Quote:
Originally Posted by GG Allin
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.
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To grow you will definitely need the discipline of a business plan - even if you grow by luck and just being smart without additional investment you'll need to know how to manage that growth.
There is a knee in the curve of every business in terms of managing as an LLC (I hope you keep all the records required - most do not) and planned, efficient growth.
When I merged with the company I am a partner in three years ago we were doing about a tenth of the revenues we are doing now and the growth curve is solid. We are a C Corp and have a very structured corporate financial structure. We also manged the growth without debt or outside investment. Our business plan and financial planning led us to believe we could, so we did.
A business plan and the EBITA five year projections help you understand employee requirements, insurance, audits, etc...all the little things that bite small businesses in the financial butt. The planning also helps you adjust forecasts and think outside the day-today issues all small business folks go through.
PM with your email address and I'll send you the five year EBITA projection spreadsheets I use.
Again, big supporter of small business since I won part of one. I love what I do.
As a quick aside, we are at capacity in our current facility, which we own. Instead of trying to figure out the ins and outs of expansion, we hired an old squadron mate of mine who does that for a living.
The stuff I had no clue about was embarrassing.
My point is seek advice: there is no doubt a State agency in your area that provide in person advice for nearly nothing. There are a ton of programs at the State level to incubate small companies and help them manage.
Check out programs in your area.