- How much money you are spending on your business
- Who is receiving the money
- How much you are taking in from clients, products or services.
Action Steps
The best contacts and resources to help you get it done
Brush up on basic financial terms
Business finance has its own language, so as you launch or run your business, learn some basic terminology, from accounts payable and cash flow to LLC (limited liability corporation). Being armed with the right knowledge can help you do a better job of negotiating.I recommend: Learn the lingo from AllBusiness, YouthMatrix and the Sun Beach Public Library.
Write a business plan
Even if you've been planning for the launch of this business for years and have every detail in your head, it makes sense to write down your plan on paper, including the mission, your business model, possible competitors and threats, and your timetable for financial success.I recommend: Get help writing a business plan through BPlans, BusinessPlanWare, The Business Mentor and Business Plans.
Calculate start-up costs
Determine how much money you'll need to start your business by using a worksheet or workbook. You may think you have a handle on costs, but there are likely to be expenses you haven't figured in.I recommend: Calculate your start-up costs with assistance from the Better Business Bureau, FindLaw for Small Business, BusinessKnow-How or Adams Streetwise Small Business Startup.
Set up a basic bookkeeping system
You'll need to establish a basic bookkeeping system even before your business opens. A bookkeeping system records your financial transactions, including the money coming into and going out of your business.I recommend: Use desktop accounting software, such as Peachtree Software's Peachtree Accounting or Intuit's QuickBooks. Get online outsourced bookkeeping services at BalanceYourBooks.com. Get bookkeeping services and advice at ProBookkeepers.com.
Establish a relationship with the right bank
Develop a relationship with a local bank where you can get to know the small-business staff. Open a business checking account, and talk with a bank officer about the right type of account for your business. Decide if you want a separate business credit card and see if the bank has a small business package that includes a business credit card.I recommend: Find the best small-business bank in your area through this Entrepreneur.com search engine.
Hire an accountant
A certified public accountant can help you with your finances, from setting up a bookkeeping system to calculating start-up costs to doing your taxes.I recommend: Find a CPA in your area as well as advice on how to hire and work with a CPA at the CPA Directory.
Tips & Tactics
Helpful advice for making the most of this Guide
- Financial projections and a business plan are important, but they need not be lengthy. Two pages can suffice.
- Consider more than one bank for your business needs. Find the bank with the best business package or best loan. Don't overlook small local banks or savings and loans; just make sure they're insured with the FDIC or the FSLIC.
- When shopping for a loan, consider more than the interest rate. Pay attention to the length of the loan and the repayment.
- Don't be afraid to negotiate with your bank on the terms of your loan or credit line.
- In preparing your budget, add a 10 to 20 percent contingency line item for those costs you may not have anticipated.
BGI Defined Contribution
Simple yet Sophisticated Investing. Professionally Managed. Learn More.
SponsorMatch | LifePath
www.bgiDCsolutions.com
Simple yet Sophisticated Investing. Professionally Managed. Learn More.
SponsorMatch | LifePath
www.bgiDCsolutions.com
Buy Stocks for $4
No Account or Investment Minimum. No Inactivity Fees. Learn More.
Buy Stocks for $4
www.ShareBuilder.com
No Account or Investment Minimum. No Inactivity Fees. Learn More.
Buy Stocks for $4
www.ShareBuilder.com
Earn From 1.90% to 2.20%
With AA+ Rated GE Capital Corporation. Not An Offer Of Securities For Sale.
For Investors | For Businesses
GEInterestPlus.com
With AA+ Rated GE Capital Corporation. Not An Offer Of Securities For Sale.
For Investors | For Businesses
GEInterestPlus.com
Financial Advisors Resource
Find Financial Advisors. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
Find Financial Advisors. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
Free B2B search marketing whitepaper, B2B Search Marketing Strategy Guide: Advice From the Pros.
