There are many aspects to small business ownership that people don’t consider. Karen Stern, partner in charge of BSW Small Business Services, lists some key elements you’ll need to get your business started, and keep it going, in this month’s “Financial Fitness” column, as featured in Small Business Monthly.

1. FINANCIAL FITNESS AUGUST 2013
Starting Your Own Business?
What You Need To Know.
BY KAREN STERN
T
he time has come for you to start your
own business and become the entrepreneur you have always wanted to be.
You’ve thought it through, and from what
you’ve heard you know that owning a business
is tough and the challenge can be overwhelming at times. While you are focused on the rewards, you also know it’s not going to be easy.
You will continuously strive to perfect your
business model and adapt to change. Here’s a
checklist of a few things you’ll need to know
before starting your business, and then refine
as it grows:
Successful business owners understand what
they do well and what they do poorly. Hiring
professionals to provide services and solutions
to offset those weaknesses will strengthen
your business position. Trusted advisors are
just as important as having enough capital to
carry you through hard times. They will help
you navigate when you have to go back to the
tough questions again and again.
•Discover the value drivers for your business.
How can I increase business profitability and
reduce risk, while minimizing liability?
•Increase return on investment. How do I
leverage distribution channels, target markets
and technology?
•Find out the federal and state legal and tax
requirements you are subjected to, both personally and in your business.
•Don’t go it alone.
These are issues that require a realistic, and
sometimes creative, effort in finding solutions
for each stage of your business. Keep this list
close, and you’ll remain one step ahead of the
game! n
•Retain a competent attorney
•Hire a trusted accountant
•Outsource as much as possible
Karen Stern (314-983-1204 or kstern@
bswllc.com) is partner in charge of BSW
Small Business Services, which provides
small business tax and accounting services.
Reprinted by permission of the St. Louis Small Business Monthly