Starting a Business

Know the Simple Steps for Starting a Business Right.

Owning your own business is right up there with apple pie and baseball as an American pastime. In order to ensure that your business succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having all pertinent information in place before starting a business.

We can help you avoid becoming another failed business statistic.

With our help, you will identify and avoid the common mistakes many new business owners make. We will help you build a business plan for success, as well as provide financial management services to meet your needs.

Here are our steps to starting a business right…

Prepare a business plan and determine your initial capital needs.

Identify your current resources, as well as sources of start-up capital and your borrowing capacity.

Review potential business structures in terms of tax advantages and portability in case you need to relocate.

Plan for financial management of your business by selecting accounting software that fits your projected budget and gaining the hardware necessary to run it.

Understand the key components of a Cash Flow Projection and develop one to cover each month of your business for the first year, at least.

Learn about the best billing and collection procedures to maximize your cash flow.

Consider a home office for maximizing tax deductions.

Prepare and file for all local and state licenses and permits.

Gain a Federal Employer Identification Number and set up payroll services and payroll tax filing systems with your first employee.

Identify any business insurance needs.

Don’t let this list overwhelm the motivation you have for starting a business. Our services were created with small business owners like you in mind.

Call us today if you’re interested in starting a business the right way!

Let Us Help:

The 5 Worst AI Mistakes Chicago Business Owners Should Avoid

Key TakeawaysNever automate high-stakes customer interactions entirely. Use AI to handle data gathering, but ensure a human handles emotional or complex resolutions to protect your brand reputation. AI output is only as reliable as your input. Clean and audit...

What Smart Chicago Owners Do When Using AI for Small Business Growth

Key Takeaways Small businesses often see faster financial returns from AI than large companies because they can change workflows quickly AI only works if you can tie it to measurable outcomes like cost savings, revenue growth, or capacity gains Time...

AI Productivity Hacks For Your Chicago Business

Key TakeawaysAI provides the most immediate value when applied to existing business leaks like scheduling, invoicing, and slow customer response times Business owners can use AI as a high-speed data analyst to uncover profit margins, customer segments, and...

What’s My Chicago Partnership or S Corp Tax Filing Deadline?

Key TakeawaysThe Partnership and S Corp tax filing deadline is Monday, March 16, 2026. These returns don’t calculate tax owed by the business. They generate Schedule K-1s for the owners. You cannot accurately file your personal return without your...

TurboTax vs Tax Preparer: How Should I File My Chicago Business Taxes?

Key TakeawaysDIY tax software can work for very simple, low-income businesses, but it assumes you already know how to classify transactions and identify tax opportunities. A tax preparer makes sure expenses, credits, and entity decisions are handled legally...

What Do I Need to Bring To My Tax Appointment With My Chicago Accountant?

Key Takeaways Personal and business identification details, including Social Security numbers and business IDs Complete income records Documentation that supports deductions, credits, and major purchases Proof of tax payments already made...

What’s The Last Date For Employers To Send Out W-2 Forms to Chicago Employees?

Key TakeawaysW-2s and 1099-NECs must be sent to workers by February 2, 2026 (for the 2025 tax year). Those same forms must also be filed with the government by February 2, 2026, whether you file electronically or on paper. If you file 10 or more total...

How Many KPIs Should You Have For Your Chicago Business?

Key TakeawaysYou only need 5–9 true KPIs for effective 2026 planning. KPIs should connect directly to a specific financial or strategic goal. Too many KPIs dilute focus and slow decision-making. The right KPIs help you act earlier, not just...

Season’s Greetings From Godley Tax & Accounting, PC

Season’s greetings from the Godley Tax & Accounting, PC team. For you and me both, this week can feel like a blur – trying to finish out last-minute year-end tax moves while making sure the books are wrapping up nicely. And while it’s rather fast-paced...

What Are The Year-End Tax Moves to Make Now For Chicago Business Owners?

Key TakeawaysIt is not too late to create meaningful tax savings before December 31, but the remaining moves are very timing-sensitive. Low-cost, in-stock equipment and supplies are the most realistic last-minute purchases that can still be deducted this...

Ready to schedule an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!