I ran across this list of tips for new small businesses. Some terrific advice. Here are the ten tips as listed:
- Save up as much money as possible before starting.
- Start on a shoestring.
- Protect your personal assets.
- Understand how–and if–you will make a profit.
- Make a business plan, so matter how short.
- Get and keep a competitive edge.
- Put all agreements in writing.
- Hire and keep good people.
- Pay attention to the legal status of your workers.
- 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).