In this country you don’t need to do much paperwork to start a business, but it’s important to follow the laws and regulations. If you have employees, obtain a tax ID for payroll preparation. Avoid the temptation of treating employees as contractors. Businesses can be shut down for worker compensation claims and unreported or unpaid employment taxes.
Here are some basics to starting and growing a thriving business. Prepare financially. Save enough to support you for two years, invest up front, and have a cushion of extra funds.
Learn the risks of your business idea. Get free consulting services, talk to people who already have a business, go to networking events and workshops for people in the industry and new business owners. Research the locations for your business and demand for your product.
Contract a bookkeeper or accountant to help you keep good records for tax preparation and future financing. If you are a sole proprietor make quarterly tax payments. Your business is an asset, protect it!
To prepare a business plan contact the Rudy Ortiz at the Arkansas Small Business and Technology Development Center (ASBTDC) 501-683-7721 or [email protected]
Enjoy your success and the fruits of your hard work!