Posted on March 10, 2008 by Rush Nigut

Ten Tips for New Small Businesses

Here's some great tips for new small businesses.  Some terrific advice.  The top ten tips as listed:

  1. Save up as much money as possible before starting.
  2. Start on a shoestring.
  3. Protect your personal assets.
  4. Understand how--and if--you will make a profit.
  5. Make a business plan, no matter how short.
  6. Get and keep a competitive edge.
  7. Put all agreements in writing.
  8. Hire and keep good people.
  9. Pay attention to the legal status of your workers.
  10. Pay your bills early and your taxes on time. 

I especially appreciate the emphais placed on paying your payroll taxes on time, particularly the portion you withhold from your employees' wages. (See the commentary on No. 10).  It is critically important to understand that a corporation or LLC will not protect you from personal liability in the event these taxes are not paid.  (For an example, see a post from my favorite blogging accountant, Joe Kristan).

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Chris Moander - March 11, 2008 2:30 PM

Good point on the payroll taxes. I think it is easy to forget them altogether because they are almost hidden from you, unlike your real estate and other taxes.

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