Starting Your Own Business? What You Need to Know.

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Information about Starting Your Own Business? What You Need to Know.
Finance

Published on February 4, 2014

Author: BrownSmithWallace

Source: slideshare.net

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There are many aspects to small business ownership that people don’t consider. Karen Stern, partner in charge of BSW Small Business Services, lists some key elements you’ll need to get your business started, and keep it going, in this month’s “Financial Fitness” column, as featured in Small Business Monthly.

FINANCIAL FITNESS AUGUST 2013 Starting Your Own Business? What You Need To Know. BY KAREN STERN T he time has come for you to start your own business and become the entrepreneur you have always wanted to be. You’ve thought it through, and from what you’ve heard you know that owning a business is tough and the challenge can be overwhelming at times. While you are focused on the rewards, you also know it’s not going to be easy. You will continuously strive to perfect your business model and adapt to change. Here’s a checklist of a few things you’ll need to know before starting your business, and then refine as it grows: Successful business owners understand what they do well and what they do poorly. Hiring professionals to provide services and solutions to offset those weaknesses will strengthen your business position. Trusted advisors are just as important as having enough capital to carry you through hard times. They will help you navigate when you have to go back to the tough questions again and again. •Discover the value drivers for your business. How can I increase business profitability and reduce risk, while minimizing liability? •Increase return on investment. How do I leverage distribution channels, target markets and technology? •Find out the federal and state legal and tax requirements you are subjected to, both personally and in your business. •Don’t go it alone. These are issues that require a realistic, and sometimes creative, effort in finding solutions for each stage of your business. Keep this list close, and you’ll remain one step ahead of the game! n •Retain a competent attorney •Hire a trusted accountant •Outsource as much as possible Karen Stern (314-983-1204 or kstern@ bswllc.com) is partner in charge of BSW Small Business Services, which provides small business tax and accounting services. Reprinted by permission of the St. Louis Small Business Monthly

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