The following is a general process we would recommend in getting started with a new business or venture. It is very important that we remind you that throughout this process, communication with your financial team is very important. Communication with us, a banker, an attorney, and insurance professional will be vital for your long-term success. With that in mind, we would suggest the following:

1. Design and complete a business plan.
In this plan, you should include your concept and market niche. Also, a biography of yourself and your partners outlining your experience in the field you have chosen. Sales and marketing strategies with projections, along with financial forecasts should also be included. The financial forecasts should include a pro forma income statement, balance sheet and cash flow analysis for a minimum of two years.

2. Select a business Entity form.
Choose from the folowing entities:

• S Corporation
• C Corporation
• Limited Partnership
• Sole Proprietorship
• Limited Liability Company

We strongly suggest involving an attorney and us for this decision. A review of the advantages and disadvantages for each of these business entities is critical to getting started correctly. If you need help in selecting an attorney, we would be happy make some recommendations.

3. Select Banking and Finance Options.
Depending on the above factors, and the amount of capital you will need, it is a good idea to have an experienced banker in your corner. Once again, if you need help here, we would be happy to help you find one that will suit your needs.

4. Select your insurance coverage.
This is also a very integral part of your approach to a successful business. Risk management is often an area that is overlooked but extremely important. Once again, if you need help in finding a suitable carrier, let us know.

5. Registration with Taxing Authorities.
You will need to fill out a number of forms to register with the state and federal government taxing authorities. It is important to start off correctly and get registered properly. If you need help, contact us.

6. Select an Accounting System.
In all probability, you will want to automate your bookkeeping and accounting functions. There are many packages on the market today with wide price ranges based on the sophistication of the product. Don't buy more than you need! We can assess your needs and give you a recommendation on the product that will fit your needs and budget. We can then help you install and learn to use the product so you don't feel stranded.

7. Consistent Communication.
Lastly, we highly recommend that you communicate with your financial team on a regular basis. As a new business owner, you will face a wide variety of challenges. Our vast range of experiences will help you get off to the best start possible!