Laying the Foundation: What Every Small Business Needs to Start Strong
Starting a small business is an exciting and rewarding endeavor—but it also requires careful planning, clear vision, and a solid financial foundation. At Schwind Accounting Services, Inc., we’ve worked with dozens of entrepreneurs across Lakewood and the South Sound area, helping them turn great ideas into thriving businesses. Whether you’re launching a boutique, consulting firm, food truck, or service-based company, here are the key elements we believe every startup needs to succeed.
1. A Clear Business Plan
Your business plan is your roadmap. It defines what you offer, who your customers are, how you’ll operate, and where you want to go. A strong plan includes:
- A mission and vision statement
- Market analysis and competitive positioning
- Operational structure
- Revenue model and pricing strategy
- Financial projections and funding needs
Not only does a well-written plan guide your decision-making, but it also proves essential if you intend to secure loans or investor funding.
2. Legal Structure and Registration
One of the first decisions you’ll make is choosing a legal structure—such as a sole proprietorship, LLC, S-Corp, or partnership. Each has tax, liability, and administrative implications. At Schwind Accounting Services, we help you understand the pros and cons of each structure and ensure that your business is registered correctly with the state, IRS, and any applicable local agencies.
3. A Solid Accounting System
A startup’s financial health depends on proper bookkeeping from day one. This includes:
- Tracking income and expenses
- Managing accounts payable and receivable
- Reconciling bank and credit accounts
- Generating financial reports
We offer customized bookkeeping and accounting services to ensure you’re always audit-ready, tax-compliant, and informed about your financial position.
4. Licenses, Permits, and Compliance
Depending on your industry, you may need state or local licenses, sales tax permits, or industry-specific certifications. Failure to obtain the right documentation can delay your launch or incur penalties. We help identify what’s required and make sure your paperwork is complete and up to date.
5. Business Bank Accounts and Funding Strategy
Keep personal and business finances separate. Open a dedicated business checking account, and if applicable, a business credit card or line of credit. If you’re seeking capital, we can assist with preparing financial statements for lenders or grant applications.
6. Payroll and Employee Setup
If you’re hiring employees or working with independent contractors, payroll setup is a must. We can:
- Establish payroll systems
- Ensure proper employee classification
- Handle tax withholdings and reporting
- Assist with state and federal employer registration
7. Ongoing Tax Planning and Preparation
Starting a business means more complex tax responsibilities—quarterly estimated taxes, business deductions, and annual filings. We help startups plan strategically for tax season so there are no surprises, and we ensure you claim every deduction you’re entitled to.
8. Nonprofit? Specialized Services Available
If you’re launching a nonprofit organization, your financial needs are unique. Schwind Accounting Services offers a full line of nonprofit services, including 501(c)(3) setup assistance, donor accounting, fund tracking, and compliance reporting.
Partner With a Trusted Advisor
Starting a business doesn’t have to be overwhelming. With the right guidance, you can avoid costly missteps and focus on what matters most—building a business that lasts.
At Schwind Accounting Services, Inc., we’re more than just your bookkeeper or tax preparer—we’re your partner in success. We offer personalized, dependable service tailored to the unique needs of small businesses across Lakewood and beyond.
Ready to Launch? Let’s Talk.
Call us at (253) 227-9695, email judy@schwindaccounting.com, or visit us at our office:
📍 7304 Lakewood Dr W, Suite 22, Lakewood, WA 98499
Let’s lay the right foundation—together.