20 Questions Before Starting a Business
20 Questions Before Starting a Business
Many people dream of having their own business. To see if starting a business is right for you, ask yourself these important 20 questions. Your answers will help you determine if you are ready to become a small business owner or where you need to spend more time in planning. You can also consult the SBA.
- Am I prepared to spend the time, money, and resources needed to get my business started?
- What kind of business do I want?
- What products/services will my business provide?
- Why am I starting a business?
- What is my target market?
- Who is my competition?
- What is unique about my business idea and the products/services I will provide?
- How soon will it take before my products/services are available?
- How much money do I need to get my business set up?
- How long can I have to finance the company until I start making a profit?
- Will I need to get a loan?
- How will I price my product compared to my competition?
- How will I market my business?
- How will I set up the legal structure of my business?
- How will I manage my business?
- Where will I house my business?
- How many employees will I need to startup?
- What types of suppliers do I need to contact?
- What kind of insurance do I need to invest in?
- What do I need to do to ensure I am paying my taxes correctly?
20 Questions Before Starting a Business

IRS Form 1120 – Who Must File it?
IRS Form 1120 – Who Must File it? All corporations including corps in bankruptcy must file an income tax return whether or not they have taxable income

2021 Federal Tax filing season begins Feb. 12
2021 Federal Tax filing season will start on Feb. 12. IRS will begin accepting and processing tax year returns and outlines steps to speed refunds

Work Opportunity Tax Credit
Work Opportunity Tax Credit is a tax credit to employers when they hire individuals in Target Groups like Veterans, Ex-Felons, Summer Youth Programs.

The IRS Audit Process
The IRS Audit Process is managed either by mail or through an in-person interview to review your records. The interview may be at an IRS office

Tax Preparation Compliance and Audit Risk
Tax Preparation Compliance and Audit Risk. IRS aims to balance the burden on the taxpayer with the potential benefit of the compliance effort.

Age-Related Tax Milestones
Age-Related Tax Milestones we know that across economic cycles, two things remain constant: you get older and you pay taxes