20 questions.... getting started
by sjgould, Performer
- Created: December 17, 2009, 11:28 pm
I'm waiting to hear back from our local SBDC (not sure if that's probable this time of year or not!) but figured in the mean time I'd throw these questions out here... some of them I have a basic understanding of, but always nice to hear more answers. Feel free to post links if they've already been discussed.
Starting a Business Questions
0. Should I ask questions before finishing my business plan? (rhetorical I suppose)
1. Should I use a current sole owner (me) LLC started 3 years ago and used for a home business or start from scratch for a new non-home business?
2. Is getting a loan the first step? Then location? Then licenses etc? Or should I look for locations first?
3. How accurate do my cost estimates need to be?
4. How much downpayment / collateral is needed for a SBA loan?
5. What happens if it doesn't work? How long to keep trying? What about bankruptcy?
6. How do taxes work - for assets left in the business, for salary, should I pay myself a 'salary' or is there a better way to cover my basic personal expenses in the beginning?
7. What do I need to know about hiring employees, part time, full time, contractors?
8. I read that equipment purchased by the loan can count as collateral, does that help with getting financed? I'm hoping to borrow $150,000 but most of that will be for equipment.
9. How do you determine who owns what percent of a business?
10. What do I need to hire a lawyer for specifically?
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