Small business advice from the SBA




Starting a Small Business

Are you a CPA starting a business? Do you have clients who are starting a business? The Small Business Administration has a list of issues potential business owners should consider, some of which are listed below. For more help, including additional information on each of the items below, visit the SBA at http://www.sbaonline.sba.gov/ or call the SBA at 800-827-5722.


MAKE SURE YOU HAVE

The personality it takes to manage a business. You will be your own most important employee, so an objective appraisal of your strengths and weaknesses is essential.
Considered the type of business suitable to your skills, interests and the local economy.
Defined the business in detail. It sounds silly, but many owner/managers never truly ask themselves what business they are in.
Reviewed the four basics of success: sound management practices, industry experience, technical support, planning ability.
Drafted a business plan. This is your business rsum.
Considered legal issues, some of which may require a consultation with a lawyer well-versed in state and local regulations.
Figured how many employees youll need and how best to find them. Decide before you hire what you will want them to do.
Thought about the cost and power of a computer system. Youll need to decide whats best for you. Remember: computers can only assist; they arent cure-alls.
Thought about the size and flexibility of the telecommunications system. You will have to be able to easily expand as your business grows.
Drawn up marketing and advertising plans. What do your customers want and what can they afford? A local advertising agency may be able to help you reach them.
Explored location options: renting office space vs. working out of your home. About 20% of new small businesses are operated out of the owners homes, but you will need to consider local zoning laws.


SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.