You are living your dream....
You have researched, studied, and practiced practiced and practiced your skills. So you are ready to open your business or are you? Let's see if you are....
This isn't the fun part but it is mandatory. A Successful business has a great product AND a effective office.
As the owner, you are responsible for all legal aspects of your business.(Here are a few)
- 1.Corporate/ Legal and Tax Matters- Hopefully you have your tax adviser and legal professional help you plan and carry out all required matters for corporate and tax matters.
Some of these items might be:
Deciding and filing for your new corporation (Federal, State and local)
Choosing your name
Business Structure- S corp, LLC etc
Financing
Taxes set up
Obtaining required permits, licenses and approvals
Setting up and organize your bookkeeping process
Open Bank account
- 2. Insurance- I have liability insurance and coverage for my inventory of furniture and accessories. Please discuss with your insurance provider all of the possible scenarios that our field needs to cover. Do not think "I will get insurance when I have the money" I waited and unfortunately was reminded when a fellow stager (uninsured) had her items stolen. The fellow stager got insurance the next day and so did I. I was lucky but you might be the unlucky one.
- 3. Have your personal finances covered for 6 months- So you can concentrate on your biz not personal bills
This should keep you busy for a little while.But it is not over yet. There are many areas that a business owner must keep on top of.
The next blog will be about organizing and setting up your office and paper work.
Please include your thoughts and suggestions as established business owners
Thanks,
Leslie
Comments(13)