Starting a small business...

Discussion in 'After Hours Lounge (Off Topic)' started by Eric Samonte, Nov 12, 2003.

  1. Eric Samonte

    Eric Samonte Screenwriter

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    I know some of u have something like this. I need advise on what to do next. I have a business plan and everything and am now in the process of getting permits, etc. I was wondering who should I consult with, an accountant or a lawyer? Is there a specific kind for these purposes? I don't like to leave anything behind that could nip me in the bud later. Any help would be highly appreciated.
     
  2. Steve_Tk

    Steve_Tk Cinematographer

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    How many employees will you have? Do you understand all the finances that come with a small business, like you have to match the SS deducted from each employees paycheck? If you don't understand all of this you will need to find a trustworthy CPA that actually has some common sense (hard to find).

    Second how large is this business going to be? Will you provide any medical benefits? If so you need to contact certain people in the business which can start going to wholesale insurance and health providers to get you quotes for that.

    Or you may have a really really small business and not have to worry about all this and just pay your employees under the table.
     
  3. Eric_L

    Eric_L Screenwriter

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    Many chamber of commerce have a specialist who can help or direct you to people who can help.
     
  4. Eric Samonte

    Eric Samonte Screenwriter

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    I won't be having any employees for now. Basically, its kinda like a brokering outfit. I will be selling products and/or services from the Philippines to clients over here.
     
  5. nolesrule

    nolesrule Producer

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    Well, the first thing to do is figure out the classification for your business (sole proprietor, LLC, S-Corp, C-Corp, leaving out partnerships). Each type has its advantages and disadvantages.

    A good, trustworthy CPA in your area will help you decide a classification and inform you what documents will need to be filed with your state (and perhaps local areas), the IRS, etc.

    I have a sole proprietorship for my web development/consulting company, but for a highly visible website I run, I have incorporated it for liability reasons. I am fortunate that my dad is my CPA, so it makes set up easier, but I filed all the documents myself.
     
  6. Eric_L

    Eric_L Screenwriter

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    I have more time today. Most small start-ups do not require anything overly complex to launch. I would suggest you visit the local chamber of commerce and ask who they have who helps small start-ups. This person usually is knowladgeable about everything from permits to related trade associations. They will get you set in the right direction. The best part is their price for the consultation - $0.00 ! Haven't met too many CPAs or Attorneys who do that!

    Another resource would be a bank. To open a small business accout they will require you to have much of the required permits etc. (though not all) They also should have some advice regarding saving costs.

    As a start up you have to be prepared for ZERO income for several months up to a few years. Small business owners are the wealthiest major demographic in the USA - but they don't get there without sacrafice. The odds are against you but not insurmountable. The rewards can be generous. While you are starting you need to do everything you canto keep the costs down. Take advantage of all the free help you can find. Don't get caught up in spending. The worst part about being self employed is that your boss is the cheapest most demanding SOB you ever worked for.

    Good luck.
     
  7. Marc_Sulinski

    Marc_Sulinski Supporting Actor

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  8. Ashley Seymour

    Ashley Seymour Supporting Actor

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    Also make a call to your local Small Business Association. They will set you up with businessmen/women who have retired and have volunteered their expertise in your field of interest.

    The CPA can file the forms to incorporate at a reasonable rate. Then you can go to or mail your request for a dba to the Secretary of States office.

    The banker is usually willing to help after you have made the trip to the SBA. They will then evaluate your plan to evaluate your loan request - if needed.

    I spent part of my summer helping to get a friend ready to set up a powder coat business. I wrote the business plan, cash flow projections and location of a site. We don't have all the investors lined up yet which is another concern if you need to raise capital. I is always the case that the more a business can earn, the more it takes to get it started.
     

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