Setting up a new business

Hi,
Am setting up a new business but cant tell all the hidden challenges that will come up. I no a few challenges which i have faced but still i need to no more. Lets say like taxes to be paid and some other hidden charges that might come up

 

Hi Micheal,

First of all best of luck for your new business. Before starting it just consult with an accountant regarding taxes sort of things. Here you did not mention what is the nature of your business. There are many pros and cons in this. For example. what type of product your are selling, in which location, raw material availability etc.
Just mention the name of your business. So that we can elaborate it.

 

Hello Michael,

Where do you live as this can affect the costs and issues you maybe encounter

 

Starting a business is like a trial and error process. You will be faced with a lot of challenges at first but you will be able to know if you hit your target and if you are on the right track.

 

I think knowing where your located might help. Starting a Business should not be trial and error. if thats your plan it is not going to work. you should at least have some idea as too what you want too do. if you plan on going the trial and error route. It would best to do this as a hobby until you have found the combination that works for you,

 

You should really pay taxes because we are obliged to. In starting a business, you must opt for the lowest costs possible. Minimize all overhead costs so that you can gain in your capital.

 

Really goods reply, Thanks for sharing.

 

The taxes aren't a hidden cost as many state gov sites will allow you to print the forms which give you an overview of what self-employment or small business taxes/fees are and when they are to be paid. This is something that is highly location-specific so it may benefit you to consult a local tax professional.

 

Hi dear,
First of all best of luck for your new business that you start.Here you did not mention what is the nature of your business Its ok, first of all you need before starting it just consult with an accountant regarding taxes sort of things. So it will help you so much..

 

The most important thing to consider while starting a new business is the business strategy employed by you. Also you need to market your business properly so that more and more people come to know about your products. There are a number of examples where good products could not achieve success in the market due to lack of proper marketing. So you should be careful about marketing your business.

 

Don't worry about things like taxes to start. Focus on baby steps of building your business to bring in customers and make sales first.

 

hello there,All the very best for your new business and welcome to digital forum, It seems like you are still confused. and please correct your spelling mistake and grammer first. cheers!

 

Best of luck for your new business, it’s always good to find out everything you need know about your business at the early stage so you don’t run into unforeseen situations later. How countries handle Tax issues may vary one way or the other. You are on the right part, hope everything goes well.

 

hey first of all................hire an accountant and take suggestions from him.....................regarding any kind of taxes........
best wishes for your business

 

It's depend on your nature of business like tourist company, consumer product, internet services ... and where your company based on .... You should tell about that!

Anyway, hope you have luck!

 

I agree with many of the others, you need to provide your jurisdiction to be able to comment more usefully. Needless to say, tax filings and other tax issues vary from state to state and country to country.

That important matter aside, having been involved in thousands of business start-ups, here is a very short list of issues for you to consider: (1) choosing the right business entity and tax regime (with most businesses, LLC have become the default choice unless you think venture capitalists or outside investors are on the horizon, then definitely communicate with a securities attorney. Also, LLC offer the full menu of tax options. If you are a single member LLC, you will be taxed by default as a sole proprietor. If you have two or more members, you will be taxed by default as a partnership. If you believe you will be making a meaningful amount of revenue above what a reasonably salary would be and you have either employees or will make a substantial investment in capital equipment, then the Subchapter S election is often made in an effort to reduce payroll taxes. Also, (2) you may wish to do proper due diligence with regard to choosing the name of your business. Many people wrongfully assume that just because they register a business with the Secretary of State, then the SOS will do your due diligence for you to ensure that you are not infringing on someone else's rights with regard to the name. Make sure the domain name (and its various extensions) are available and also consider registering the name on the state or federal level to protect your own rights in the name (or trademark or service mark). Next, (3) be sure you have informed yourself all all applicable federal, state, and local laws, regulations, and ordinances (I know this is easier said than done, but that is where a competent business attorney comes in). Also, be aware that while many people think that forming a limited liability entity such as a corporation or LLC will make them and their assets bulletproof, the limited liability protection afforded by a corporation or LLC does not protect you against liability for your own acts of negligence or omissions. Therefore, while corporations and LLCs offer some protection regarding your personal assets, I usually think of such protection as the fallback position, whereas the best and first line of defense is going to be a properly drafted set of contracts which competently address various unhappy contingencies so that you don't have to rely on your limited liability protection in the first place. Goodluck!

I AM NOT YOUR ATTORNEY, YOU ARE NOT MY CLIENT.

 

Hi,
I also experienced the same thing .. please guidance

 

i don't believe in there being a set rule for a business. Life is too complicated. Too many variables. Best thing is to have a good plan that covers most aspects of the business, and reserve cash to cover any unforeseen expenses. A business is like a child - ever changing dynamics, you learn about it, as it grows.

 

Thank you all for your suggestions. The business i want to get into is IT relatedlike web solution, graphics designs, networking and digital IT equipments. So any further suggestions?

 

I'm gonna setting a new business too but I want more money to establish it..