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Starting a small business is the first step of an exciting adventure. It gives you a rewarding sense of freedom and the satisfaction of working for yourself. However, it’s also a complicated process, with a number of pitfalls that can cause major headaches in the future. If you’re starting your own business, talking to a business accountant and keeping the following tips in mind will help put you on the track to success.

3 Tips for Starting a New Business

1. Choose the Right Corporate Form

The corporate form you choose will have a major impact on your tax burden, exposure to liability, and your ability to attract new investors. Sole proprietorships, LLCs, partnerships, and corporations all have advantages that make them ideal for entrepreneurs in certain situations. Before filing your paperwork, research the options in your state and talk to a business accountant to ensure you’ll choose the appropriate corporate form for your new endeavor.

2. Write a Business Plan

business accountantYour business plan is a road map of your first few years, showing how you plan to launch and grow your new company. A comprehensive business plan that includes market research, cost analyses, and revenue projections will help you secure financing, establish partnerships, and attract investors.

3. Set Up a Business Accounting System

In the excitement of launching your new business, it’s easy to let accounting and bookkeeping fall by the wayside. However, keeping track of your money is even more important in the early stages, so set up a business accounting system as soon as possible. Choosing a platform that can easily scale up as you grow will help you manage your finances efficiently far into the future.


 

For over 40 years, entrepreneurs throughout Greensboro and High Point, NC, have relied on Sharrard, McGee & Co., PA for customized business accounting services and detailed advice. If you’re getting a new business off the ground, their financial professionals will help set you on the path to success. Visit their website for an overview of their consulting services, or call (336) 884-0410 to speak to a business accountant in High Point. To reach their location in Greensboro, call (336) 272-9777.

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