New Business Formation

Thinking of owning your own business?

Launching your own business can be the dream of a lifetime. It's what comes after the excitement and thrill has worn off that dictates whether you'll make it or not. It's up to you to make that initial thrill last long enough to achieve your goals.

Planning is the key to making your dream succeed. But how many business plans have you crafted? When was the last time you did something very important, and, on the very first time, nailed it? Most of us need an experienced professional to maximize our odds, especially in today's unforgiving economy.

FTMS can help you...

1. Prepare an initial business plan to clarify your marketing, management, and financial plans.

2. Determine your start-up capital needs.

3. Identify start-up capital sources (and backup sources if needed).

4. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.

5. Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.

6. Select the right accounting software by evaluating your budget, needs and hardware.

7. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.

8. Establish billing and collection procedures to maximize your cash flow.

9. Establish procedures to monitor and control costs.

10. Setup a home office so you can maximize your tax deductions.

11. Prepare and file all required state and local licenses and permits.

12. Prepare and file your application for your Federal Employer Identification Number.

13. Provide payroll and payroll tax filing when you bring on your first employee.

14. Comply with employment laws so you don't get hit with fines and unhappy employees.

15. Identify your business insurance needs.

16. Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.