Running a business of any size is a challenging exercise. Whether you run an unattended laundromat with no employees or a commercial laundry with 500 employees you need a team of advisors to help you maximize the potential of your business.In addition to the obvious team members: supply and equipment sales consultants, service technicians for the various pieces of equipment you own, how about your accountant, attorney, insurance rep, and trade association? These are four key players on any team who should not be overlooked.
Regardless of the structure or size of your business a certified public accountant provides valuable advise in several areas. What expenses are deductible? How much depreciation can I take each year? Should I incorporate? How do I handle an IRS audit ? What records should I keep and for how long? The tax laws are too complex for the average person. Besides you have a business to run. Get a CPA on your team and avoid a costly mistake.
The same thought process applies to having an attorney who knows your business. Like your accountant your attorney can advise you on which business structure ( corporation, proprietorship, partnership, LLC,etc) is best for you. If a dispute arises with an employee, landlord, vendor,or partner your attorney will help protect your interests. Succession planning is important and requires legal advise. Eventually you will sell your business. Again legal help will be essential.
No one likes to pay insurance premiums but when a customer falls in your laundromat, or your driver collides wtith another vehicle, or a heavy snow damages your roof your policy saves your business. How much coverage do I need? What kind of coverage do I need? What is not covered? These questions will be answered by an insurance professional. They will get to know your business and the coverage will help you sleep better.
Why do I need a trade association? We can answer that question with one of our own: Do you know everything that is going on in your industry? Trade associations offer unparalleled networking and educational opportunities. From seminars to webinars to trade journals to conventions to websites all the major trade groups provide comprehensive information to its members. Moreover, many associations provide competitive insurance plans for their members. CLA, TRSA,DLI and ALM are the major trade associations for the laundromat, commercial laundry, dry cleaning and institutional laundry industries respectively. Join your trade association today !
There are 11 players on each side of the ball during a football game. Can you imagine a team only playing with 7 players against 11? Running your business without the above mentioned advisors is playing shorthanded. Why take the risk?
