New Business Tips
for New Business Start-Ups
the type of business entity in which you will conduct
major choices include sole proprietor, partnership, limited
liability company LLC, corporation and nonprofit.
your Federal Tax ID number if you haven’t
is an IRS URL to give you some guidance on this:
separate bank account for your business. This will significantly
reduce the time and cost you spend on bookkeeping and allow
you, at a glance, to track how much cash is going in and
out of the business.
Set up an
accounting system that matches the complexity of your
There are many flavors of QuickBooks to meet small
Set up the
forms you need to track transactions. For example, you’ll
need an invoice or receipt form and checks at the very
might also want to set up purchase orders, estimates, and
All of these forms are included in QuickBooks so that you
don’t have to reinvent the wheel.
make sure you have all of the business licenses you
usually includes a city license and sales tax
might also need food and beverage licenses, environmental
permits, health permits, building approvals, and
more. Go to
find out more.
business insurance to protect your financial
realistic budget, and work within the budget as much as you
estimated tax deposits throughout the year, especially if
your type of entity is a sole proprietor, partnership, or
time. Spend as
much time as possible on your core business and outsource
accounting, administrative, and legal work to experts and