What You Need To Know
Below are just a few key aspects that you should consider and watch out for when starting your own business. Each of these areas will play an important role in your new business and may affect each other in one way or another over the next few decades to come.
1) Get a solid financial plan in place
A financial plan will help you set the foundation for a successful future. A well-considered financial plan can help you determine how much capital you may need to start and maintain your business, understand cash flows, set pricing strategies, and manage cash flows and expenses.
2) Seek professional advice for entity, taxes, and benefits
Starting a business can be overwhelming, but you don't have to go into it blind and alone. Seeking the advice of a financial, investment, tax, insurance, and/or legal professional can help you avoid costly mistakes and help you start on the right footing.
3) Plan for the unexpected
Hopefully, your business will take off; however, it is always important to hope for the best and plan for the worst, just in case. Have a plan in place for unexpected costs and events that may happen in the first year or two of business.
Common Mistakes
CONFUSING ENTITY TYPES
Not selecting the best entity structure for your new venture
NOT ACCOUNTING FOR TAXES
Not setting aside money for taxes, and not making estimated payments
AVOIDING PROFESSIONAL ADVICE
Not seeking professional advice for investments, taxes, and insurance
Services You Should Consider
Starting a new business comes with many financial decisions that can impact your long-term success. From managing investments and minimizing taxes to securing the right insurance and planning for the future, having the right financial services in place is essential. Explore these key solutions to protect your business, maximize growth, and set a strong foundation for lasting success.
Investment Management
NEAR AND LONG-TERM STRATEGY
Have a fiduciary advisor help you create a budget and help you manage cashflows and projections for your new business, as well as plan for unexpected expenses.
Tax Planning, Prep, & Filing
Insurance Planning
Estate Planning
EFFICIENT TAX STRATEGY
Ensure you are choosing the correct entity type and are taking advantage of all available credits and deductions for your new small business, while budgeting for taxes.
PROTECTION FOR THE FUTURE
Find affordable benefits and optimize your business's benefits package to meet your specific individual needs while you focus on growing your business.
PEACE OF MIND FOR THE FUTURE
Access our network of trusted attorneys that can help evaluate your specific needs and ensure you have the correct documentation in place to start your business on the right foot.
Have Questions or Need Advice?
By offering most tax, investment, planning, and insurance services in-house, we are dedicated to helping you reduce fees and save time when it comes to helping you achieve your financial goals and needs. You will gain peace of mind knowing all of your affairs will be coordinated, aligned, and managed with one simple phone call.