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Building a Financially Viable Practice
Steps toward financial stability include:
- Getting a firm hold on your personal/home finances. (See Financial Consideration)
- Write a business plan with financial projections. A guide to help with your business plan is available from the Small Business Administration. You may also find some free in-person help through a Small Business Development Center at your local college or university. (See Writing a Business Plan).
- Important elements for initial financial projections include:
- Determine your pricing. Many variables go into this. (See Setting Membership Pricing).
- Anticipate and budget for one-time expenses needed to open.
- Plan for and budget your ongoing business expenses.
- Choose your accounting software. Check out Xero.com and Quickbooks.intuit.com.
- Find an accountant with small business expertise to help you transition from being an employee to a small business owner (which comes with the responsibility of properly tracking expenses, managing write-offs, utilizing the business to pay for business-related expenses, and tracking owner contributions and owner distributions -- among others).
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Building a Financially Viable Practice
Steps toward financial stability include:
- Getting a firm hold on your personal/home finances. (See Financial Consideration)
- Write a business plan with financial projections. A guide to help with your business plan is available from the Small Business Administration. You may also find some free in-person help through a Small Business Development Center at your local college or university. (See Writing a Business Plan).
- Important elements for initial financial projections include:
- Determine your pricing. Many variables go into this. (See Setting Membership Pricing).
- Anticipate and budget for one-time expenses needed to open.
- Plan for and budget your ongoing business expenses.
- Choose your accounting software. Check out Xero.com and Quickbooks.intuit.com.
- Find an accountant with small business expertise to help you transition from being an employee to a small business owner (which comes with the responsibility of properly tracking expenses, managing write-offs, utilizing the business to pay for business-related expenses, and tracking owner contributions and owner distributions -- among others).
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