Go Back to
www.IndependentRetailer.com MANAGEMENT 10 Startup Tips
HERE ARE 10 tips that the edi- tors of Cover have gathered at recent business meetings for starting a new business: 1) Outline your company’s
mission statement, goals and defi ne your corporate culture. 2) Outline your business
plan. It is critical to have a de- tailed business plan for the fi rst 60 days, the fi rst six months and the fi rst 12 months. 3) Create a three year budget,
because your potential equity investors and debt lenders will demand it. 4) Find an accountant geared to small business to help you se-
lect the best business structure for your operation; C corpo- ration, S corporation, LLC or another structure. 5) Set up a legal entity and
register the company name with the state. 6) File for state and federal
tax ID numbers.
Q MART GROUP INC. 77 Morgan Ave., Brooklyn, NY 11237
Importer, Wholesaler, Lowest Prices
www.Qmart.us
TOLL FREE1-800-258-8183
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7) Find an attorney geared
to small business issues. 8) Do a company name
search to avoid confl icts with existing fi rms. 9) Get legal advice on shift-
ing personal assets to protect them in case the business does not thrive as planned. 10) Carefully plan and im-
plement employees/partners compensation plans. If the plans are too generous up front and you need to cut back on them later, it can be a disaster. ■
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July 2010
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