STARTING A BUSINESS Do you have an entrepreneurial spirit? Do you have an idea that could add to the commerce and personality of the Lincoln community? Do you feel empowered to take things into your own hands and seek out new opportunities? If so, you’ve probably dreamed of owning your own business and putting your spirit to the test. Is it a little intimidating? Sure it is, but if you have the dream and the spirit to follow through, why not test your ideas and give it a try? Just be certain that you are truly dedicated before taking the plunge, because starting a business can be a bit of an arduous and highly detailed process, but the rewards can cover the price of entry. The U.S. Small Business Administration offers a 10-step plan for starting a business, which includes: conducting market research; writing a business plan; funding your business; selecting your business location; choosing a legal structure for your business; choosing your business name; registering your business; getting federal and state tax IDs; applying for licenses and permits; and opening a business bank account. As part of this entire process, we suggest working with a business coach who is a good match for you, hammer out some details, and test your grit. We talked to some savvy business experts in the Lincoln area to get some tips for walking the path to business ownership and outfitting your business and employees for success. Don’t Get Bogged Down in the Details Starting and growing a business come with extensive responsibilities. With this in mind, it’s important that you focus on your strengths and hire the right experts to handle the parts of starting a business that are otherwise specialized. That’s where SP Group, PC comes in. “Starting a business can be an intimidating process to tackle on your own,” said SP Group CPA Chris Robinett. “We strive to alleviate some of the headaches that come with getting started, including business planning, entity selection, payroll management and bookkeeping, and financial-statement preparation. Having a trusted CPA firm at your disposal will let you focus your time on the things you truly do best, instead of getting bogged down in the details.” One of the crucial steps in the process of Chris Robinett SP Group, PC starting a business is choosing an entity type, and it’s a step that often is missed by first-time business owners. You must choose whether your business is a sole proprietorship, limited-liability company, partnership, or corporation. “This is a critical decision from a legal and ownership standpoint, but it can also have far-reaching implications from a tax perspective,” Chris said. “Consulting with both an attorney and an accountant about your entity selection before you start your business is a wise step in the planning stages of your new business.” Engaging an accountant in the planning stages of a new business allows an entrepreneur to leverage that professional’s experience and knowledge to address both short- and long-term concerns. An accountant that serves business clients is aware of the potential pitfalls and blind spots that a new business owner may face and helps navigate the complexities of the tax code and tax planning, as well as, the more day-to-day tasks of bookkeeping and payroll processing. “SP Group values long-term relationships,” Chris said “Our strength is knowing you and your business over many, many years. We provide you #PrintProudDigitalSmart
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APRIL 2021 Strictly Business
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