Three Steps To Starting Your Own Business

Do you know how to start your own business?

Small business consultant David Lucier explains three important steps when starting a business.

1. Pre Business Planning

It’s exciting all the planning that goes into a business, but what you do at this stage goes a long way. Many new business fail because the owner is a skilled producer but not a good business person. Read books and learn from others who have succeeded. What business is right for you? Do you have advisors to help? Do you have a business plan? Do you have a strategic marketing plan.

2. Finances and Budget

Once you start your business, there are key fundamentals to keep you on track to grow your business. Do you have the right type of financing? Do you know how to read financial statements? Do you know what your tax liability will be for the current year? Do you have the right insurance coverage?

2. Human Resources

Hiring, training and firing employees are necessary components to running a business. How do you screen, interview and hire employees? Are you paying a fair wage? How are you training your new employees? Do you know the right way to terminate an employee to protect yourself?

Lucier CPA, Inc. 1308 Atwood Ave, Johnston, RI 02919 (401) 946-1900