architect

What To Consider When Starting A New Business Venture

Starting a new business can be daunting for any entrepreneur, but with the right guidance from JTS Associates CPA team, you can easily take the first steps towards success. The key is to have strategies in place from the beginning that will guide you as you face daily challenges from today’s uncertain business environment. At first it can be a daunting prospect to understand the financial implications of each step you take to grow your company, but setting sound financial projections and having a clear business plan in place can mean the difference between your business thriving or just surviving.

Some things to consider as you set out to start your business:

Financial projections and business plan development:

Setting up a business for long term success means having a clear picture of your expenses as well as any projected income. Not having a sound business plan in place is one of the main reasons many first time owners fail.

Business registrations and compliance:

These days, even the smallest of businesses must comply with local, state and even federal regulations. It’s crucial to work with an advisory team who not only understands these nuances, but also has the deep knowledge and experience of what makes your particular industry unique.

Sales and payroll tax compliance:

Ensure your employees are properly compensated and that you have the proper cash flow to retain them and always pay them on time.

Comprehensive tax planning:

As the economy continues to ebb and flow, it’s important to plan ahead for fluctuations in income as well as the taxes you will be responsible to pay no matter your financial status at the moment.

If you are thinking of starting a business, now is the time to meet with experienced CPAs. Call us at +1516-877-5900 to make an appointment and be paired with a professional who can guide you through this process from start to finish.

Schedule A Consultation

Learn More About How JTS Associates Can Support Your Business Needs