Thinking of owning your own business?
Opening your own business is exciting and thrilling. It's the long term dedication and knowledge that dictates whether a small business will succeed. It's up to you to maintain and stretch out the "thrill and excitement" period forever.
At Morey & Company, LLC, we'll develop a unique, methodical plan of action 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.
Additionally, through the use of our ProfitCents software we can conduct industry comparisons, ratio analysis, trend analysis, and even expectations. This tool enables you to better understand where you stand, how you compare to other companies of the same industry, and what you need to do to reach your goals. It demonstrates the strengths and weaknesses of a company and offers discussion on how to improve your business.
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 borrow 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. Unplanned cash requirements are always emotionally painful.
- 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.
- Comply with employment laws so you aren not faced with fines and unhappy employees.
- Identify your business insurance needs.
- Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems in the long term.
Let us help you succeed by getting your new business off to a solid start.
