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Pre-Launch
Finances
Financial Projections III
While you should be visiting your financial statements on a weekly basis, you should take time to look at your longer term projections. What are the 12 to 18 month costs and revenues looking like? You have a lot more data and experience today than you did 3 month or 6 months ago, so your models should be becoming 'less wrong' which is exactly what you want and need. Run your updated models against an advisor, your accountant and part-time CFO or Madison College EIR to make sure things are tracking and if you see any red flags, come up with a plan to address them.
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You should complete the following tasks before proceeding to the current one.
Update Business Financial Projections
After several accounting consults you may have a reasonable financial model in place. Based on all you've learned and discovered it is important to revisit your projections.To help prepare for almost any situation, you can make three versions. Make an optimistic version � that is if everything goes as planned. Make a realistic version assuming some delays and setbacks. Just make sure you understand what it is that is creating the setbacks so you can model them. Finally you can make a very pessimistic projection that details a very rough start. Most likely, reality will be somewhere in between all of these, but this exercise can help you not fear the unknown and prepare for any situation.Even wild success and growth can have challenging consequences so you want to be prepared for that as well.
Building
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Accounting Consult IV
In this stage you need to tighten up all remaining tasks that could utilize the guidance of an accountant. These often go hand-n-hand with bookkeeping, Human Resources and legal so you may need to enlist them as well to complete this task.Finalize your engagement with your CPA if you haven't alreadyMake sure you know what you need to keep track of for the tax yearThe CPA can provide some advice on your business entity. Most likely you'll select an LLC, but there are cases where a C-Corp is preferred.You'll also need to register your company with the IRS buy applying for a Federal EIN. You can use your SSN but there are advantages to separating your personal assets from the business. If you are a student, you are eligible for a Wisconsin credit via a voucher. As of 2021 you still need to file through the US Mail to be eligible for the voucher.
Pre-Launch
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Small Business Marketing 101: Using Email, Social, Video and More
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