5 Financial Items to Think about Before Opening your Business
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So, you've decided to start your own business. Congratulations!
I have five financial items that I want you to think about before you open your doors:
- What type of entity best suits your business?
- Which financial software will your business be using?
- Reviewing financials is a must; you need to time block it religiously.
- Determine your expenses and income, but also categorize them.
- The most important and most challenging of them all is setting your budget.
1. What kind of entity are you going to be?
Now, you will get help from your accountant or attorney on this, but before you pay them big bucks, go to Google. I want you to Google LLC, partnership, sub-S corporation, or sole proprietor; I do not recommend the sole proprietor for most people just because there are some tax advantages the other way, but again talk to your accountant about that. You will determine this in advance because this will set up how you do...
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Life & Business Coach
Leigh Wilson
Founder & CEO Focus Forward Business Design
Leigh Wilson is an award-winning Idaho business owner whose passion is taking the complexities of high-level business achievement models and combining that with personal lifestyle and advancement techniques to form a success model that is unlike any in the industry. She has helped countless business owners take their businesses to a level that they had never envisioned. Having come from the world of elite athletics drive, determination and discipline have been a foundation for her as she has grown her business opportunities to massive levels and now relishes helping others define their success. Leigh has been the founder, owner, and operator of 7 different high-level businesses throughout the Pacific Northwest. Each of these businesses were extremely different industries, proving her models and strategies work across any business platform. She currently owns Boise’s Best Real Estate and Focus Forward Business Design, having sold, or expanded her other 5 companies. In 2016 Leigh was honored with the Women and Children’s Alliance “Tribute to Women and Industry” award “which honors women who have excelled in their fields and made significant contributions to industry in execution, managerial and professional roles.” She is a “Certified John Maxwell Coach, Teacher and Speaker” “Knowledge, Integrity = Peace of Mind” is her business driver.