• Latest Post : Leveraging Technology for Smarter Wealth Management         
  • Concierge@kreitlerfinancial.com
  • 203.867.4396
Kreitler Financial
  • Home
  • About Us
    • About Us
    • Our Team
    • Our Values
  • Who We Serve
  • Our Process
    • Becoming a Client
  • Resources
    • Blog
    • Newsletter
    • Announcement
  • Contact Us
  • Client Access
    • Tamarac Portfolio Dashboard
    • eMoney Financial Planning Organizer
Select Page

How to Start Your Small Business

by Kreitler Financial | Mar 21, 2023 | Financial Planning, Lifestyle

small business start up good ideas financing bank account payments team staff financial advisor kreitler financial

Small businesses and entrepreneurs are commonly considered the engine of the U.S. economy. Many people are attracted to the idea of starting their own business for the freedom of not having to work for somebody else. However, no matter what reason you want to start a business you will need to have an understanding of the basic steps you will need to go through to launch your endeavor with the best possibility for success.

Decide on a business idea

The first thing you will need to do is choose a good business idea that works for you. It should match your current skills, knowledge, and available time you have to commit to it.

Draft a business plan

The next step after deciding on the overall business concept is to actually start working out the details in a comprehensive business plan.

Select your preferred business structure

The type of business structure you choose to create can affect various aspects of how your business will function, including how you are taxed. You may want to talk with a professional business or financial expert who will inform you of your options.

Obtain a federal tax ID

You will need an employer identification number. Without it you will not be able to do some basic things you need for a business, such as opening a bank account.

Set up a business bank account

It is better to have a bank account for your business that is separate from your personal account. This will help in bookkeeping and accounting tasks.

Finance your startup business

Every business will need some amount of cash to get started. You can use your own funds you already have, or you can raise funds through investors. Another option to consider is to take out a business loan. Additionally, a business credit card can provide you with a line of credit that you can tap into as you need it.

Launch a website

For most types of businesses maintaining a presence on the internet is essential. Make sure to create a professional website for your new enterprise.

Set up a payments system

You will likely need a variety of different ways your customers or clients can pay you. This means setting up merchant accounts with credit card companies and popular payment processing apps. It may be necessary to purchase payment processor equipment, including card readers.

Hire a staff

Although some types of businesses can be operated as a single-person enterprise, other types of businesses may require hiring some employees. In some cases, you may start out running the whole operation by yourself but eventually need to hire employees to expand.

Consult with a financial advisor

It may be a good idea to talk with a financial advisor in order to make sure you have a comprehensive financial plan in place. This can help guide you in making financial decisions along the path of growing your startup business. 

Recent Posts

  • Leveraging Technology for Smarter Wealth Management
  • Preparing for Retirement: Key Steps to Take in Your 50s and 60s
  • Yale Child Scholarship Plan: An Overview for Faculty and Staff
  • Planning for a Secure Retirement: Making the Most of Yale’s Self-Directed Brokerage Account
  • Holistic Financial Planning for Affluent Households
  • Charlie's Corner
  • Estate Planning
  • Financial Planning
  • Health and Wellness
  • Investment Planning
  • Kreitler Financial News
  • Lifestyle
  • Market Commentary
  • Retirement Planning

Recent Comments

No comments to show.

At Kreitler Financial, we understand that successful individuals like you have high expectations. After all, your standards are foundational to your success. We are your advocates for a future you can’t yet imagine and the pathfinders to help make it a reality.

MEET WITH US

Phone

203-867-4396

Address

265 Church St #501, New Haven, CT 06510
Map & Directions

Email

Concierge@kreitlerfinancial.com

Send us a message

  • Home
  • About Us
  • Who We Serve
  • Our Process
  • Career Opportunities
  • Contact Us

Form CRS | Important Disclosure Information

Data provided by SHOOK® Research, LLC — Data as of 6/30/23. Forbes Best-in-State Wealth Advisors ranking was developed by SHOOK Research and is based on in-person, virtual, and telephone due diligence meetings to measure best practices, client retention, industry experience, credentials, review of compliance records, firm nominations; and quantitative criteria, such as: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. SHOOK’s research and rankings provide opinions intended to help investors choose the right financial advisor and are not indicative of future performance or representative of any one client’s experience. Past performance is not an indication of future results. Neither Forbes nor SHOOK Research receive compensation in exchange for placement on the ranking. For more information, please see www.SHOOKresearch.com.SHOOK is a registered trademark of SHOOK Research, LLC. Please visit forbes.com/best-in-state-wealth-advisors for more info Best-In-State Wealth Advisors

Copyright © 2024 Kreitler Financial