are plenty more where that came...

Hiring a Consultant for Your Inland Empire Business

Remembering and honoring Martin Luther King this week has me thinking once again about being a voice. It’s hard not to get inspired listening to the iconic words of the famous I Have a Dream speech (if you’ve never listened to the entire speech, it’s worth...

Mastering Your Inland Empire Business Phone Answering

How is your year starting out? We’re into week 2 of 2023 … would love to hear back from you on what are the challenges you’re facing in your Inland Empire business finances right now. Relatedly, what are your customer service goals for this year?One customer...

Accepting Crypto Payments in Your Inland Empire Business

First of all, congratulations on making it through 2022. Pat on the back for sticking with it through the very real ups and the challenging lows. Many of our Inland Empire clients went through the wringer … others had their best year yet.From a personal standpoint, I...

Federal Spending Impact on Inland Empire Businesses

I don’t know about you, but after the holidays (and I hope yours were filled with good things and happy times with loved ones), I’m always a bit tapped out on the spending. But in true governmental fashion, Uncle Sam is piling it on. Seems like Congress missed...

Succession Planning Strategy For Inland Empire Business Owners

The 2022 clock is almost at midnight.An end to a still somewhat crazy year — “the crazy” seems like our new normal, post-2020, am I right? There were a lot of challenges this year and they were … exhausting. Keeping up with the changes and adjusting to the economic...

Garrett’s 8 “Right Now” Business Tax Moves

Ready for some yuletide cheer? Inflation might have hit its peak this year. So say the “experts.” That particular category of people hasn’t exactly covered itself with glory of late … so, we’ll see how that actually plays out for businesses in the coming...

Employee Gifts: Some Ideas for Inland Empire Business Owners

Time is counting down until the year is up and your tax impact opportunity window closes.And even if this is the busiest (and perhaps most profitable) part of the year for your Inland Empire business, opening up a little space in your calendar to talk about some...

The New Congress and Your Inland Empire Business

This time of year means big things for Inland Empire businesses like yours… and big-red-bow-on-top opportunities thanks to the post-Thanksgiving, pre-Christmas buying euphoria. Early indicators are that this has been a tepid start to the consumer holiday season,...

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

Contact Us