By Toby Kaye, CPA/ABV | Manager, Tax
Congratulations! You have recently conceived your big idea to launch a new business and secured initial funding to get started. You are excited to work hard to build your dream into reality.
Passionate in their mission. Taking risks. Resilience under pressure. I love listening to entrepreneurs talk about their ideas and business. I am fortunate to work with clients who are business owners that have grown their ideas into viable operations.
As you jump in to start building your customer base and brand, consider the following questions to put you in the best position to grow.
- Use Your Vision as a Magnet: What is your vision for the business? How will you measure success? How will you measure success for you personally? What goals should you strive to achieve in three months/one year/three years?
- Be at one with the Customer: What is your specific target market? What is your core value that you bring to your customer? How will you get your message to your target market?
- Set up for Success: What type of entity will your business be set up? What tax planning can you undertake at this stage?
- Numbers are Your Friend: How will you track the financial well being of the business? What accounting system will you use?
- Know Thyself: Who do you need to join with to reach your unique business’ goals? Which competencies do you bring to the table? What other competencies does your business need to succeed?
- Government, Get Out of My Way: Do you have all licenses and registration in place with the governments to run your business? What types of taxes will you need to pay? Which jurisdictions do you have a taxable presence in?
- Reflection and Transformation: What process will you have in place to learn from your business’ challenges and make changes to improve your business?
In a series specifically for new business owners, look for upcoming articles that will take a deep dive into each of these topics. Contact me if you are an entrepreneur passionate about your small business with a great story. I can’t wait to hear about it and learn from you.