When you have a vision to start a prepaid wireless store, you will come up with a catchy and meaningful name, as the first step in your business setup. The name should be easy for customers to recognize, easy to advertise and possibly show some of your personality. Check online to ensure the name is not already used by someone else. A variation of your idea may need to be considered, if your idea is the same or near another business name.
Legal advice is one of the first steps to ensure your dream of a prepaid cellular store is structurally sound, according to your desires. An attorney can help guide you through the type of legal entity such as sole proprietor, limited liability corporation (LLC), or a “S” or “C” corporation. Taxes are a major contributor to the decision of the type of entity, as well as the number of owners and/or employees when starting a prepaid wireless cellular store.
Another item in your business setup is to contact various taxing entities to establish the tax identification numbers required after the legal structure is determined for the prepaid wireless store.
An accountant may need to be consulted for several reasons, when starting a prepaid wireless cellular store. The accountant will help in deciding what legal structure to use based on future tax estimates. The CPA or accountant can review and give advice on your business plan.
Accounting software is another decision in the business setup process. You desire software to ensure accurate financial data is collected, to determine profitability of your prepaid wireless store. Ease of use for yourself, as well as employees, are major factors in choosing the financial point of sale (POS) and payroll software. There are many, very good accounting and retail point of sale programs on the market to meet the needs of a prepaid cellular store. Boss Cellular has used QuickBooks financial package and Intuit Point of Sale programs for several years. The programs are easy to use, and we have found plenty compenent resources when required for improvments to the system setup.
Other financial decisions, required in starting a prepaid cellular store, are what type of financial institutions to use for your transactions. Credit unions are a great choice, as the fees are usually lower than traditional banks. However, they may not meet all the needs required for a prepaid cellular phone store. Credit card and other internet transactions need to be able to flow through the various bank accounts, and then downloaded into the financial software.
Other considerations, when starting a prepaid wireless store, are to determine the insurance needs for the business. Do you need insurance for your property, such as fire, renters, and customer liability? Also, do you need insurance for other fixed assets and inventory for sale?
“When planning, you hope for the best and plan for the worst.” Unknown