Not everyone is meant to be a business owner. In fact, a small percentage of the population has what it takes to start a business from the ground up and turn it into something successful that they can make a living from for years to come. And, even fewer people in this already small segment of entrepreneurs know how to get started.
Sure, a great idea is a good start, but if you’re going to bring that idea to life, you’re going to need a whole lot more than hopes, dreams and aspirations… you’re going to need money, licenses and more. This is why it’s imperative that you speak with a tax and accounting service in Jamestown, ND before you start running wild with a business idea.
What you need to know
Speaking with an accountant is a good first step in the right direction when it comes to bridging the gap between a good idea and a tangible business. Why? Because determining the financial groundwork and feasibility of your idea is necessary above all else.
When you step into the office of an accountant with a business plan in hand, they’re going to help you see the standing of your business for what it is and what needs to be done to get things moving in the right direction. Take a look at a few questions they might ask you:
- Do you have a business plan? If so, does it lay out all of the essentials, such as a company overview, mission, financials, competition profile, unique identifiers, etc.?
- Is there a market for your product or service? Your great idea is just a great idea unless you have verifiable proof that someone is going to pay money for it!
- What kind of startup capital do you have? How long can you sustain the business with no cash flow? Can you support yourself on little to no salary?
- What business entity type is best for your venture? Is it a non-profit? What kind of licensing do you need to operate under a specific entity?
- Have you given any thought to insurance? This is going to be critical in protecting you and your business during a very unstable startup period.
The list of questions goes on and on, but rest assured each and every one of them is important in determining how viable your idea is—not just on paper, but in a real-world setting as well.
Ask for help!
Now, unless you’re a seasoned entrepreneur, there’s a good chance that you’ll walk away from your first prospective business meeting feeling wholly unprepared. This is okay! It’s good to get experience and learn more about the process, so you can adapt and mold your business by it. In fact, part of the reason it’s a good idea to meet with a tax and accounting service in Jamestown, ND is to ask critical questions and get basic guidance right from the start.
If you’ve got a great idea and have been putting together a business plan, be sure you’re taking the right approach in visiting with an accountant first. Hopefully, with a few good strides right out of the gate, you’ll be able to build something special!