Starting Your Own Oklahoma business?
Opening your own business in Oklahoma is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether your Oklahoma small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.
A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.
Already Own an Oklahoma Business?
If you own an Oklahoma business, qualified advice from a lawyer licensed to practice in Oklahoma can help improve income or limit losses. Again, tax planning and limiting liability should be considered with any transaction or series of transactions that are significant. Also, transition planning and estate planning for business owners is essential if a business is to provide benefits to retiring owners or a second generation. It is highly recommended that all Oklahoma businesses have a licensed attorney.
Oklahoma Business Services
We can help you . . .
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
- Identify your business insurance needs.
- Develop solid agreements between business co-owners. (These are extremely important documents for all new multi-owner businesses and will help prevent a tremendous amount of financial and emotional problems down the road. A well drafted and funded Buy/Sell Agreement can protect the heirs/beneficiaries of a business owner, while providing well planned liquidity to the business when the loss of a key person may otherwise reduce revenues.)
- Prepare and file all required state and local licenses and permits.
- Prepare and file your application for your Federal Employer Identification Number.
- Provide payroll and payroll tax filing when you bring on your first employee.
- Comply with employment laws so you don't get hit with fines and unhappy employees.
- Prepare an initial business plan to clarify your marketing, management, and financial plans.
- Determine your start-up capital needs.
- Identify sources of start-up capital and backup sources if needed.
- Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
- Select the right accounting software by evaluating your budget, needs and hardware.
- Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
- Establish billing and collection procedures to maximize your cash flow.
- Establish procedures to monitor and control costs.
Let us help you succeed by getting your new Oklahoma business off to a good strong start, or keeping your existing Oklahoma business on track. Please call us, or complete the form below to learn more about our Oklahoma Business Formation and Incorporation Services or General Oklahoma Business Services. For your protection and ours, remember that any communication through the following form is subject to the limitations set forth on our Disclaimer page, including those set forth under the heading "E-mail and Inquiry Form Disclaimer."
