Key points to build and grow your business

The Hispanic community has tremendous opportunities for growth, consistently creating new businesses, but many new companies fail because they don’t consider the details and taxes involved with owning and running a business. Inspiration and hard work are the first steps on the road to success, but there are practical considerations too. A business owner is allowed other deductions, mileage, telephone, equipment, exclusive business use of your home, retirement plan contributions, etc.

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!
Hola Arkansas Staff

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