10 Tips to Start a New Business

In today's fast changing technology based and social media environment it is good to remember the basic fundamentals of a new business start-up.

1. Determine the type of business entity in which you will conduct business. Major choices are sole proprietor, partnership, limited liability (LLC), corporation, or non-profit.
2. Apply for you Federal Tax ID number. Here is the IRS URL to give you guidance. http://www.irs.gov/businesses/small/article/0,,id=98350,00.html
3. Open a separate business bank account and apply for a business credit card. This will reduce the time and money you spend on bookkeeping, as well as giving you a good view of cash and funds coming in and cash and funds going out. Never mix business with pleasure, best tip of the day.
4. Set up an accounting system that matches your business needs. There are many flavors to chose from so check out the most popular as well as free software available on open source. Your choice all depends on how complicated your cash flow is.
5. Set up all the forms you will need to track transactions. This would mean templates for invoicing and receipts. You also may want to set up a system or template for purchase orders, estimates and statements. All of these forms can be found on Quickbooks and other accounting software or online at open space form links.
6. Make sure you have all of your federal and state business license requirements and any permits you may need. Go to www.business.gov to find out more and check your local state licensing board for local licenses.
7. Secure business insurance to protect your financial investment.
8. Create a realistic budget based on a cash flow template. Here is a great one from the SBA,archive.sba.gov/idc/groups/public/.../sba.../form_finasst_cshflstmt.xlt
9. Make estimated tax deposits every quarter, especially if your business is a sole proprietor, partnership or S-corp. Regular tax planning will prevent surprises when its time to prepare the income tax returns.
10. 10. Manage your time wisely. Outsource the items you are unable to manage such as accounting, taxes, legal work, marketing, business plan, financial plan and any other business areas that you do not feel confident to tackle. 

You are the soul of your business and it is your job to put out the best product or service you can. So leave the rest of the small stuff to the pros who do this for a living.


Cheers!

Toni