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

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.