Confession time. I’ve been dealing with a bad case of poison ivy here lately. And if you’re part of the 85% of Americans who are allergic to it, you know how fun that is.
It all started the other day while working around the yard on the honey-do list when I got elbow deep into the poison ivy, before I even thought to pay attention for it. If I had just taken a moment to look ahead and prepare a little, I could have avoided this. But no—I dove headfirst into it with the ladder, the pruning shears, and a bow saw and started cutting away. Now I’m paying the price with an itchy rash and spending money on ointments and anything else I can find to help.
This reminded me, it’s much like the small businesses we see here at CRS. A small business owner has a great idea and off they run and before they know what they’re covered in taxes and extra costs and suffering through the pain and treatments necessary to fix it. Not to mention just the extra stress added when they truly do not think through everything that is necessary in running a business.
And the truth is starting and running a business requires a good plan, and it requires looking ahead at your time and knowing what’s coming, or you’ll be elbow deep in unnecessary taxes, costs, and additional stress—much like dealing with a bad case of poison ivy.
What You Need to Consider BEFORE Starting a Business
In our experience, there are four considerations every potential or new business owner needs to work through before climbing that ladder and cutting away.
- Is a home-based business right for you? Did you know over 52% of businesses today are now home-based?
- Choice of entity. Should you be an LLC or a corporation or something altogether different?
- Do you have a good business plan?
- Recordkeeping. Sounds boring, but it is oh so vital.
Over the next few weeks, we’re going to take a look at each of these and dive a little deeper into the thought and planning that needs to go into each one.
So, if you’re a new business owner that wants to avoid unnecessary itching and scratching—I mean, taxes and costs—we invite you to talk with one of our team here at CRS and let us show you how to expect more from your accountant.