5 Things to Consider Before Starting Your Own Business

5 Things to Consider Before Starting Your Own Business


Jennifer is an entrepreneur at heart and loves working with people who are starting a new businesses. She recommends starting with the end in mind, making a plan and using that plan as a guide to take action. The plan should have five pillars on which it stands in order for it to be viable: health insurance, taxes, legal liability, income fluctuations, and accounting and bookkeeping. Jennifer also offers tips on how to handle the influx or reduce them when there's a lull, and how to budget with a variable income.
The most important details in this text are the five things to consider before starting your own business. These include finding champions and/or mentors to help chaperon you through the process, setting realistic expectations for both yourself and your employees, getting into good habits early, delegating, being aware of the lifestyle that suits your work habits, and planning for growth strategies such as new markets, expanding within existing markets, product expansion, diversifying and acquiring. Additionally, it is important to think about health insurance and taxes, and to work with a CPA or an accountant to ensure you have the right options.
The most important details in this text are the taxes and legal liabilities of a business. These taxes include sales taxes, city or county taxes, and legal liability. Depending on the type of business, the tax and legal liabilities are governed under what type of corporate structure. It is important to work with a CPA, accountant, and attorney to ensure you get these levels correct. Additionally, it is important to have an accounting or bookkeeping firm helping you either set up the book or delegating that to a firm for people who do that day to day to ensure you're coding entries correctly, invoicing correctly, and keeping your books ready for auditors.