Starting Your Own Business
By: Connie Holt, E.A.
The Henssler Financial Group Position Paper

In America, the opportunities are endless for those who wish to take the plunge to pursue their dream of working for themselves. Proper preparation will assist you in making your dream a success.

Have you ever heard the saying, "you have to spend money to make money?" This is definitely applicable in starting your own business. To ensure your success, you need to concentrate your time and efforts on doing what you do best, and let the professionals handle the rest. Here is a guide to taking the right steps in starting your own business:

Hire a Tax Consultant

A tax consultant should offer you tax advice and be proactive in working with you on tax planning in addition to preparing your tax returns. You should retain your tax consultant prior to going into business to seek advice on the tax effect of the different business entities available. Your tax consultant will be able to advise you on the proper bookkeeping method that will work best for you.

Hire a Legal Adviser

Prior to going into business, you should retain and consult an attorney on the legal aspects of the different business entities available to you and how you should protect your personal assets and business interests. An attorney can set up the business entity properly, and can advise you on any contracts that you might be required to sign in the course of conducting your business. If your business necessitates having your clients sign a contract with you, your attorney should prepare the contract for you.

Hire an Insurance Agent

Be sure to retain an insurance agent to consult on the proper insurance coverage you will need to protect your business and ultimately, yourself.

Hire a Marketing Consultant

Opening the doors for business does not necessarily start income rolling into your business. With the proper marketing strategy, you can target the specific clients that need or want your products or services. Your avenue of success broadens when you put your name in front of the client that specifically needs you. Let the marketing professionals put your best foot forward. Get your foot in the client's door that is most interested in what you have to offer. Then work your magic!

Hire a Business Consultant

Seek advice from the experts and develop a business plan. Discuss with your business consultant when you will need to take each step for establishing your business. Your business consultant should be able to advise you on critical issues such as the proper pricing for your products or services and how to seek financing for your business.

Your business is very valuable since it is your income source. Choose the best route for its success by using this guide as you follow the road of working for yourself. For more information regarding this topic or any other tax-related issue, please call The Henssler Financial Group Tax & Accounting Division at 770-428-4025.