Wednesday, August 13, 2008
Let me start off by saying, that if you have not begun to think about the start up costs of a Business yet, the first thing to do is go over you personal budget NOW!! You are forewarned this is probably the most important thing you will do in beginning phase of starting your business.
One of the biggest mistakes first time business owners make is not taking the time to go over all of there Personal Finances. Honestly how do you expect to even file the proper paper work to start you new found entity. The fees can be minimal if you search around on the net. Just remember the higher cost Incorporating kits usually get extra benefits to make your life that much easier down the line.
During the planning stage you will begin to realize theres little costs here and there, mainly for proper supplies. A Business loan can be a good idea at this time, but because your a start up company you have to give a personal gurantee to repay back on the credit. Most creditors have a time limit on how long a Business must be open before it can receive credit without a personal gurantee. If your personal credit is not in order you can expect to be denied.
At the same time it is important not to get carried away with getting credit. Even though the Credit is for the Business, to much will hurt your personal credit. If you use credit cards that are already in your name make sure you keep your receipts to turn into your accountant when all is said and done, and he will work it out when taxes are do. If you do not have an accountant yet than do not rush into the decision and pick just anyone to take care of your finances. Do not be afraid to setup an interview and when your there ask questions. A good accountant will figure out exactly what it is your trying to do with your money and will than show you, your options that will best accomplish what your trying to do with the best savings on your money. Make sure your Accountant makes you feel comfortable when he's around, you will be meeting with them on a regular basis and you are trusting them with all your financial information, so do your homework.
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