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Getting Organized For Business

From the Inkwell of: Bartholomew J. Worthington III
maze to money, getting organized for business
Half of all new businesses fail in the first five years, according to the Small Business Administration. Before your business opens its doors and hangs out its shingle, it is important to ensure you have the processes in place to be successful. The saying goes,' If you fail to plan, you plan to fail.' For a business in the start-up phase, organization in critical areas will determine which half it will end up in: the failing half or the successful half.

Paperwork

Step 1- Create a well-crafted business plan that defines your business identity and details your products and services. Your business plan should outline your goals and the strategies required to achieve them.

Step 2 - Determine the business structure that best suits your needs. Consult a professional to fully understand the pros and cons of different business structures.

Step 3 - Complete the required paperwork to ensure that your business is legally recognized. Obtain any licenses that are required by your state or town.

Step 4 - Create a system for document storage. Important papers should be stored in a secure manner, but also be relatively easy to access. Put processes in place to ensure the secure disposal of sensitive documents.

Finances

Step 1- File for an Employer Identification Number with the IRS online. This is required if you have a business structure other than a sole proprietorship. File both an electronic and a paper version for future reference.

Step 2 - Open a business bank account to ensure that your personal and business finances are kept separate. Having your business finances separate will also make it easier to organize your records for tax purposes.

Step 3 - Set up a financial tracking system that streamlines your tax filing process with a simple Excel spreadsheet, or in Quicken or another money management program. Ensure that your expenses are organized for your tax preparation professional.

Continued on "Getting Organized For Business" Page 2
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  • Home
    • About Us: The BlackPrint Statement of Purpose
    • Today in Blackness >
      • May in Blackness
      • Quote of the Day >
        • Quote of the Day March
        • Quote of the Day February
        • Quote of the Day January
        • Quote of the Day December
        • Quote of the Day November
        • Quote of the Day October
        • Quote of the Day September
        • Quote of the Day August
        • Quote of the Day July
        • Quote of the Day June
        • Quote of the Day May
  • Learn To Fish
    • The Case For Black Entreprenuership
    • How to File For A Tax ID Number
    • Getting Organized For Business >
      • Getting Organized For Business 2
    • The Case Against the 40 Hour Workweek
  • Shoulders of Giants
    • Giant: Patrice Lumumba
    • Giant: Nat Turner
    • The Donkey's Sin - Ethiopian Parable
    • Giant: Haile Selassie
    • Giant: Madame CJ Walker
    • Giant: Hannibal Barca
    • Giant: George Washingon Carver
    • Giant: Sojourner Truth
    • Giant: Toussaint L'Ouverture
    • Giant: Harriet Tubman
    • Giant: Huey Newton
    • Giant: Marcus Garvey
  • Mind On My Money
    • 6 Terms to Master Financial Literacy
    • Black Wealth By The Numbers
    • Blackonomics 102: State of The Black Owned Businesses
    • Blackonomics 101: State of the Black Economy
    • 25 Resources For Getting Your Business Off the Ground
    • Black Investing 101: Invest In Stocks For Your Kids
    • How to Introduce Your Child to Money - Infographic
    • Black Investing 101: Invest In Companies You Support
    • Black Personal Finance 101
    • Getting on Track
    • Managing Debt >
      • Addicted To Debt
      • THEY Don't Want You to Know
      • Dirty Little Secrets
      • Your Rights As a Consumer
    • Understanding Credit >
      • Why Credit Matters
      • About Your Credit Score
      • Optimize Your Credit Score
      • By the Numbers
  • Unruly Intellectual Blog