When you’re starting or purchasing a business, it may sound like an easy process. You start the business, clients come flooding in, and you have so much money you don’t know what to do with it.
However, there are so many different elements you need to think of before, during, and after you get started, as well as a whole host of questions to ask, problems to solve, and various issues to address.
At Arcus, we help you to build something meaningful, businesses that you can be proud of, whatever your dreams, and no matter how big.
Turning Business Problems into Simple Solutions with Arcus:
One thing that a lot of people don’t have when they start or buy a business is business knowledge – someone in your corner who has the answers to your questions, no matter how silly they may be. Often, the problem lies in not wanting to seek help, not wanting to ask a silly question. Well, with Arcus, there are no silly questions.
We offer solutions. We want to help people build out initial roadmaps for long-term success. For example, we recently helped a client purchase an existing dental practice. We created a checklist for her that we’re going to share with you below, so your decision-making seems more manageable, and the process seems that little bit easier.
Choosing a Business Name, Branding, and Deciding on LLC, S-Corp, or Sole Proprietorship:
Whether you’re starting a new business or purchasing an existing one, you’ll need to think about the legal name you’ll be trading under. Will you go in a new direction for a fresh start? Or incorporate elements of the old name to keep continuity in the brand. Our client chose to do the latter, creating continuity for patients and giving her legal protection, too.
Next, you need to decide on your entity’s structure. Will you become an LLC, S-Corp, C-Corp, or Sole Proprietorship? It seems like there are a number of great options, and by doing your research, you’ll likely come to the right answer.
At Arcus, we ensure you’re on the right path from day one.
We helped one client create an LLC to give her flexibility, but set it up to be taxed as an S-Corporation for a number of tax benefits. We help people to keep as much of their money as possible while staying compliant with tax regulations.
Legal Requirements for your Business:
If you’re concerned with any elements of your new venture or want to make sure that legally you’re covered against all legal eventualities, it’s best to get a lawyer involved, right from the word ‘Go’ (or at least very early in the process.) With operating agreements, employment contracts, and so much more that need to be filtered through a lawyer, it’s best to make contact sooner rather than later.
One of the first jobs you’ll have is applying for an Employer Identification Number (EIN). The process is simple, and you can do so via the IRS website before registering for state tax accounts with your state’s Department of Revenue or similar agency. These IDs are legally required so that you can hire employees, open business bank accounts, file payroll taxes, and ultimately stay compliant. Sorting this early will prevent any delays, fines or issues for you and any potential staff.
Insurance is also high on the list, and you’ll want to make sure you have that, as well as business licensing, workers' comp, etc., all in place once you’ve finished with the above legal tasks. These cover you and others, and are very important, so make sure to speak to a company like ours to help you navigate the multitude of options you’ll have.
Helpful Tips:
It’s best to set up a QuickBooks Online Account, so that you can start to feel comfortable with your numbers and where you are in that regard every month, so you can keep track of your finances. You’ll also want to decide on your payroll provider. If you have employees, this is essential to think about in the very early stages. There are a number of great providers out there, and we have clients who use QuickBooks Payroll, Gusto, JustWorks and ADP to give you some early potential services to research. You’ll find the one that suits you and the business best, so take your time (but not too much time) and get it right.
Setting Up Employee Benefits:
Most employees, when they’re deciding whether to work for a company, will look at and compare various employee benefits. So, decide on what you’ll offer yours. A 401(k)? SIMPLE IRA? Health Insurance? Various allowances? Work out what fits you and your company best and then sort it out.
We recommend that you establish a business checking account, savings account, and credit card, so that you can spend money on the business, but also, and more importantly, start to receive it too.
Finally, and by no means least, make sure you have time to check in with yourself and others. It’s important to remember why it is you started this process to help keep you grounded/motivated for the future. Entrepreneurship can be a lonely journey, and many people are doing it alone, so make sure you build up a strong network of people, not only in your industry but in others too. You’ll be surprised at how many people are going through the same things you are and will have invaluable advice. There’s an old African proverb that says: “If you want to go fast, go alone. If you want to go far, go together.”
That’s why we’re here to help at any stage of your business journey, and why, if you need to ask any questions, you can do so by reaching out to us.
As soon as you’re ready to start this journey, we’ll be waiting – just get in touch today.