It’s been said, a new business won’t make a profit for the first 5 years.
At LS Industries, we say … Your business should make a profit from the very beginning!
Business Planning
Operating a business can be a thrilling and fulfilling experience. However, without careful preparation and the implementation of effective systems, it may end up being no more than a source of employment. The ultimate objective for a business owner should be to create a residual income stream, rather than simply earning a decent salary.
Start here …
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Make sure to have an online location to save documents
— Google Drive, Dropbox, Cloud …
— Easier to share within company personnels
— You can access online documents anywhere, anytime
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Create a good Business Plan
— There are a ton of free business plan templates online
— A good plan can provide goal, direction and process
— Here is a Google Doc Template to get you started
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Having a budget can minimize unnecessary spending
— How much profit can you make per year?
— How much do you need to quit your job?
— Here is a Google Sheets Template to get you started
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What is the proper Business Structure for you? LLC, Corp, Sole Proprietorship? Not sure? Find out here.
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— Choose an entity type in Wisconsin
— Apply for an Employer Identification Number (EIN) online
— Set up your operating agreement from Rocket Lawyer or Legal Zoom
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Start a bank account for your new company
— Get local! Your local smaller banks will be much more willing to work with you and your business needs compared to bigger national banks (here is one we like)
— Make sure you can connect your bank account to your accounting system
— Free checking, get some checks made and a debit card
— Only use this account for your business! Don’t cross personal and business accounts. KEEP THEM SEPARATED!