Are you thinking about starting a new business in Iowa? Here are 10 tips to get you on your way.
- Save up as much money as possible before starting.
- Start on a shoestring. Don’t get the fanciest office or hire lots of employees.
- Protect your personal assets. Form a corporation or limited liability company (LLC).
- Understand how–and if–you will make a profit.
- Make a business plan, no 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.
The best business people I know are generally quite conservative when it comes to spending money, especially in the beginning. Make sure not only to pay income taxes but also payroll, sales and use taxes. The failure to pay those taxes can be costly with interest and possible fines. It is also important to know that a corporation or LLC will not keep you from personal liability if you fail to pay those taxes.