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Question: Advice for new business start up?

(Posted by: mojo on 2009-11-15 07:23:31)

Hi I am setting up my first business in the new year and am trying to plan ahead for all the costs. I will be opening my own office so have taken in to account running costs such as gas, elec rent and rates. is thier anything else i should consider. I will be offering energy services to businesses any words of wisdom

Posted by: TB loves FFB on 2009-11-15, 12:32:41

Make sure you factor in costs for website and marketing efforts. Also, allow yourself working capital, especially if you intend to have employees.

Posted by: Venture G on 2009-11-16, 05:10:18

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Posted by: Lauren on 2009-11-16, 06:26:47

First off, best of luck to you on your new business! I recommend you visit this site sba.gov, the Small Business Administration, for info on starting your own business - you'll need to lay out a business plan and apply for a small business loan. I'm not sure if you've given any thought into uniforms for your new business, but if you haven't, you should check out SharperUniforms.com. They have some really great fashionable, yet quality and durable uniforms at great prices. You can even have the uniforms embroidered with your company's name too. sharperuniforms.com/ Hope this helps you!

Posted by: Norm Jones on 2009-11-16, 12:54:22

Hello there, Planning a budget is good, but not all you need to do. You should have a business plan. Have you covered all of these items? Do you have all the permits (city, county, state and federal) that will be required of this type of business. Do you have your state and federal taxpayer id numbers. If you will be handling sales tax, do you have your account set up with the state. If you have employees, are you set up for handling the federal and state employment taxes. What bank do you plan to use as your depository for the federal payroll taxes. Have you checked to make certain that particular bank does perform that service. Do you have your account set up with your state unemployment department. Have you obtained your business liability insurance with sufficient coverage to protect you against the risks. Have you obtained your workman's comp. insurance. Will you be operating as a business entity, such as a corporation or limited liability company. to give you some limit to your financial exposure. If not, are you certain you do not need that protection. If you have set up an entity, is it all in order. You will be relying on this to protect your personal assets from business creditors; it must be in proper order. If it is a do it yourself or an on-line job, it may be worth less than you paid for when it comes time to protect you. Given your projected budget, do you have adequate capital resources available to carry the business for a period of months. Have you fully analyzed the projected receivables turn and are confident you have enough working capital to start with to carry the business. Have you done your research on viable forms of marketing or advertising. What sort of contingency plans do you have in case the first few months do not go as you expected. Without that, you could find yourself out of business before you really get a good start. Do you have your accounting system in place. Just a few things that pop to mind, not intended as a complete well thought out list. Later,