While running your jewelry making home business, there will be times that you find the use of specialized professionals vital to your success.
Usually when you first start out, money tends to be in short supply and you try to do everything yourself.
But there are things that you really don't have the expertise and/or time for without consulting expert help. Two professionals that immediately come to mind are Business Lawyer, and Business Accountant.
When you set up your jewelry making home business, you will be faced with a number of choices such as the legal organization of your jewelry making home business. Will you choose sole proprietor, partnership, corporation, limited liability corporation, or an s corporation? What are the advantages of each category?
It is entirely possible that you will be able to make these choices on your own, and we do cover the topic a bit in the jewelry business license section.
But do you really understand all the implications of each of these choices?
And if you don’t, how do you feel about risking your company to save a few dollars?
The use of a business lawyer or a CPA at this point could save a lot of headache and making costly mistakes.
One key to success is realizing when you are in over your head and knowing when to get the professional, licensed help that you need.~Oran
Accountants, CPA's and ABA's
Do you know enough about business tax laws in your state and on the federal level to do your own taxes and make the right financial decisions such as what you can expense?
If the answer is no, you should seriously consider the help of an accountant, or better yet, a certified public accountant, or CPA or an accredited business accountant, ABA.
Accountant vs. CPA or ABA
Accountants, in general, are defined as people who do accounting for a living. There is no licensing required to call yourself an accountant. All CPAs are accountants, but not all accountants are CPAs. In an accounting firm for example, there may be many accountants working under the supervision of a few CPAs.
The big difference between the two is that CPAs are licensed by the state they reside in to practice. They need to not only pass an exam, but take a minimum amount of education, have at least a year of supervised practice, and agree to a code of ethics.
The services that a CPA can offer include financial accounting, analysis, planning, income tax preparation, and company structure advising.
ABAs have to pass certification requirements from the Accreditation Council for Accountancy and Taxation. They are required to pass a 7 hour examination, and have three years of supervised work experience.
ABA specialize in helping small to mid sized companies on such subjects as financial accounting, taxation, business law, and ethics
Don’t be afraid to ask for help from these professionals. You can’t possibly do everything yourself when running your company, so spend your time wisely and seek help when you need it.
Short on Cash?
If you find that you are short on cash, and still want to work with a professional, consider contacting a few and asking if they would be willing to barter beautiful, artisan made jewelry in exchange for professional services or a discount on professional services. Or you can barter whatever skills you have. It never hurts to ask.
You may even want to consider joining the skills based social network Skillpages. It's like Facebook meets LinkedIn (and you can import contacts from both sites. Your profile contains information on your skills set and you can look around for other people that may be of help to you in your network or ask for an introduction from one of your contacts.