Identify your startup expenses

SBA.GOV Most businesses fall into one of three categories: brick-and-mortar businesses, online businesses, and service providers. You’ll face different startup expenses depending on your business type. There are common startup costs you’re likely to have no matter what. Look through this list, and make sure to add any other expenses that are unique to your

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Hire and pay employees

SBA.GOV Before finding the right person for the job, you’ll need to create a plan for paying employees. Follow these steps to set up payroll: Get an Employer Identification Number (EIN) Find out whether you need state or local tax IDs Decide if you want an independent contractor or an employee Ensure new employees return a

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Pick a method of accounting

SBA.GOV Businesses often use either the accrual or cash methods of recording purchases. The accrual method puts transactions on the books immediately upon completing the sale. The cash method only records this once payment has been received. For example, if you make a sale in January and receive the $200 payment in February, an accrual

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Start with a balance sheet

SBA.GOV The balance sheet is the foundation of managing your finances. It operates as a snapshot of your business financials. It helps you keep track of your capital and provide a cash flow projection for future years. A balance sheet will help you account for costs like employees and supplies. It will also help you track assets, liabilities,

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Use competitive analysis to find a market advantage

SBA.GOV Competitive analysis helps you learn from businesses competing for your potential customers. This is key to defining a competitive edge that creates sustainable revenue. Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape: Market share Strengths and weaknesses Your window

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Business Insurance

SBA.GOV Running a small business involves a significant investment. Business insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster. Unless you are an employer, business insurance is generally not required by law, however, it is common

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Startups & High Growth Businesses

SBA.GOV In the world of business, the word “startup” goes beyond a company just getting off the ground. The term startup is also associated with a business that is typically technology oriented and has high growth potential. Startups have some unique struggles, especially in regard to financing. That’s because investors are looking for the highest

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Easy Energy Efficiency Improvements

SBA.GOV Lighting Turn off lights when not in use. Remove or disconnect unnecessary light fixtures. Replace incandescent light bulbs with compact fluorescent light bulbs. Replace or retrofit non-energy efficient light fixtures. Install “occupant sensors” to automatically turn lights off and on. Take advantage of “day lighting”. Lower light levels where appropriate such as around computer

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Understand Your Market

 SBA.GOV To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you: Reduce business risks

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