Financial Tips for Start Up Businesses | CFO Source
Maximizing Profits, Minimizing Taxes,
And Finding Capital For Our Clients

Financial Tips for Start Up Businesses

  • Figure out what your breakeven sales figure is – Determine fixed costs and variable costs. Can you generate enough sales to cover costs and make a profit?
  • Price your service to make a profit, not break even. Don’t leave $$ on the table.
  • Get an accountant to set up your books and do your taxes – ongoing bookkeeping is a do it your self item, but the set up is not.
  • Figure out how to generate and read financial statements – know the difference between a balance sheet and an income statement.
  • Have sufficient capital to weather a sustained period of losses.
  • Have an exit strategy – for example, instead of getting a 5 year lease, get a one year (or shorter) lease with options to renew.
  • Outsource payroll preparation and tax filing .
  • If you operate in multiple states, you will be subject to tax in each state you have a presence in.
  • Contact state and local government business development offices for potential financing and guidance.
  • Get the right insurance – use a commercial broker who specializes in your industry.
  • Determine what your competitive advantage is – low cost, sole provider, new innovation, etc. Know who your competition is and how they price.

What Our Clients Say...

"We struggled for several years with high turnover in our bookkeeper position, which resulted in missed billings and duplicate payments. Craig Kershaw was able to locate a high caliber person who quickly took over the accounting and is now helping to expand the business into new markets. I no longer worry about whether my accounting is being done properly."

-Bryant Brambeck, Owner, Liberty Emblem Company

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