Small Business Success Tips

Owning a small business is no cakewalk, but if your head is in the right place you will most likely succeed in your endeavor. That being said, finding proper funding is pivotal to getting your business up and running. In lieu of traditional bank loans consider an alternative source that will not leave you swimming in debt before you have even opened your doors. The DRDA/CPA firm specializes in an innovative program called a BORSA (Business Owners Retirement Savings Account) plan that utilizes the funds from your 401k or IRA rollover.

Before you balk at the idea of digging into your retirement fund before hitting your 60s take into consideration the fact that a BORSA plan makes it so you can withdrawal early without incurring taxes or penalties. You can even combine a BORSA plan with an SBA loan if you so desire. Immediately after securing start-up capital, you should probably start thinking about what goes into running a business.

Day to day business operations can be a beating but before you throw in the towel consider devising a strategy that will allow your business to run smoothly. Plan ahead of time how you will handle managerial procedures such as finding office space and equipment, setting up accounts payable and hiring competent employees.

Your first order of business (pun intended) as a small business owner is setting up shop. With ample choices available in retail space you must first know your budget. The large, centrally located strip mall space may be way out of your price range. The best thing to do is visit a real estate agent to first determine whether buying or renting is in your best interest. Real estate agents will have the inside scoop on the best properties up for grabs in your price range. Do yourself a favor and enlist professional assistance, unless you really do want to end up working out of your garage.

The next thing on your to-do list should be to find the proper equipment. Again, your budget is a factor. If you can truly afford the hottest high-tech gizmos then by all means go for it, but if you don’t want to break the bank and still have a stylish workplace consider purchasing used equipment. Shiny and new is tempting, but used equipment found online or at specialty stores can still be a suitable and affordable alternative.

Now for that tricky little factor called accounts payable which in laymen’s terms means the money you owe your suppliers such as unpaid invoices, bills or statements. It is really just a form of credit that allows you to pay for products or services after they have been received. Keeping track of all the invoices can be confusing to say the least so implementing some sort record keeping system is a must. An elaborate system may not be necessary for a small business owner; one that shows income and expenses should work just fine.

Managing people is probably the hardest part of owning a company, but good employees can bring a lot to a business. You can attract a plethora of job seekers from online job websites, classified ads and staffing firms. Students can also be a good source of help because they are generally willing to work for less in exchange for real world experience. Once hired maintaining a positive relationship with your employees is essential to the success of your business, especially in the precarious growth stage. 

Make sure you are thoroughly prepared before jumping on the small business bandwagon. For more information on a BORSA plan and how it can help you fund your start-up business contact the DRDA/CPAs at 281-954-6040.