Starting a business is more complicated than most people think. There are many issues to deal with and questions to ask when thinking about starting a small business. Starting a business the right way can inprove your changes for success.
Should I incorporate? LLC? C Corp? S Corp?
What name should I use?
How do I get or set-up my website?
How do I find a CPA? Do I even need a CPA?
How do I get a license to do biz in my state?
What accounting? Quickbooks? Excel?
And the list goes on and on…
But the real most important question is this……………….
If I start a small business, how do I get out of my small business?
What is your exit plan? Your goals, time frame, limitations?
If you will think through, with honesty, this question – How do I exit my business? You will make a better decision about how you go into your business. Do you want to sell the business? If yes, then there are things you need to do when you set up your small business…Want an example?
If you want to sell your business don’t name your business after yourself. Believe me, Wizards A/C and Heat Service is easier to sell, and at a higher price, than John Q. Smith, Inc.
If you want to sell your business keep your financial information accurate, timely and clear. It is very difficult to sell businesses that have poor records and financial statements. Don’t be tempted to “massage” your financial statements to reuce your taxes, it will cost you dearly when you sell.
Think about your exit plan, it will help guide your decisions and avoid value crushing mistakes that we see made every day.
Send me your start up questions that relate to your exit plan, I’ll take a shot at getting you useful answers.