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How to Start a Sports Bar

As far as starting a new business goes, starting a sports bar is a pretty straightforward process. The primary complexity that most entrepreneurs face when developing this type of company is the acquisition of a liquor license. This is going to be one of the more complicated aspects of creating a sports bar given that in most states the acquisition of a liquor license requires a waiting period, public hearings, and a substantial amount of paperwork that needs to be filed with the state as well as most municipal agencies. Of course, the most important thing to do when planning to start a sports bar is to retain a highly qualified attorney in order to walk the entrepreneur through the liquor license application process. This usually takes out 45 to 90 days in most jurisdictions although some states have far more rigid laws as it relates to the issuing of these licenses. In most states, the average cost for the acquisition of a liquor license runs anywhere from $5,000 to $10,000 although in more stringent states these fees can run anywhere from $50,000 to $100,000. Of course, before even beginning to think about starting a sports bar – it is imperative that all the underlying costs are determined so that appropriate arrangements can be made during the business planning process. While most entrepreneurs that are developing sports bars wait until they receive their liquor license back before commencing operations, a substantial amount time can also be spent planning for the business during this waiting period.

 

As it relates to the corporate structure of most sports bars, most entrepreneurs typically use a limited liability company or S corporation in order to carry out their operations. A qualified certified public accountant can assist any entrepreneur with determining with the most appropriate structure for the business should be. Most importantly, the sports bar is going have a number of different business partners – some who may be operating partners and some that may just be contributing capital as members – it is important that a well drafted operating agreement is put in with the formation documents. The vast majority of states require that an operating agreement is submitted as part of the overall application process and forming a new limited liability company. This is true even when it is going to be a single-member limited liability company. Both an attorney and a CPA can assist greatly with this part of the process especially if a limited liability company is going to formed and it is going have a number of members. A properly produced operating agreement can substantially reduce any ongoing issues that these businesses may face as it relates to potential disputes down the road.

 

The vast majority sports bars are typically financed with a combination of owner funds, investor funds, as well as financing for a bank. Given the highly predictable streams of revenue and high gross margins generated from alcohol sales, food sales, and cover charges – most financial institutions are receptive to providing a business loan or line of credit it is principally going to be used for the acquisition of tangible equipment and liquor inventories. It should be noted that most banks do not provide capital as it relates to the ongoing expenses of the business. Is this portion of the capital structure that is usually put up by either the entrepreneur or investors. As it relates to the acquisition of of equipment, most sports bars typically have a small kitchen, and these pieces of equipment can typically be financed either with the proceeds of a business loan or via lease.

 

There are tremendous benefits to either using a lease or loan depending on how the certified public accountant wants to have the finances of the business structured. As it relates to leasing, this can substantially reduce the risk associated with starting a new sports bar given the fact that in the event of a business failure the equipment can simply be returned and the lease will be terminated. Most specialty leasing companies do have certain clauses within their contracts that provide an entrepreneur with a way out given the fact that many businesses do struggle and can often fail. With the usage of a business loan, the entrepreneur gains the benefit of being able to deduct both the depreciation as well as the interest associated with any borrowed proceeds and any purchase of equipment. A qualified accountant can assist the entrepreneur in determining which capital structuring makes the most sense to balance sheet perspective. In the event that leasing is used, this will create cleaner balance sheet that will allow for the easier acquisition of expansion capital down the road.

 

Sports bars have to have a number of employees on staff including bartenders, wait staff, security staff, administrative personnel, as well as a bookkeeper. As it relates to bartenders and wait staff – these individuals are typically paid primarily on a tip basis. As such, the annual expense for most bartenders and wait staff typically ranges anywhere from $12,000 to $20,000 a year depending on the state and depending on the number of hours worked by these individuals. It should be noted that most days to have a minimum threshold as a how much money a bartender or wait staff member can make – and it is imperative that the owner be able to compensate these employees in the event that their tips do not exceed the minimum wage. As it relates to administrative staff and bookkeeping staff, for most sports bars these are considered to part-time positions. If it is a full-time position than the owner can expect to spend anywhere from $22,000 to $30,000 a year on an administrative assistant and $500 to $1,000 per month on a part-time bookkeeper. Only in instances where an entrepreneur owns a number of sports bars do these individuals to become full-time employees given the fact that numerous locations need to be managed.

 

One of the key things when focusing on how to start a sports bar is the development of a marketing plan. It is no secret that there are usually tens if not hundreds of nighttime entertainment venues in most suburban and metropolitan area markets. In major metropolitan areas, especially in major markets like New York, Boston, Miami, San Francisco, and Los Angeles – there typically thousands of bars in operation in the specific markets. As such, it is very important that the entrepreneur develop a number of promotions and methodologies that will allow the business to effectively differentiate itself from other competitors in the market.

 

The vast majority of sports bar businesses use a broad-based localized marketing campaign that typically includes billboards, television advertisements, highly vigilant visible retail signage, as well as use of radio promotion. Especially among larger scale sports bars, the use of radio promotion among regional radio stations still remains very prevalent. A sports bar owner can anticipate that anywhere from 1% to 4% of revenues will be allocated towards ongoing marketing expenses.

 

Beyond the acquisition of a liquor license, it should be noted that most states also require that a sales tax license is issued as well. In most cases, all food and alcohol served by a sports bar is going to be subject to sales tax. However, these rules and regulations can vary by state to state as well as by municipality to  municipality – and as such, it is important that an attorney also advise the client as to what sales are going to be considered taxable. It should be noted that there are also a number of pieces of sports bar management software that are available that assist in making these determinations so that mistakes are kept to an absolute minimum.

 

Sports bars are going to be one of the most popular venues for nighttime entertainment moving forward. Always all Americans joy enjoy a substantial amount of sporting activity, and they will be able to always find an audience. One of the key things that many sports bars have done lately in order to differentiate themselves from other competitors is offer a huge selection of high quality foods that are torque normally found in these types of businesses. Some places have also taken to integrating fusion dishes into their operations in order to create a repeat customer base. The high gross margins generated from these businesses coupled with their moderate startup cost that typically range anywhere from $100,000 to $200,000 makes these attractive small business investments for an experience food and beverage entrepreneur. Once established, these businesses are generally always able to produce a substantial amount of predictable income on an ongoing basis.

 

How to Start a Package Delivery Service

Package delivery businesses have become extremely popular over the past five years especially as companies like Amazon have taken to using third-party contractors to provide package delivery. The vast majority of package delivery services typically have low startup costs given the fact that the largest expense in developing these businesses is specific for the acquisition of delivery vehicles. In most cases, entrepreneurs and start new package delivery services typically seek to lease these vehicles in order to reduce their upfront expenditures.

As of most types of vehicle leases, a capital cost reduction is applied at the onset of operations, but this is usually a fraction of the cost that is normally associated with a down payment for a new vehicle. The gross margins that are generated by package delivery services are very high. One of the things that concerns most people when developing these types of businesses is that automation will eventually take over this industry, but this is not anticipated for at least another 15 to 20 years. Autonomous vehicles have begun to enter the market, but they are still very much in their nascent stage, and as such, this is a very limited risk at this time. Many package delivery services will continue to be extremely profitable and very lucrative for their owners moving forward.

There are numerous considerations that must be taken into account when an individual is learning how to start a package delivery service. For most, a qualified certified public accountant as well as an attorney should be hired in order to ensure that the business is able to appropriately secure all the necessary license to operate in this capacity. The US Department of Transportation as well as state-based departments of transportation always require that a numerous licenses are issued not only to the owner of the business but also to the delivery drivers. Each vehicle must be also be properly registered with federal and state government agencies especially if the business is going to be conducting a substantial amount of interstate commerce. However, these licenses are pretty straightforward to get in the paperwork required is considered a moderate. Most attorneys can assist an individual entrepreneur that is looking to start a new package delivery service with acquiring the necessary paperwork, filing the necessary documentation, and paying the requisite fees associated with launching this type of business.

As it relates to corporate structure, the vast majority of small businesses these days are started did by individual entrepreneurs that usually use a single-member limited liability company or S corporation. As always, a qualified certified public accountant should be retained in order to determine which corporate structure is most appropriate for this type of business. Each type of corporate organization whether it’s an S corporation, limited liability company, regular corporation, limited partnership, or related entity has its advantages and disadvantages. Additionally, each industry has its own issues as it pertains to overall legal liability and as such a qualified attorney in conjunction with a certified public accountant can ensure that the business is properly structured so that any issues down the road will be mitigated. The cost associated with developing a new corporation vary state to state but usually it’s in the $150 to $500 range. It should be also noted that unless the owner intends to use their address as their principal place of business than a registered agent may be hired in order to collect any official notices and documentation from state and federal government agencies. The cost on an annualized basis for registered agent typically range anywhere from $50 to $100.

Package delivery services always require significant number of employees to render services to businesses and the general public. These employees typically have a cost of anywhere from $20,000 to $50,000 a year depending on how much driving there doing. Usually, package delivery services that operate in a standard capacity can expect that they will have to pay an annual salary of $30,000 to $40,000 a year in order to have competent drivers on staff. Beyond just the driving staff, a package delivery service also requires administrative assistants, package management staff, logistics management, and a bookkeeper. Generally, these employees typically also cost around $25,000 to $50,000 per year. Many package delivery services, in some cases, will have their drivers treated as independent contractors rather than as direct employees. This can save a significant amount of money as a relates to the payroll taxes associated with having an employee on staff. However, a CPA should be hired in order to determine whether or not an individual can be considered as an independent contractor. There have been instances where income is reclassified as W-2 income rather than than independently contracted income. This is in a gray area and only a qualified accountant should be used to make this determination.

Returning to the capital structure of a business, package delivery services are again able to be started with a investment ranging anywhere from $20,000 to $100,000 depending on whether or not the vehicles are going to be leased or purchased. Expansion capital is readily available to most package delivery services once they achieve profitability. One of the nice things about this industry is that they are able to always generate income from the onset of operations. Companies like Amazon, UPS, FedEx, and the post office have all taken outsourcing certain portions of their ongoing delivery needs.

As such, the contracts that can be acquired to render the services immediately once a vehicle is acquired and licenses are required is significant. These businesses can readily expand by simply acquiring additional vehicles as well as hiring additional drivers. Banks, financial institutions, and private investors are all keen to provide the necessary capital in order to get these businesses off the ground. The return on investment is substantial from a capital expenditure standpoint. The marketing costs associated with these types of businesses usually considered to be minimal. Most banks will require that a business plan is developed in order to showcase with the anticipated revenues of the business will be and that the company can satisfy all underlying debt obligations or lease obligations.

As it pertains to the marketing, this can be done somewhat on the minimal basis. The vast majority of these businesses are able to secure contracts even before they begin revenue-generating operations by enrolling themselves in standardized programs that instantaneously dispatch packages to be picked up and delivered to third parties. However, some package delivery services will maintain ongoing relationships with area courier services and moving companies in order to provide these services on ancillary basis. This can help with smoothing out revenues during times when the package delivery service moves a little bit more slowly such as summer. In busy holiday seasons, especially around Christmas, package delivery services operate near 100% capacity at all times. Most package delivery services will maintain a small website just to have a legitimize presence when people look up the business’s name.

It is also expected within this industry the companies like Uber, Lyft, and related ride sharing platforms will eventually integrate package delivery services into their operations. There are now numerous companies that all so provide food delivery services as part of their overall operation. This can be another one of the ways in which a package delivery service maximizes its return on investment. Again, one of the great things about the logistics industry is that there is a readily them large amount of business available that can be service at the onset of operations. This trend is expected to continue in perpetuity as more and more people to man on demand services like ride sharing, package delivery, and food delivery. Companies like GrubHub have dominated the market with the specialized types of services, and this presents a substantial opportunity for an entrepreneur that knows how to maximize the return on capital investments like delivery vehicles.

This is an exciting industry, and package delivery services are going to have a substantial resurgence over the next 20 years. As more and more people demand products and services immediately, these applications and services have become very popular. The access the capital is substantial, the gross margins are moderately high, the barriers to entry are low, and for seasoned entrepreneur this can be a very lucrative opportunity. As always, it is imperative that any entrepreneur that starts any business – whether it’s a package delivery service or related company – keeps a close eye on all cash flow given the fact that there can be a lag between the time the invoices are paid and the underlying expenses occur.

How to Start a Dialysis Center

One of the most important things to first focus on when starting a new dialysis center is the type of capital that will be used in conjunction with the startup. One of the most important features to most people that are starting a new dialysis center is that they are able to acquire the equipment necessary to provide nephrology services to the general public either via a business loan or equipment lease. Given the very high expense of dialysis equipment, many people that are starting this type of business will typically turn to using leases rather than loans.

This creates a much cleaner balance sheet so that further growth via expansion capital can be readily obtained in the future. The startup costs are typically associated with the new dialysis center generally run anywhere from $250,000 to $1 million. It should also be noted that many startups of these types of businesses are done through private investment rather than the use of owner funds, leases, and business loans. It is important for the entrepreneur that is starting a new dialysis center to very closely monitor and track how they intend to use their startup capital given the fact that there are a substantial number of ongoing expenses that must be paid first before invoices for dialysis service are paid. Almost all dialysis centers receive a bulk of their money from private insurance companies, patient co-pays, as well as through Medicare and Medicaid. The capital structure of a new dialysis center can be determined by a certified public accountant or related professional. In fact, most entrepreneurs are thinking of getting this field typically will retain both a CPA as well as a qualified attorney to determine which laws are applicable and how the business should be structured.

As it relates to corporate structuring, most dialysis centers are usually started via a limited liability company or S designated corporation. However, there are some instances where a regular corporation is the more preferable method of developing this type of business. Only a certified public accountant and qualified business attorney should make the determination as to what corporate structure is most appropriate. Some states do have certain rules and regulations as a relates to medically focused and healthcare businesses. As such, a qualified attorney can make the determination as to what corporate structure is most appropriate and they can make the appropriate filings with the state. The cost associated with using an attorney or a CPA to complete a incorporation typically is around $500-$1000 depending on the work that is needed.

It should be noted that in many states a limited liability company must have an accompanying operating agreement that is submitted when a new corporation is filed. And it attorney can develop the operating agreement specific for dialysis center. This is especially important to note especially when they’re going to be a number of partners at the onset of operations. Now that all states allow for single-member limited liability companies, the operating agreement for these types of businesses is pretty straightforward. However, when there are going to be a number of partners involved especially when certain members are going put up capital while other members are going to provide services – this can get far more complicated. As such, a properly developed dialysis center operating agreement can reduce any of the potential risks that are associated with developing a business with a number of partners.

A number of employees also need to be hired at the onset of operations for any dialysis center. In the event that the owner-operator is not a nephrologist, and this business is going to have to hire a qualified medical director. This can be a very high expense as most medical directors have a minimal base salary of around $250,000. Additionally, if there are going to be a number of staff nephrologists than the owner can expect that they are going to spend at least $200,000-$300,000 per year per employee on base salaries. Many dialysis centers will provide their staff nephrologists with profit-sharing programs, health insurance packages, 401(k)s, and other benefits that are normally associated with providing medical services. There is currently a saturation of nephrologists in the market given the substantial amount of people within the United States that require dialysis. As such, it is relatively easy to source a new nephrologist that could potentially work at this dialysis center.

Beyond having staff nephrologist, these companies also require to have a number of specialty nurses on staff. Nurses typically have a yearly annual salary of $65,000-$100,000 depending on the specific market in which the business is going to be located. It should be noted that certain nurse practitioners that have extensive experience in the field of dialysis can be hired as well and typically have an annual salary of $150,000-$200,000. As with all types of employee planning, a thorough and well-developed employee handbook needs to be produced as well. This handbook not only showcases the procedures and protocols regarding each aspect of medical services rendered, but also provides the rules and regulations that guy just the general business operations. Each employee should review and sign this document in order to ensure that any legal liabilities from employment practices are kept to an absolute minimum. An attorney can also assist the new dialysis center with determining which liability insurance policies issued acquire including Workmen’s Compensation insurance. Beyond the medical staff, most dialysis centers also have extensive support staff that includes administrative assistants, scheduling managers, patient liaisons, as well as support staff for company executives. Generally, these individuals have salaries that range anywhere from $30,000-$75,000 depending on their experience and their role in the company. It is important to note that the most expensive thing about owning and operating a dialysis center is a substantial amount of skilled labor that is required.

Marketing a four dialysis centers pretty straightforward given the strong demand in most local and regional markets for the services. Owner-operators of dialysis centers typically have extensive relationships with area physicians including primary care doctors, other nephrologists, hematologists, and internal medicine physicians. In some cases, referrals may be required from these physicians in order to be able to provide dialysis centers services to patients. As such, the foremost way in which these businesses can be marketed is through ongoing extensive use of physician referrals. Many of the staff nephrologists that are employed by dialysis centers also have admitting hospital privileges at area hospitals and medical centers. As such, by retaining staff that already have extensive relationships with these entities – the ongoing costs relating to marketing can be reduced over time. Almost all dialysis centers also maintain a website that showcases the services rendered, insurance is accepted, hours of operation, and how to contact the dialysis center in order to make an appointment. In some cases, the company’s website will have a online portal where a appointment can be scheduled directly to the website. This can substantially reduce the cost of maintaining a customer service call center where patients need to interact with another human being. However, medical billing specialist should be available on staff in order to answer patient questions when they submit invoices to insurance or if there is an issue with reimbursement.

A qualified attorney should also be hired in order to ensure that the dialysis center means all the appropriate licensure not only with the federal government both state government agencies as well. There are a substantial number of licenses as well as regulatory permits are needed in order to operate a medical or health care facility. As such, ate an attorney that is very familiar with healthcare businesses will ensure that the business is operating within the letter of the lot all times. A certified public accountant or related professional can also assist the dialysis center with obtaining the licensure required by the federal government in order to receive reimbursement from Medicare and Medicaid programs.

Given that many people that are on dialysis often receive Medicare or Medicaid, it is imperative that these forms refill correctly so that reimbursement time is kept to an absolute minimum. One of the primary issues with owning a healthcare businesses that they typically have a lag between the time services rendered and the time that they get paid. Usually, this can be anywhere from 90 days to 120 days. As such, a substantial amount of working capital needs to be kept on hand in order to ensure that the employees and expenses a business can be paid while the company is waiting on its reimbursement.

The outlook for the dialysis center industry is tremendous. As more and more people from the baby boomer generation enter their later years and have kidney issues, the demand for dialysis and nephrology services is going to continue to increase significantly. As such, more and more of these companies are being started each day. One of the key things that can be done in order to remedy the risks associated with competition is by establishing numerous locations and having a streamlined methodology of ensuring that payment is acquired very quickly. In some cases, in order to reduce the risks associated with these businesses the industry as a whole has seen a number of people use outsourced medical billing companies in order to cost-effectively receive payment. It is expected that at least 500,000 people year are going to require dialysis within the next five years. As such, the industry outlook for the dialysis center business is tremendous.

One of the best things about these types of businesses is that they are wholly immune from negative changes in the economy given the fact that this is a medical business and people are going to get sick and require the services at any time. While the barriers to entry and start up costs are very high, once accomplished this creates a very strong degree of economic stability for these types of businesses. More and more people are turning to the specialty of nephrology in order to meet the anticipated demand over the next 5 to 25 years as people from the baby boomer generation continue to age. Any entrepreneur that has in the extensive understanding of the healthcare industry is in a strong position to receive the capital they need in order to develop these types of businesses.

 

How to Start a Limousine Company

Limousine companies are expected to remain in strong demand despite the fact that there are now a number of ride sharing applications. In fact, it can be expected that at some point one of the major ride sharing applications may have integrated functionality so that limousines and related large vehicles can be called upon on demand. This is actually a good thing for the limousine industry given that it will drastically increase the amount of business that is provided to limousine services. One of the biggest issues that many people have when calling a limousine is that they need to have a substantial amount of marketing in place in order to generate revenues. With the advent of ride sharing applications – limousine and taxi companies – can instantly receive customers for a percentage of the revenues generated. The barriers to entry for new limousine service are considered to be moderately low given that any individual can lease one of these vehicles and hold themselves out as a limo driver once they receive the necessary licenses. Typically, a simple commercial driver’s license is needed in order to provide these services to the general public.

The capital required to start a new limousine service can vary greatly by the number of vehicles that are going to be acquired at the onset of operations. Usually, most limousines have a cost ranging anywhere from $50,000 to $100,000. A typical fleet held by a limousine company typically ranges anywhere from $100,000 all the way to several millions of dollars depending on the number of vehicles are required at the onset of operations and through the course of business. It should be noted that many limousine companies will often turn to leasing companies rather than direct purchase.

The benefits of using a leasing company are that the vehicles can required quickly and with minimal upfront expense. Usually there is some form of capital cost reduction that is associated with a new lease, but this is small as compared to the overall acquisition of a new limousine vehicle. One of the other benefits of leasing is that it creates a much cleaner balance sheet for the limousine company as a seek additional capital to grow. During times of economic recession, this is important given the fact that lease rates do not increase while in some cases interest rates do rise for vehicle loans. It should be noted that it is somewhat uncommon for limousine company to have variable rate auto loans associated with their limousine fleet.

One of the drawbacks to a lease is that it is simply renting on a long-term basis for all intents and purposes. However, in the event that business is not do as well as planned, leases can be returned in some cases. As such, leasing is often considered to be a lower risk way of starting a new limousine company. The benefit of acquiring a limousine and fleet of limousine vehicles with borrowed money is at depreciation charges and interest charges can drastically reduce the overall tax liability associated with the business. At all times, a highly qualified certified public accountant should be hired in order to assist the limousine company with making the appropriate determinations as to which method of financing is typically the best way to go forward. It should also be noted that in the event that an individual is going to be purchasing limousine vehicles, they can expect that they are going to be required to put down 10% to 20% of the total cost of the vehicle as a down payment. The return on investment for most limousine companies is substantial – and ranges in the 20% to 50% range – given the fact that this is a service focused business.

As it relates the corporate structure, most limousine companies are structured as limited liability companies or S-corporations provided that it is a limited number of owners or single owner developing this business. Of course, there are benefits and drawbacks of each different type of corporate structure that could be employed when developing a new limousine company. The best way to go about this is to work closely with a certified public accountant or qualified tax attorney that can assist an entrepreneur in determining which corporate structure is most appropriate. There are also considerations regarding whether or not owned vehicles are going to be kept in a separate corporate entity rather than in the operating business themselves. Again, while this does translate into higher cost – the liabilities associated with a potential accident can be reduced in the event that multiple corporate structures are used when developing this type of business. Only a qualified attorney to determine whether or not several entities should be used for one specific operating business. This type of structure is commonly used with real estate investment firms that placed individual properties into limited liability or corporate holding entities.

A number of licenses are going to be required by the limousine company from both the federal government (for interstate travel) as well as state governments. Some municipalities also require that limousine drivers receive licensure from them in order to provide services to residents and businesses within the area. Many websites on the Internet have a plethora of information specific to what licenses, taxes, and registrations must be provided to municipal, state, and federal entities when working as a professional transportation company. Most local business attorneys will also be able to source this information for you and provide a significant amount of information about what ongoing registrations and filings must be made with the appropriate authorities.

Most limousine companies also require significant number of employees in order to render services. Although most of these businesses start by having the owner-operator drive limousines, increased demand requires that staff drivers are hired. As always, a large-scale employee handbook should be developed by both the entrepreneur in conjunction with the attorney in order to make sure that all employees are aware of the rules and regulations that guide the business on a day-to-day basis. Most importantly, for limousine business, these regulations include when an individual must show up to work, what licenses they must maintain, professional dress, as well as being informed of all other policies that guide the operations of the business. As it relates to cost, most limousine drivers can be hired for about $30,000 to $40,000 per year depending on the location. In major metropolitan areas, and with the popularity of ride sharing applications, some limousine companies have taken the paying substantially more to their limousine drivers in order to retain top talent. One of the ways that employees can easily be retained and motivated to provide great services by offering them not only a plethora of benefits including health insurance but also a profit-sharing program that allows them to earn additional income as a provide a greater degree of services for the company. Most limousine companies also hired dispatcher which typically runs around $27,500 to $40,000 a year. This is important to note especially among the missing companies are going to have a large fleet at the onset of operations. Administrative assistants, part-time bookkeepers, and related personnel are typically hired once a business or generating a significant amount of revenue usually in the hundreds of thousands of dollars.

Marketing is one of most important aspects of for any limousine company given the fact that these businesses must be able to secure ongoing usage of their vehicles in order to turn a profit. Many limousine companies will develop ongoing relationships with wedding planners, event planners, venue companies, and related entities in order to have their clientele use the business on an ongoing basis. Depending on the state, referral fees may be paid to third parties that successfully placed clients with the limousine company. Again and as discussed above, ride sharing applications are also becoming popular ways in which limousine companies can maximize the revenues generated from their fleets. As such, by enrolling the vehicles and drivers in applications like Uber and Lyft, limousine companies can aggressively produce additional income during weekly hours and during times where the use of a limousine is not often found.

In fact, many of these businesses will hang around areas where there are nighttime entertainment venues – like bars and nightclubs – in order to have large parties transported safely to and from their destinations. The ongoing relationship with corporate specialist as well is also an important marketing tool for many limousine companies given that executives and high-profile clients may require specialized transportation. Major corporate events such as golf outings, wine tastings, and large-scale parties typically require this type of transportation arrangement.

The outlook of the limousine industry is going to remain strong moving forward. People love to go out and limousines are not common vehicles that are purchased by individuals and as such the risks regarding ride sharing applications taking a substantial portion of the market are somewhat limited. In fact, these ride sharing applications are going to be a huge boon to many people within limousine industry as a can substantially increase the return on investment associated with the leasing or acquiring these types of vehicles. In was every economic climate, the demand for limousine services remains moderately strong. Even during an economic recession, people are going to have weddings and events that do require large-scale transportation arrangement. As such, these businesses are typically able to remain profitable and cash flow positive at all times.

How to Start an Accounting Firm

People are always going to need assistance with taxes as well as starting expanding new businesses. Many people make the mistake of thinking that an  accountant simply does taxes on an annualized basis, and while that is a significant part of their job, a vast majority of the work that a certified public accountant does is specific for managing tax matters, providing consulting to small and medium-size businesses, and assisting people with obtaining financing for new business opportunities.

 

It should be noted that many accounting firms do not always have a staff certified public accountant, but rather operate in a more bookkeeping focused capacity. Both of these are considered accounting firms, and what makes the difference for these businesses is whether or not audits can be completed on behalf of a client. Many people enter this field in developing their own accounting firm have usually had substantial experience as an accountant. One of the benefits to owning and operating an accounting firm, especially among people and hold a CPA designation, is at the barriers to entry are moderately high for this type of business. It takes several years of school coupled with substantial work experience in order to become a certified public accountant. As such, these businesses do enjoy a strong degree of barriers to entry once they’re established. One of the other nice things about owning these types of businesses is that they produce highly predictable streams of revenue on a yearly basis not only from tax-preparation return but a host of consulting and financial services that are typically provided by these professionals.

 

As it relates the type of capital that is used for the development of an accounting firm, many of these individuals typically will use their own funds in order to acquire a small office and begin providing accounting services. However, most banks are happy to provide a working capital line of credit specifically to an individual to hold a CPA designation. One of the ongoing reasons why banks are receptive to this type of business is the high-margin and high predictable revenues that allow accounts to easily satisfy any underlying debt obligation.

 

In many cases, friends and family may also provide the necessary capital to start up a accounting firm given the low startup cost. Typically, these businesses can be started for as little as $10,000 or as much as $100,000 depending on whether or not the company is going to have a number of staff preparers or staff accountants at the onset of operations. Either way, the capital structure of a new accounting firm is pretty straightforward.

 

One of the things that is commonly done when starting a new accounting firm is the fact that a full-scale demographic analysis is usually produced in conjunction with a business plan and marketing plan. For any new CPA or general accounting firm, it is imperative that these organizations understand how many people are within the target market, their annual household income, median net worth, and the complexity of the tax returns needed by the market as a whole. In areas where there are a number of businesses, especially small businesses, certified public accountants and accounting firms tend to thrive given the complexity of the paperwork necessary to operate these businesses. This is why it is very important that a demographic analysis, which should also include a competitive analysis,when discussing and planning to start an accounting firm.

 

As it relates to corporate structure, this can vary state-by-state given that some states require that a CPA operate as a professional corporation rather than as a regular corporation or limited liability company. Of course, this is only a determination that an attorney should make for any individual account or certified public accountant that is going to be starting their own firm. Most attorneys can do to make this determination very quickly and at minimal expense.

 

All accounting firms also need a number of employees especially as they expand. Although many of these firms start with simply the owner-operator conducting all operations, the there is a quick need to have an assistant, staff tax preparers, staff certified public accountants, and related professionals that can assist the owner on a day-to-day basis. It should be noted that some accounting firms have also taken the hiring certified financial planners and registered investment advisors in order to provide an integrated number of financial services for people that have their tax returns completed by the firm.

 

As it relates to the expense of these individuals, administrative assistants can range anywhere from $25,000 to $50,000 a year. Staff accountants typically have starting salaries ranging from $65,000 to $85,000 a year depending on the location. An accounting practice in a more rural or suburban setting will typically have lower employee costs versus a major metropolitan area where expenses are very high and higher salaries are required. As with any type of business that is being started, and account should have an attorney develop a large-scale employee handbook that showcases to each employee what their roles responsibilities are and what to do if any type of specific business issue occurs. In many cases, most workmen compensation insurance policies as well as related liability policies pertaining to employment require that the account have a employee handbook and that each employee sign it giving their understanding of the rules and regulations that guide the practice’s operations.

 

The outlook of this industry is tremendous given the continued complexity as it relates to taxes. There are more than 1 million accountants within the United States, this is primarily due to the fact that most individuals do not know how to properly file tax returns or know what is required of them when they start a new business. This trend is expected to continue especially as more and more people turn entrepreneurship rather than having a standard 9 to 5 job. The expected industry growth will remain in locks that with step with the general economy. It should be noted that one of the ways that many accounting firms are able to expand at a higher than average rate is by operating within a specific niche. There are many accounting firms that focus specifically on financing businesses, healthcare related companies, and related specific industries in order to differentiate themselves from that of other accounting and bookkeeping firms.

 

Marketing is one of most important aspects when developing a new accounting firm given the fact that most areas do have a certain level of saturation as it relates the number of practitioners. As such, most accounting firms engage in a broad-based marketing strategy that includes these of online as well as print media. At the onset of operations, many accountants – including the lows that hold the CPA designation – will frequently develop ongoing relationships with third-party financial planners as well as attorneys that can provide referrals. One of the key things when developing a professional practice to know is that referrals are worth a huge amount to these businesses given the fact that someone has vouched for the quality of the work offered.

 

Beyond just thriving off of referrals, many accountants will maintain expansive online presence via a proprietary website. This website should feature information regarding the firm, its staff accountants, hours operation, and may or may not have pricing information as it relates to standard services like tax preparation services. A presence on social media is sometimes warranted for a new accounting firm especially as people do seek referrals from friends and family when they are looking to retain the services of a new account. In some cases, especially for established firms, a marketing firm can be retained to manage all aspects of the marketing and advertising that is required by these businesses. Although this can be somewhat expensive, given the fact that most marketing firms do have a minimum retainer of usually $1000 the $2000 per month in order to provide services. However, in rural markets and in suburban markets these fees may be substantially less given that many marketing firms are looking to expand their client base and may offer substantial discounts at the onset of an engagement contract.

 

Accounting firms are to continue to be one of those important industries within the United States given the fact that they provide a service that is not typically a be able to rendered by other companies. One of the major threats it is faced by these businesses is the fact that there is a number of accounting software suites that allows individuals to complete the taxes on their own. However, for individuals that generate income besides as a paycheck – these pieces of software do not really provide the same level of professional support that is needed by a licensed professional or small business owner. The complexities regarding tax reporting for small businesses and any other corporation is substantial, and qualified advice from a certified public accountant is always going to be valued and in demand. It is not uncommon for a highly experienced and well marketed accountant to earn incomes ranging anywhere from $200,000 to $400,000 per year once they  have established a strong brand name for their firm.

Assisted Living Facility SWOT Analysis

As people get older, they frequently need the services of an assisted living facility in order to assist them with caring for their day-to-day needs. As one of the primary strengths for an assisted living facility, there are always going to remain in demand in the economic climate. As more and more people from the baby boomer generation reach their later years – these services are expected to explode in demand. In fact, many economic studies point to the fact that there will be 5% year on year growth over the next 20 to 30 years. The barriers to entry for a new assisted living facility the are considered to be pretty high. This is due to the fact that startup costs can easily go over $1 million if real estate is going to be purchased in conjunction with providing assisted living services. Additionally, a number of specialty healthcare professionals need to be on staff at all times to assist residents. These professionals include medical doctors, nurses, certified nursing assistants, and related personnel that are properly trained on how to deal with geriatric patients. One of the other key strengths for an assisted living facility is that they are able to generate income from resident payments, publicly funded healthcare systems such as Medicare and Medicaid, as well as private insurance companies from time to time. However, it should be noted that some assisted living facilities are receiving steep declines in the amount of reimbursement they receive from both publicly funded healthcare systems as well as private insurance companies. This trend is expected to continue for a significant period of time. However, many patients that require assisted-living are able to tap personal resources for these expenses.

One of the primary weakness is associated with an assisted living facility is the high operational cost. Again, a number of highly trained professionals need to be on staff in order to ensure that residents are properly cared for. Additionally, insurance costs are very high given that there is the risk of medical liability when working with a president. However, provided that the staff remained within the letter of the lot out at all times – this risk is somewhat ameliorated.

For opportunities, most assisted living facilities companies will expand their operations by establishing ongoing locations. Additionally, many of these businesses frequently come on the market for sale. As such, these businesses can be easily acquired and integrated into an existing marketing infrastructure. Once a business reaches 100% occupancy for their initial assisted-living facility there’s really not much that can be done in order to boost revenues outside of establishing new locations. However, some assisted-living companies have taken to providing outsourced nurses to patient homes.

For threats, as an assisted living facility is a healthcare focused business – changes in healthcare registration, regulation, and legislation can have an impact on the profit and loss statements associated with these types of companies. Most importantly, changes in Medicare and Medicaid reimbursement policy may have an impact on assisted living facilities and provide specialized services that are paid for by the federal and state governments. It should be noted that this is a risk faced by all healthcare businesses, and there’s really not too much that an assisted-living company can do in order to ameliorate these risks. This is expected to be an ongoing and contentious issue as more people from the baby boomer population require assisted living facility services.

Roll Off Container Service SWOT Analysis

Given the need by construction businesses, roll off container services are able to provide a very important service to contractors on an ongoing basis. One of the most important strengths of these businesses is that once they establish ongoing relationships with general contractors, subcontractors, real estate developers, and construction management companies – they are always able to remain profitable and cash flow positive in any economic climate. Any time construction is being performed, whether it is on a residential building, commercial building, or industrial building, these services are in demand. Almost all human municipalities and state governments have laws that dictate how construction refuse is disposed of from any specific work site. As such, roll off container services serve a very important function for these businesses as they can ensure that construction refuse is properly removed and dealt with in accordance with law. The barriers to entry for a new roll off container service or considered to be moderate. The startup cost typically range anywhere from $50,000 all the way up to $500,000 depending on the number of initial containers that will be provided to the general public. Most importantly, the underlying operating expenses of these businesses is considered to be moderate as well given that once the roll off container is dropped at the work site – there’s very little ongoing costs associated with operating these businesses.

As relates to weaknesses, in any of market there is going to be a number of other providers that render the service. Additionally, many contractors in real see developers have turned to developing a number of the services in-house. As such, the primary weakness faced by roll off container service is the ongoing competitive issues that these businesses face on a day-to-day basis. The operating costs are again are considered to be moderate.

Roll off container services, as it relates to opportunities, can quickly expand their operations by simply acquiring additional vehicles, furniture, fixtures, equipment, and roll off containers that are provided to the general public. These businesses can often expand by developing ongoing contractual relationships with municipal agencies, state agencies, military branches, real estate developers, and general contractors. This ensures a continued flow of orders on a weekly basis. All financial institutions are willing to provide any startup and expansion capital needed given that most all of this capital is typically allocated towards tangible assets. Some wants trimmers will often take to acquiring third-party roll off container services in order to integrate their customer base and operations into their existing infrastructure.

For threats, there is really nothing is going to impact the way that these companies conduct their operations. Construction is always going to occur and the demand for the proper removal of construction refuse will remain strong in most economic climates. During times of economic recession, a roll off container service may have a slight decline in the revenues given that construction may wane slightly. This is also true during times of very high interest rates. However, outside of these threats there is really nothing that would impact the way that these companies conduct their operations. This is going to be one of the businesses that remains in profitable operation in perpetuity. However, some aspects of automation technology may impact the way that these companies conduct business in the future.

Acupuncture Clinic Business Loan

Acupuncture clinic business loans are moderately easy to obtain given that it is a healthcare associated business. In some cases, and to a limited extent – some private insurance companies do provide for the reimbursement of acupuncturist services. One of the nice things about owning and operating one of these businesses is that a license in order to provide the services to the general public is usually required.

The moderately high barriers to entry to provide a certain level of economic staying power for most of these often times, acupuncture services are rendered in conjunction with chiropractic services and related allied health professionals in order to provide non-pharmaceutical approaches to certain medical conditions. Acupuncture has gained a significant amount of notoriety and popularity among people that are looking for more holistic ways to treat specific medical conditions. As such, these businesses are generally able to remain profitable and cash flow positive in any economic climate. However, there are a number of areas that do not provide for the medical reimbursement of acupuncturist services. As such, the patients are required to pay for the services on an ongoing basis.

Startup costs are associated with an acupuncture clinic are generally considered to be low. Equipment required typically ranges anywhere from $10,000 to $20,000 and most of this is specific for furnishing individual patient treatment rooms. As such, the primary financing needed in order to own and operate an acupuncture clinic is specific for working capital purposes.  Most of the ongoing expenses regarding an acupuncture clinic are pretty low. In fact, most acupuncture clinics operate simply with the practitioner rendering all services and handling all incoming patients. In more established practices, a receptionist or practice manager may be hired when the acupuncturist time is completely dedicated to rendering services to patients.

For these types of businesses, and acupuncture clinic business plan is going to be required and submitted to the bank. This business plan should feature a three-year to five year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. Most importantly, a thorough demographic analysis is going to be needed within the business planning top banker understands the demographics are to be targeted from the onset of operations. The demographic that should be examined include median household income, median family income, population size, population density, as well as the number of people that carry private insurance that would cover the reimbursement of acupuncturist services. A marketing plan should also be included within this document which should focus substantially on developing relationships with physicians, dentists, physical therapists, as well as allied health professionals that can provide ongoing referrals to people that are seeking specialized holistic treatments is, many acupuncturists have developed ongoing relationships with oncologists as some studies have indicated that the practice of acupuncture can assist with cancer treatments,

As it relates to to acupuncturists in order to assist with very specific medical ailments. Currently, the economic climate is strong and patients are willing to pay for the services even during times of economic recession given that they consider it a necessity for their  well being. As more people from the baby boomer generation reach their senior years – it is also expected that these individuals will want to turn towards holistic treatments in order to reduce the number of pharmaceuticals and you to take for day-to-day pain. There is really nothing that is going to change about this given the this service. However, more acupuncture schools are starting and the competition among individual acupuncturists may increase over the next 20 years especially as demand increases as well.

Overall, receiving a acupuncturist clinic business loan is a pretty straightforward process and should be met only with minimal difficulty for someone that possesses a valid license to provide these services to the general public. Again, the key is that you are going to need to provide a significant amount documentation to a financial institution while concurrently showing how the practice will become cash flow positive as quickly as possible.

General Contractor Business Loan

General contractor business loans are almost always able to be obtained relatively easily in most economic climates. During times of very high interest rates or economic recession, the ability for general contractor to receive a business loan is somewhat muted given that banks are little more conservative as it relates to real estate focused lending. However, most general contractors are able to remain profitable and cash flow positive in any economic climate given that people are going to continue to need repairs to their homes, offices, real estate investments, and other standing structures on an ongoing basis. As such, many general contractors – rather than taking out a business loan – will actually seek to obtain financing via a working capital line of credit. However, some individuals will still receive a business loan for the tangible assets that they need to purchase in conjunction with the general contracting business. The primary assets that are purchased by a general contractor include vehicles, construction equipment, furniture, fixtures, related equipment, and inventories of parts that are normally used in concert with providing general contracting services. One of the most important things to know when approaching a bank for a general contractor business loan is to provide them with an extensive list of the assets that are purchased using the capital sought. For highly established contracting businesses, most financial institutions are willing to lend 100% of the capital needed for a business expansion provided that it is going to be hard assets that are purchased with the financing.

The dynamic way in which a general contractor can produce revenues allows them to be very economically viable candidates for funding. First, general contractors have the ability to easily obtain revenues by providing general repair and renovation services to the general public. These typically are considered to be high gross margin services given that it is the direct cell labor that is principally involved with this business. Two, general contractors are able to produce substantial revenues if they operate on a speculative basis by developing homes and real estate buildings that will then either be rented or sold to third-party investors. The diversity in which a general contractor may produce revenues and profits does lend them to be good candidates for most types of business funding. Almost all general contracting businesses are also candidates for small business administration loans. This is primarily due to the fact that there are always many jobs that are created when a general contractor takes on larger scale projects.

One of the other things that needs to be discussed with the loan officer is whether or not the general contractor will be providing some services through the usage of subcontractors. This creates a little bit of a complexity as it relates to operating a contracting business. As such, this is something that should be discussed with them in regards to the gross margins potentially changing if subcontracted labor is used. However, the gross profits generated from each project – even with the use of subcontracted labor – is still substantial and readily provides a general contractor with the ability to satisfy any underlying debt obligation on a month-to-month basis. This is something that should be made clear within the business plan that is provided to the financial institution.

As it relates to the general contractor business plan, this document needs to feature a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page that features information that is standard to the general contracting industry. Each year, more than $2.2 trillion worth of construction and contracting services are rendered to the general public. The very large demand and huge part of the economy that makes up construction businesses allows them to easily expand in most economic climates. One of the key things to thriving within this industry is to be able to contract operations in the event of a severe economic recession or during times of very high interest rates where people pull back on new housing and new office development constructions. One of the things that we will continue to discuss throughout this website is the ongoing changes in the economy and how they impact certain sectors of the overall real estate market.

In closing, a real estate contracting business is able to almost always provide enough capital at the end of the month to pay back any principal and interest payments that may be associated with a general contractor business loan. These businesses are not going to change anytime soon even with advances in technology.

Lawn Mowing Service Business Loan

Lawn mowing service business loans are readily available to most entrepreneurs looking to provide this service the general public. The vast majority of the funds that are used for a lawn mowing service are specific for trucks, trailers, lawnmowers, and related equipment. The gross margins generated from these services are almost always able to support a debt obligation given that this is a service-based business.

In most instances, a lawn mowing service typically carries gross margins ranging anywhere from 60% to 95% depending on a few factors. If labor is considered as part of the cost of goods sold then this may decrease the gross margins somewhat also the fact that a business may accept credit cards as a form of payment may also incur a higher gross margin cost. However, overall these businesses are extremely profitable and are almost always able to produce revenues in any economic climate. This is especially true in both your area or areas where people tend to outsource lawn mowing in one’s landscaping contracting to a third party. Generally speaking, the startup costs that are associated with the new lawn mowing service ranging where from $30,000 to $100,000 depending on the area and initial scope and scale of the business.

Banks and lenders are almost always willing to provide the necessary capital for these types of business, again, given the very large tangible asset base associated with these companies. Foremost, a lender is going to want to see what equipment is going to be purchased with the money that is being borrowed. This includes providing a list of inventory including the make and model of trucks they purchased, trailers, lawn mowing equipment, as well as any other type of specialty equipment that would be used in the normal process of landscape contracting and lawn mowing. A business plan specific for a lawn mowing service should be included as well that showcases the profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page that features information normally associated with a lawn mowing service. Most importantly, a special focus should be paid to the tangible assets that are being purchased if the entrepreneur is seeking a lawn mowing service business loan.

Almost all lenders are going to want to see that the founder is making a 10% to 20% capital injection into the business in order to ensure that they can finance the ongoing operating expenses of the business for at least one year. Most banks and lenders prefer that the owner make the capital injection as a relates to working capital given that they want to see that the vast majority of the loan proceeds are used for tangible asset purchases. This is going to be one of the ongoing things that we discussed throughout this website as it relates to ensuring that a bank loan is almost nearly fully collateralized by hard assets. This is true even among service businesses like lawn mowing companies.

As part of the business loan package, most financial institutions are going to require that at least two years of tax returns are provided. This is true even if the business is a startup in which case the bank is going to want to see tax returns from the owner. If the proceeds of the lawnmowing service business loans are to be used for acquisition, then the financial institution will most likely want to see the tax returns of the current business for at least two years back. As such, it is important that a certified public accountant is hired so that these pieces of documentation can be properly provided to the bank especially in the case of a business acquisition.

In northern areas of the country, it should be made clear within any documentation that is presented to a bank that lawnmowing services are a seasonal business. This creates a little bit of additional complexity given that the owner is going to need to show how the business will make repayments of principal and interest from the business loan when the business is not generating revenue. This is generally not an issue in southeastern and southwestern based states given that the services are in demand on a year-round basis. A cash flow analysis that clearly showcases the first years expenditures should be included as well as it will provide the loan officer or the loan committee of an understanding of how the loan will be repaid. It is very important, in fact it is the most important fact within of receiving a lawnmowing service business loan, to clearly showcase to a financial institution how the credit facility will be paid back on a monthly basis. A loan amortization table should be included with any documentation that showcases the anticipated term and the anticipated interest rate that will be received by the business owner.

Very little is expected to change as a relates to lawn mowing services, and as such banks are very keen to provide a significant amount of ongoing capital support to these companies that they are able to generate revenues in any economic climate. Once a lawn mowing services established and per generating a substantial amount of profit – it becomes even easier to get financing as a significant portion of these proceeds will be used for the ongoing expansion of the business. While competitive threats are somewhat of an issue regarding these businesses given the very low barriers to entry – once an entrepreneur establishes their business as a high quality and well-known provider of landscape contracting and lawn mowing services they are usually able to remain profitable at all times.