E. Ten Commandments
New business owners please consider these points
- Have a reserve of funds to pay your household bills for 9 months to a year.
- Learn critical applications CRMs, and accounting software needed to transact business before you start.
- Learn Microsoft 365, word, excel, power point before you start.
- Have liability insurance policies in place before you start.
- Consult a knowledgeable CPA and Attorney about forming the new legal entity.
- Pay your self on a W-2 as wage earner. Your income taxes will be withheld and deposited on a timely basis.
- 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.
- Make sure all of your business licenses are up to date and in place.
- If you have shareholders and/or partners consult an Attorney and get an operating agreement.
- Don’t skip out on Health Care Coverage, and maintain your credit score.