New Business Formation – Southgate Financial Services

Start Your Own Business

Thinking of owning your own business?

Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.

A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

We help you:

Prepare an initial business plan to clarify your marketing, management, and financial plans.
Determine your start-up capital needs.
Identify sources of start-up capital and backup sources if needed.
Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation, and portability should you need to relocate.
Select the right accounting software by evaluating your budget, needs, and hardware.
Prepare a cash flow budget so you know exactly how much money you need to keep the business alive each month for the first few years, as unplanned cash requirements are always difficult situations.
Establish billing and collection procedures to maximize your cash flow.
Establish procedures to monitor and control costs.
Setup a home office so you can maximize your tax deductions.
Prepare and file all required state and local licenses and permits.
Prepare and file your application for your Federal Employer Identification Number.
Advise as to obtaining appropriate payroll and payroll tax filing services when you bring on your first employee as well as compliance with employment laws so you don’t get hit with fines and unhappy employees.
Develop a solid partnership or operating agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

Already started your business but need help incorporating it? Learn more about our incorporation services.

Let Southgate Financial Services help you succeed by getting your new business off to a strong start.