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Originally Posted by Seahawk
What is your business type: LLC, S or C Corp, etc.? What type of accounting processes do you have?
Do you have a detailed, written business plan ( https://guykawasaki.com/how-to-create-an-enchanting-business-plan-officeandguyk/)?
Have you done your five year financial plan including earnings before interest, taxes, depreciation, and amortization (EBITA) - if not, get started.
It is indeed now just a hobby unless you want to get serious...no one will lend you a nickle (maybe friends and family) unless there is a coherent business and financial structure in place.
The biggest limiting factor to growth is the ability to absorb the cost of doing business while waiting for payment from clients - access to capital in this instance is often called a bridge loan. You'll need the above and a recognized accounting system in place with a history. The fact that you have no debt is a major plus.
Get started now.
I love small businesses. Best of luck. |
LLC, one partner.
No clue, show her the income. give her the receipts, wait for the K1's.
No business plan. (I'll have to start working on that)
This thing that we're doing certainly has the potential to turn in to something significant. Neither one of us is in too big of a rush though.
No doubt that if we were to get to the point when we are billing multiple customers, we'd be waiting on payment. Right now we're paid weekly within 14 days.