Tags |
|
|
Links |
|
|
Atricle Dump - Five Steps to Starting a Business
As a new freelance bookkeeper, accountant, or other entrepreneur in the service or consulting business, you may be tempted to accept any client, just to get your business started. However, not all potential clients are the kind you want. Beware of the following warning signs:1. Client is not current with income tax or payroll tax returns. When meeting with potential clients, always inquire about the status of income tax and payroll tax filings. If the client is cheating, ignoring, or lying to the IRS, they will almost certainly do the same to you.2. Client is not current with basic accounting tasks, such as bank reconciliations. Bank reconciliations are a basic accounting function. Legitimate business owners know this and are careful to see that the task gets done in a timely manner. If you have a potential client who is not current with this task, it is an indication that he does
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site. http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site.
In the United States, the Workers Compensation scheme does a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make
Do you dream of becoming a Graphic Designer? In the design field, graphic designers are anticipated to have a good number of new job opportunities through 2014. These designers however, will most likely face a lot of competition for positions in the graphic design industry. Graphic designers must have artistic ability and be creative thinkers to successfully design sharp and innovative graphics. The also need the patience to spend countless hours coming up with creative designs.Graphic designers create visual solutions to communicate. They use a variety of print, electronic and film media to effectively get their message across to others. Graphic designers create the layout and production design of magazines, newspapers, and other publications. They also put together promotional displays, packaging, and marketing brochures for products and services, and design individual logos for products and bus
Keeping it simple is often the best way of maintaining the momentum necessary to get your business started. There are a series of steps to ensure success.
The first step toward getting your business going is deciding on a name, for example "New York Landscaping." Any name that you do business under other than your own given name is called a "fictitious" or "assumed" name, and certain steps need to be taken in order for you to do business under that fictitious or assumed name.
Depending on where you live, different government agencies track which names are available. Look in your local phone directory, under government agencies to find the number, or contact your local Secretary of State.
Check to find out if the name you want has been taken. If it is available, you may need to file a fictitious or assumed name certificate with the state or local fictitious name office. Some areas will also require you to publish
a notice in the local paper about your new assumed name. Both state and federal law regulates the use of names and "trademarks". To avoid conflicts with other businesses regionally or nationally using your business's name, or the names of your products, you may want to consider registering your trademark on the federal or state level. Contact an intellectual property attorney for trademark search and registration services.
The second step is knowing that different areas have differing licensing and permit requirements depending on the type of business you are going into. Most businesses that require a license will have a local licensing authority that can guide you through the process.
Find out the licensing requirements on federal, state, and possibly even local levels for your type of business and get licensed. Failure to be properly licensed could result in penalties such as fines, closure of your business, and imprisonment in some cases.
The third step is getting insurance. When things are going smoothly, insurance can seem an unduly burdensome expense on a small business. But when things go wrong, whether or not you have insurance can mean whether or not you and your business survive a catastrophic event like a lawsuit, fire, or natural disaster.
Liability insurance protects you against liability in the event of injury to others or damage to other persons property. Liability insurers most often have two duties:
1. The duty to defend you. Hire a lawyer, if you get sued and
2. the duty to indemnify you. Pay for damage or injury to others. Both duties are extremely important, but the first is often overlooked by small businesses.
The cost of defending a lawsuit can easily run into the tens of thousands, or even hundreds of thousands of dollars even if you win. That's why being careful is no substitute for liability insurance.
Make sure you have adequate coverage for your vehicles and those of your employees when used for business purposes. You can be sued and held liable for injury or damage done by your employees if it is within the course and scope of their employment.
Property and theft insurance may be an important consideration, as well as product liability or service liability insurance. This is often called "errors and omissions" coverage.
Interview a few local insurance brokers and find one that seems knowledgeable and that you feel comfortable with. Then ask the broker to do a risk assessment to determine what coverages you might need and why. Remember, the broker makes money by selling you insurance "products" so be sure to question the types of coverage and amounts. If your broker can't explain why he or she is recommending the types and amounts of coverage in the risk assessment, find another broker.
The fourth step is recognizing and implimenting taxes. Sole proprietors need to be conscious of local, state and federal taxes and registration requirements relating to their businesses.
Hiring an accountant or bookkeeper to help set up a simple accounting system, or using a software package is a good place to start.
Hiring a tax professional knowledgeable about local and state taxes relating to your business, or contacting the local tax authorities before you begin generating revenue or expending money can help you stay organized and be ready for tax time.
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site. http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site.
In the United States, the Workers Compensation scheme does a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make s
A bank or mortgage company is nothing more than a box in which to keep money. The owner of the box has to do a few calculations. Firstly, how much is he going to offer those people who deposit cash in his box, in return for such a deposit? Secondly, how much of that money should he keep as cash in case the owners of that cash want it back? Maybe 5%, maybe 10%, what are the regulations in his jurisdiction? Thirdly, how much is he going to charge those people who wish to borrow the money of others, previously deposited in his box? The person who owns the box then sets out to find lots of other people to put their spare cash in the box, in return for which he promises to give them their money back plus interest. In the eyes of some economists, these people are lenders and not investors. This terminology is based on the fact that the capital investment of lenders does not change, whereas the capital val
a notice in the local paper about your new assumed name. Both state and federal law regulates the use of names and "trademarks". To avoid conflicts with other businesses regionally or nationally using your business's name, or the names of your products, you may want to consider registering your trademark on the federal or state level. Contact an intellectual property attorney for trademark search and registration services.
The second step is knowing that different areas have differing licensing and permit requirements depending on the type of business you are going into. Most businesses that require a license will have a local licensing authority that can guide you through the process.
Find out the licensing requirements on federal, state, and possibly even local levels for your type of business and get licensed. Failure to be properly licensed could result in penalties such as fines, closure of your business, and imprisonment in some cases.
The third step is getting insurance. When things are going smoothly, insurance can seem an unduly burdensome expense on a small business. But when things go wrong, whether or not you have insurance can mean whether or not you and your business survive a catastrophic event like a lawsuit, fire, or natural disaster.
Liability insurance protects you against liability in the event of injury to others or damage to other persons property. Liability insurers most often have two duties:
1. The duty to defend you. Hire a lawyer, if you get sued and
2. the duty to indemnify you. Pay for damage or injury to others. Both duties are extremely important, but the first is often overlooked by small businesses.
The cost of defending a lawsuit can easily run into the tens of thousands, or even hundreds of thousands of dollars even if you win. That's why being careful is no substitute for liability insurance.
Make sure you have adequate coverage for your vehicles and those of your employees when used for business purposes. You can be sued and held liable for injury or damage done by your employees if it is within the course and scope of their employment.
Property and theft insurance may be an important consideration, as well as product liability or service liability insurance. This is often called "errors and omissions" coverage.
Interview a few local insurance brokers and find one that seems knowledgeable and that you feel comfortable with. Then ask the broker to do a risk assessment to determine what coverages you might need and why. Remember, the broker makes money by selling you insurance "products" so be sure to question the types of coverage and amounts. If your broker can't explain why he or she is recommending the types and amounts of coverage in the risk assessment, find another broker.
The fourth step is recognizing and implimenting taxes. Sole proprietors need to be conscious of local, state and federal taxes and registration requirements relating to their businesses.
Hiring an accountant or bookkeeper to help set up a simple accounting system, or using a software package is a good place to start.
Hiring a tax professional knowledgeable about local and state taxes relating to your business, or contacting the local tax authorities before you begin generating revenue or expending money can help you stay organized and be ready for tax time.
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site. http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site.
In the United States, the Workers Compensation scheme does a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make
Common office interruptions, such as phone calls or visits from co-workers, can lessen your productivity. These interruptions are especially menacing when on a deadline. By following some key steps, you can keep office distractions at bay and get your work done on time.1) Take Advantage of Voice Mail. Phone calls are important to every job; however, when on a deadline, let the call go into voice mail. When you answer a phone call, your mind wanders from the task at hand. Unless you are waiting for an important call, when on deadline let the machine get it. Returning phone calls is easy, while returning to your train of thought is not.2) Do Not Disturb. Chatting with co-workers is the most common office "time-sucker." That's not to say that you should be anti-social, but sometimes it is important to separate yourself from others to complete your project. If someone other than your boss,
Liability insurance protects you against liability in the event of injury to others or damage to other persons property. Liability insurers most often have two duties:
1. The duty to defend you. Hire a lawyer, if you get sued and
2. the duty to indemnify you. Pay for damage or injury to others. Both duties are extremely important, but the first is often overlooked by small businesses.
The cost of defending a lawsuit can easily run into the tens of thousands, or even hundreds of thousands of dollars even if you win. That's why being careful is no substitute for liability insurance.
Make sure you have adequate coverage for your vehicles and those of your employees when used for business purposes. You can be sued and held liable for injury or damage done by your employees if it is within the course and scope of their employment.
Property and theft insurance may be an important consideration, as well as product liability or service liability insurance. This is often called "errors and omissions" coverage.
Interview a few local insurance brokers and find one that seems knowledgeable and that you feel comfortable with. Then ask the broker to do a risk assessment to determine what coverages you might need and why. Remember, the broker makes money by selling you insurance "products" so be sure to question the types of coverage and amounts. If your broker can't explain why he or she is recommending the types and amounts of coverage in the risk assessment, find another broker.
The fourth step is recognizing and implimenting taxes. Sole proprietors need to be conscious of local, state and federal taxes and registration requirements relating to their businesses.
Hiring an accountant or bookkeeper to help set up a simple accounting system, or using a software package is a good place to start.
Hiring a tax professional knowledgeable about local and state taxes relating to your business, or contacting the local tax authorities before you begin generating revenue or expending money can help you stay organized and be ready for tax time.
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site. http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site.
In the United States, the Workers Compensation scheme does a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make
A supply chain, logistics network, or supply network is a coordinated system of organizations, people, activities, information and resources involved in moving a product or service in physical or virtual manner from supplier to customer. Its management deals with the process of planning, implementing, and controlling its operations with the purpose of satisfying customer requirements as efficiently as possible.Supply chain management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point-of-origin to point-of-consumption. It integrates supply and demand management within and across companies.If a supply chain management system is properly implemented, strategic and competitive areas can be used to their full advantage. Fulfillment is enabled through efficient communication, ensuring that orders are placed with the appropriate amount of time a
Property and theft insurance may be an important consideration, as well as product liability or service liability insurance. This is often called "errors and omissions" coverage.
Interview a few local insurance brokers and find one that seems knowledgeable and that you feel comfortable with. Then ask the broker to do a risk assessment to determine what coverages you might need and why. Remember, the broker makes money by selling you insurance "products" so be sure to question the types of coverage and amounts. If your broker can't explain why he or she is recommending the types and amounts of coverage in the risk assessment, find another broker.
The fourth step is recognizing and implimenting taxes. Sole proprietors need to be conscious of local, state and federal taxes and registration requirements relating to their businesses.
Hiring an accountant or bookkeeper to help set up a simple accounting system, or using a software package is a good place to start.
Hiring a tax professional knowledgeable about local and state taxes relating to your business, or contacting the local tax authorities before you begin generating revenue or expending money can help you stay organized and be ready for tax time.
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site. http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site.
In the United States, the Workers Compensation scheme does a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make
“The magic behind every outstanding performance is always found in the smallest of details.”If you long to accomplish great and noble tasks, you first must learn to approach every task as though it were great and noble. Even the biggest project depends on the success of the smallest components.Many people downplay small details, dismissing them as minutia—the “small stuff,” that we’re encouraged to ignore. But, in fact, our whole environment is simply an accumulation of tiny details.Although we measure our lives in years, we live them in days, hours, minutes and seconds. Every action—every detail of our lives--has bottom-line repercussions, and it’s dangerous and derogatory to think of any of those details as trivial, unimportant or inconsequential.Successful people, in many walks of life, understand the importance of detail:· Crime scene investigators know that it's often
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site. http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site.
In the United States, the Workers Compensation scheme does a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make sure you register with your state for payment of unemployment compensation taxes.
Download IRS Form W-4 from the IRS web site to take care of employee withholdings. You should get copies of INS Form I-9 to verify your employees' eligibility for employment in the United States.
Finally, issues regarding wrongful termination, discrimination, workplace harassment, and other legal issues have come to the forefront in today's business environment. Make sure you have an employment agreement that spells out whether your employee is "at-will". ex: can be let go at any time without cause, or the terms of the employee's contract for employment.
Make sure you Draft employee guidelines or an employment manual to make sure there are no misunderstandings about what expectations, rules and responsibilities are in place. Document any issues relating to your employees well and be proactive about handling disputes. A little planning in the beginning can save a lot of headaches and legal expense later on.
In conclusion- hiring independent contractors is often a good way to avoid the administrative burdens of hiring employees, but be precautious. There are many pitfalls to hiring an independent contractor who is for all intents and purposes an employee. Talk to a lawyer and your tax advisor about who is an employee versus a contractor.
You may publish this article in your ezine, newsletter on your web site as long as the byline is included and the article is included in it's entirety. I also ask that you activate any html links found in the article and in the byline. Please send a courtesy link or email where you publish to: support@multiplestreammktg.com
Copyright © 2005
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.articledump.net/article/18407/articledump-Five-Steps-to-Starting-a-Business.html">Five Steps to Starting a Business</a>
BB link (for phorums):
[url=http://www.articledump.net/article/18407/articledump-Five-Steps-to-Starting-a-Business.html]Five Steps to Starting a Business[/url]
Related Articles:
Government Grants, What You Need To Know
Interview Follow Up Letter: Should You Send One?
Bookmark it:
|