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Plan For new business owner

what are ways to plan for starting a business #planning

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Paula’s Answer

Every successful business begins with a good business plan. Some parts of a business plan to consider is what are you selling, who are your customers, who is your competition, projected sales the first year out. Some other things to consider as you start thinking about starting a new business should include (but not limited to) the following. What type of business are you planning to start? Are you going into business by your self (sole prop), with a partner(s) (LLP), or are you wanting to start a corporation (LLC, s-corp, c-corp). All these will have different tax consequences so I would highly suggest consulting a tax accountant before just picking one. Depending on the type of business you choose there may be additional paper work such as articles of organizations as in the case of a partnership or articles of incorporation in the case of a corporation. You should, no matter what type of business you choose, open up a separate business account at a bank.
Thank you comment icon thank you so much gave me more insight to what i deeply need to look at Gerthranique
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Don’s Answer

Here is a link for your city, https://www.miamigardens-fl.gov/267/Starting-a-Business, it should have some specifics for you. Paula gave some great advice, and with this link, you should be well on your way. Just know that when starting a new business you will have many hours for many years, and then usually it gets much better. The first few years are the critical ones, and through dedication and good planning you can make it through. There is a tendency to want everything perfect and borrow lots of money to do that. However, if you keep your expenses down, in these tough years by being careful with your beginning expenses, there is a far better chance for your business to thrive in the future. Make small improvements as the business can handle it. Talk with business owners, and get tips.
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