It’s one of the most difficult undertakings to embark on alone. Especially when looking at the statistics, starting a business is a risky venture. This is especially true if you’re financially unprepared.
One of the biggest challenges to more than 30% of small business owners is capital!
Depending on the business, starting costs and the required capital will vary massively. Small business costs in particular can really take the wind out of your sails going forward.
How Much Does Starting a Business Cost?
So, you’ve set sail on the daunting waters of being a small business owner. If it’s a business startup, then you may currently be in uncharted territory, wondering where, to begin with mitigating costs and planning the financial future of your business.
Let’s have a look at some of the most common places that costs are going to be incurred, and where we can do our best to mitigate them.
Avoiding Accounting Accidents and Troublesome Taxes
It might not be the first thing that you would expect to eventually cause a capital issue, but you’d be surprised by how quickly costs in this area can mount.
Tax is one of the most important business costs to consider, not simply for the end-of-year costs that you’ll have to pay, but also for things like real estate tax on office spaces.
Being partnered with a service like Orcutt & Company, one that you know you can trust, will make managing small business finances a breeze
They’ll have seen it all a million times before, bringing to the table the experience required to avoid many common pitfalls and save you money at the time when it’s most needed.
Planning, Preparation, and Final Destination
Money lost isn’t only in the day-to-day running. Employee salaries, taxes, and unexpected costs are only half of the battle.
You’ll quickly find plenty of other drains on your coffers. Whether it’s just business startup costs or day-to-day expenses.
The other trap is not having a crystal clear plan about exactly where your business is headed. Even if you’re lucky enough to have everything running smoothly for the first few months, that doesn’t mean it’s going to stay that way.
Orcutt & Company is a good example of a partner that provides both quality CPAs and solid financial advice. They’ve worked with plenty of businesses before. They have seen what will work and what will not.
They can leverage all that accrued knowledge into helping you, helping you to craft a better business plan. One that will do its best to ensure the success of your business.
Save Time, Save Money
Though starting a business can feel like you’re going adrift, it doesn’t have to. You don’t need to sail into the complete unknown, making all the same old mistakes; Partner with Orcutt & Company for your accounting needs. Ensure that you will keep your business afloat.
Partnering with a CPA doesn’t only mean you’ll be saving money from unexpected costs. It also means you’ll be saving time, a commodity that’s equally as precious.
The busy work that comes with organizing tax returns and payrolls will feel like a slog if you’re unqualified to deal with it. Pass it to a professional, and focus on your business.