What it is
Thinking of starting your own business?
Becoming a business owner is all exciting and thrilling. However, it is a lot of work and effort, which might cause the thrill and excitement to wear off.
Creating a methodical business plan is what dictates whether a small business will make it or not. It is one of your first and most vital decisions as a business owner to maintain and stretch out the “thrill and excitement” period forever.
How it affects your business
When starting your own business, a thorough action plan is needed to fulfill your objective of managing and running a successful business.
Success lies in the approach you choose to take. We at XB4 help you avoid the common drawbacks that many new small business owners make when starting their new venture.
At XB4, we have a dedicated team that will help you:
- Prepare an initial business plan to clarify your marketing, management, and financial plans
- Determine your start-up capital needs
- Identify sources of start-up capital and backup sources if needed
- Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate
- Select the right accounting software by evaluating your budget, needs, and hardware
- Prepare a cash flow budget so you know exactly how much money you need to keep the business alive each month for the first few years
- Establish billing and collection procedures to maximize your cash flow
- Establish procedures to monitor and control costs
- Prepare and file all required Federal/local licenses and permits
- Comply with employment laws
- Identify your business insurance needs
- Develop a solid Partnership Agreement