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Hi Luckiest,

Thank you for your response.

I have estimated some of my expenses, but what about liabilities, such as Insurance, taxes, etc. I need more information as to what my actual expenses are. My guess is to research with Insurance companies. But what is a good web-site to find more information about tax guidelines and starting a business. I need step by step planning. I have never opened a business before and I would like to know who I should contact first and get pricing. Would a lawyer help? A consultant?

Hi,

Unfortunately there are very few talented consultants around to help assist people with business start up services. In Australia, we formed Business Switch (www.business-switch.com.au) to provide advice to people wanting to start a business in Australia. You are welcome to visit the website and extract any information you can apply to the US.

The Start Up Sage
Business Switch

Cjrivas61:

What city and state are you in?

How large of a facility do you think you will need?

What type of merchandise do you plan to sell?

I agree with Luckiest, you need to create a business plan. I offer a free page on my site that gives information about creating a business plan. Here is the link:

http://thesologuide.com/planning/

Unfortunately, I don't think that anyone can give you appropriate answers as to your expenses without knowing more details about your business - which you will include in your plan.

Average rent and utilities vary greatly from city to city. Different types of retail businesses have different requirements for capital equipment. Are you planning on hiring employees? Wages vary from city to city.

Please provide some more detail so we can better help you.

Hope this helps.

Doug Dolan

The Solopreneur's Guide

http://thesologuide.com/

I'm a CPA with 30+ years experience. I'm a consultant in the small and startup business area.

Basing my comments on my personal experience with new business entrepreneurs, I'd venture a guess that 95% of individuals' ideas/dreams never get past the talking stage. If someone actually starts sketching out a plan, the first thing they learn is they hate sketching out a plan. Unfortunately, most successful businesses require putting a pen to paper at some point. Most entrepreneurs want to apply their trade, and hate the back room paper shuffling function. Certainly, all business must keep records, if only to file tax returns, and there are probably more tax reporting requirements than most people imagine. I've coined the phrase "store front vs. back room" to distinguish the differences between applying an individual's trade and accounting for the results of business operations.

In short, if you're thinking about starting a business, be prepared to spend more time than you'd rather, and far more time than you might estimate needed, shuffling paper.

I've had dozens of clients who were very skilled in the "store front" and had no conception of how the backroom function, if left unattended, could kill their business.

Personally, I think writing a standard business plan is often a waste of time. By contrast, I'd just read through a business plan template and create a facsimile shortened document.

Eventually, all businesses need a financial record keeping method. I'd recommend QuickBooks, although I've used Peachtree and One-Write Plus accounting software, too.

I'd probably purchase QuickBooks Pro and use it to guide you through a basic pro-forma financial model. QuickBooks has template reports that can be used for budgets/projections and it can also be used to set up a chart of accounts for just about any business industry/sector. .

With all that in mind, I'll cite a website reference that might help anyone with streamlining the paperwork that might be needed to get a business off the ground:

http://office.microsoft.com/en-us/templates/CT101527321033.aspx

I'll check back at this forum to see if anyone found this post to be useful, and add additional commentary if warranted.

Joe

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