Frequently Asked Questions
I'm just a (insert creative profession) - I don't know anything about accounting, can you help?
Yes - and you are not alone! So many people who want to start a business around their true passion don't have a knack for the business side of things. This is exactly why DK Small Business Consulting was started!
How much does starting a BUSINESS cost?
It completely depends on the business. A good place to start would be developing a business plan that lays out any large expenditures, equipment, or fixed assets you may need to start the business. Reaching out to other people in the field, or people with experience with a similar business may be the best places to start to get an idea of the cost.
Do i need a business plan, and how do i make one?
Business plans are an amazing tool for creating focus for your business, as well as a way to show organization, planning, and promise to outside parties in case you need a loan or partner. At first a business plan may sound daunting, but it is a vital part of putting ideas and key concepts in your head onto paper. Business plans help provide long term focus, identify potential weaknesses, and even help think about who your future competitors might be.
Business planning is a key focus at DK, and we developed an in-house template for making sure your business plan is as comprehensive, focused, and unique as possible. A business plan is the first thing your investors, partners, loan officers, or even friends might see - let's get it right!
Many times while developing a business plan, founders realize they "hadn't thought about that," or they "have no idea what a marketing strategy is." In this way, a business plan acts as your first line of defense against poor planning and future failure. We have a free business plan template with useful information and some sample information to help you get started on our Tools page.
Once you are ready to get going, reach out and schedule a consultation, we'd love to help!
How do i set up my business and get licensed?
This totally depends on the state/jurisdiction you are intending to open a business in, and the type of business. There are going to be many, many hoops to jump through if you are opening a barbecue business in Manhattan, but maybe it will be slightly easier to open an e-commerce store from your home! Generally, there are local agencies that can help give you a blueprint on where to start - but it is vitally important that you do have a solid, legal, foundation to build on. The last thing you want to do is pay fines and back taxes years down the line because you didn't have a business license or weren't withholding enough taxes from your employees. We can definitely help identify the local agencies and applicable laws and get you started on the right foot!
How do i follow all of these labor & tax laws?
Tax laws are mostly a small business owners friend!
Since starting a small business means working for yourself, and almost all the time, a lot of things that can't be included in your deductions as an employee for someone else now can. Mileage, internet for your home office, and travel for work, are just a few of the often overlooked deductions you may to able to take as a small business owner. Since small business is the engine of innovation, many tax laws have been enacted to encourage businesses to start and continue growing, it's just a matter of making sure you identify and maximize those laws as best you can. And DK Small Business Consulting is here to help!
Once you have an employee or two, it's definitely time to think about using a professional payroll provider who has this entire process automated. Many payroll providers are relatively cheap and automatically file your forms, send payments, and keep you in compliance so you can keep focusing on other things.
Oh, and we can definitely help with that too!
