November 8, 2017

Tips for First-Time Business Owners

“What do you wish you knew before you started your business?”

Successful, Portland small business owner, Sam Thannickal, shares his insight on what he wishes he knew before he first started his small businesses years ago. Sam has over 30 years of experience in payroll, tax, and consulting.

Find a Structure that Fits. Partners, S-Corps, & LLCs…oh my! How do you know what’s the best fit for your business? Once you choose a businesss structure, it’s relatively difficult to shift to another type of structure. Do the research to find the best form of ownership & organization that will benefit your situation for liability protection and tax savings. Contact your accountant or attorney for professional advice.

– Sole Proprietorship
– Limited & limited liability partnerships (LLP)
– C-Corporation
– S-Corporation
– Limited liability companies (LLC)

Monitor, Modify, Repeat. Your business plan is all about effective strategy and communication. It is an important document presenting the company’s strategy and expected financial performance for the future years. It’s what you do in your business and how you plan to carry it out. As you move along in your business, it is important to monitor its progress, making sure company goals and benchmarks are being met. Update it regularly, as needed.

Think Proactive. Set your business up for success! At the initial stages of your business, plan and implement forward-thinking. Instead of reactive measures after issues arise, it’s a good idea to account for potential issues, as much as you possibly can. Remember, it’s okay to fail and make mistakes. That’s how we learn. But do it with a proactive approach, and think ahead. Creating documentation for business practices by safeguarding your business value is vital to the success of a small business is an example of how you can succeed at business proactively.

Outsource as an Option. To outsource or to keep it in-house? Before you dive deep into your business, it is important to know your options to outsource certain business functions. When making your decision, be sure to weigh in the cost, resources, control and location. Outsourcing makes sense when it increases efficiency and effectiveness in your business. We know outsourcing your payroll functions to us will save you time and money! Call us today to find out more about our services.

Learn to Love Networking. Don’t worry, you don’t have to be an extrovert to be good at networking! Introvert or extrovert, it is vital to your business to build a support network of like-minded business peers in your local area. Share what you do best in your industry, creating conversations and thus, opportunities to build up your business. Remember it’s not about who’s the best at small talk; it’s about building strong, beneficial relationships and connections within your business network.

 

If you are a new business owner, we would love to come alongside with you. Contact us today!