Owning a small business, being the boss, making all the decisions are dreams come true for any Phoenix entrepreneur. Many people day dream about opening a business. Others make those dreams come true by following the path to business ownership.

Business Planning

Most businesses are started because of the driving passion and ambition of the owner. Before letting the passion take over, there are three major components of business ownership that every potential entrepreneur needs to consider before hanging an open sign on the door.

Researching and developing a business plan, determining finances and taxes, and looking at the legal side of owning a business are vital to long-term success to any size or type of business. 

1.     Researching and Developing a Business Plan 

The business plan is important to setting many of the procedures, techniques, and operations of a business. All business plans should include the following:

2.     Financing and Taxes 

After researching and developing a business plan, the next step is to detail the financing and taxes section. The following list is a starting point for determining all the money details.

3.     Legal, Business Forms and Insurance

There are many decisions business owners have to make from the moment he or she decides to go into business for themselves until the day the business is sold, closed, or as it grows. The list below contains the legal aspects of opening a business.

Keep the Passion Alive

Many business owners tend to get put off by some of these details (especially the accounting and tax tasks) and would rather ignore them than to address them. Most of the details listed above are one time decisions while others have to be continually updated like the business plan.

Laying the ground work before starting the business is always the best way to approach these items. There will be time for the business owner to pursue their passions of making or providing the products and services that will always remain the foundation of any business.

We wish you much success, and if you are looking for tax advice or business accounting help from an experienced CPA in Arizona, please reach out to our Mesa office.