New business owners

E. Ten Commandments

New business owners please consider these points

  1. Have a reserve of funds to pay your household bills for 9 months to a year.
  2. Learn critical applications CRMs, and accounting software needed to transact business before you start.
  3. Learn Microsoft 365, word, excel, power point before you start.
  4. Have liability insurance policies in place before you start.
  5. Consult a knowledgeable CPA and Attorney about forming the new legal entity.
  6. Pay your self on a W-2 as wage earner. Your income taxes will be withheld and deposited on a timely basis.
  7. If you must meet with the public, rent an office and avoid having clients to your home. Zoning restrictions, consideration of your neighbors, and parking come to mind.
  8. Make sure all of your business licenses are up to date and in place.
  9. If you have shareholders and/or partners consult an Attorney and get an operating agreement.
  10. Don’t skip out on Health Care Coverage, and maintain your credit score.

Author: Eric Ten Broeck

Eric has his MBA in taxation and a post master's certificate in finance. He has created businesses in the accounting services space. Eric has helped many businesses get established and prosper.