Thinking about starting a new business? Before you begin, consult your CPA about the following:
Should it be an LLC?
Should it be a Sub Chapter S corporation?
Should it be a C corporation?
Should it be a partnership?
Should it be self-employed?
You should know the benefits and disadvantages of each before you decide.
If you are selling a product, you should know your direct and overhead costs
If it’s a fee for service business, you will need to know how many billable hours you will have to ensure recovery of all your business costs
Do you know who your competition is?
The pricing of your competition?
How are you planning to reach your potential customers and audience?
For more help with starting a new business, reach out to Safdar CPA today!