David M. Daggett CPA: Important Steps for Starting Your Own Business
In 2011, David M. Daggett, CPA, made the decision to start his own business. As a partner with his new firm, he can set his own hours and works with over 400 prominent businesses in California. Every year, more and more people are jumping into business ownership. Here are some of the things you’ll have to do if you are thinking of starting your own business in the coming year.
1. It is extremely important to take stock and determine if you are in the position to start a business. You need to know why you want to start a business and what skills you have that will help you run the business. Conducting a personal evaluation will help you narrow down your focus.
2. After you determine the kind of business that fits your lifestyle and goals, you need to evaluate your idea. This includes analyzing the industry and determining your target market.
3. Before you can start conducting business, you have to make it legal. This means, at the least, registering your business and deciding which businesses entity you will form. If you are able, work out the details with an attorney.
4. You will need to develop a business plan to help keep you on track as you navigate the world of small business. This roadmap will help you determine how much money you’ll need to get your business started, the tasks that need to get done, and where your business is headed.
5. Once you have your business plan completed, you can start the process of setting up shop. This will entail determining the location of your business, negotiating the lease, buying inventory and setting up shop.
When you own your own business, you get to decide what you want to do and where you want your company to go. David M. Daggett, CPA has been successfully working as a small business consultant at the business he started in 2011.