You want to start your own business because you believe in the “American Dream” and see an opportunity for success and prosperity. Although you may be aware that achieving success in a new business is hard work, you may not know that despite the good ideas and hard work, many companies fail. But, don’t let these challenges daunt your vision and drive to succeed. At Estess CPAs, we are here to help!
Why Do You Want to Start a New Business?
It is probably a good idea to clarify why you want to start a new business before you begin the significant start-up effort:
- You have a unique business idea that may make a difference in your community, fulfill your creative ambitions and leave a legacy. And you are passionate about the idea. This business idea must attract many followers and generate sustainable revenue.
- You desire to work for yourself with the independence and flexibility that ownership can provide.
- You can define the profit and tax benefits that your new business will deliver.
Note that these motivations go way beyond just getting a new job, disliking a boss, reducing a commute, or having more free time.
What You Need to Know Before Starting a New Business
The following are the key things to know and address before you start your new business:
- Do your research so that you know your industry and your competitors. Can your business offer something distinctive, or is the product/service already broadly available? Who is your target market? Can you reach them, your business appeal to them, and can the products or services be repeatedly purchased?
- You will need to create and own a business name that will set you apart.
- Consider the legal aspects of properly setting up your business entity, addressing liability aspects, and employment regulations.
- Carefully map out your finances. Know what (and how long) you will need to live on what you have. Will you have enough capital for start-up and continuing expenses? Will you have reserves for contingencies and business ups and downs? Understand the financial risks.
- Consider your personal situation and where you are in life. This includes your health and stamina to start and run a new business, as well as the time and energy required.
- Plan to hire the help you need. You can’t succeed by doing everything yourself.
- Understand the need to develop a careful and thorough business plan.
- Determine to invest wisely in marketing.
Seek Expert Accounting and Financial Management Assistance
At Estess CPAs, we specialize in serving the needs of small businesses with accounting, bookkeeping, tax planning, and payroll services to help you succeed. Our goal is to help your business save time and money.
We are here to guarantee you protection, accuracy, and cost-effectiveness. Besides providing bookkeeping, payroll, and accounting services, we consider your success our success and want to do everything we can to help you succeed.
Call us today and schedule an appointment at our Belle Chasse or Luling offices:
7822 Highway 23 128 Lakewood Drive
Belle Chasse, LA 70037 Luling, LA 70070
(504) 433-5122 (985) 785-1470