7 Things You Must Do When Starting Your Own Business
Is your goal to leave the 9-5 for your own schedule, brand, and dream? Start your new venture off right.
Here are some of the beginning steps you should take when you starting your own business.
1 – Find the right business structure.
First thing’s first. As you begin your own business, you must think about the proper business structure you want. Your options are many – so make an initial decision based on legal liabilities, number of employees you anticipate, and tax structure. Learn more about the advantages and disadvantages of each business entity structure.
2 – Make a plan.
Next step to starting your own business – creating a blueprint! Make a business plan that guides your business’ growth. It should include your business’s:
- Marketing strategies
- Growth plan
- Employee plan
- Product details and differentiation
3 – Register for a sales tax permit if you’ll be selling products.
You’ll need to find out what your state’s specific requirements are and how you can register.. To register for a sales tax permit in your state:
- Go to your state’s Department of Revenue site
- Look for the Sales and Use Tax area or section of the state
- Follow directions to obtain your permit
4 – Register for other business permits, licenses, and insurance.
The Small Business Administration (SBA) hosts an excellent site that contains links to information about federal and state requirements for specific types of businesses. You’ll also want to find out what types of business insurance you should have. The SBA is a good resource here, too.
5 – Build your business’ brand.
We sometimes think of “brands” as household names. But every business can work at creating and reinforcing a unique brand. It can consist of many elements, including:
Visuals. It’s important to be consistent here. You want to use the same colors and graphics on everything that comes out of your one-person shop, whether it be on social media, sales forms, business cards, or written communications. Don’t have a logo? You can have one designed for you on online graphic design sites.
Customer service. Excel here, and your company will be associated with exceptional customer experience.
Product and/or service quality. You’re small, so you have to work harder at providing superior offerings.
6 – Watch out for yourself.
Starting a business means many more demands on your time. You’re less likely to succeed if you run yourself ragged and don’t look out for your own personal needs. Maintain balance in your life, and your little-business-that-could stands a better chance of flourishing.
7 – Find help.
Managing and tracking money is difficult. If you only need to create invoices and track expenses, for example, there are websites that will accommodate that affordability. Others help you estimate the quarterly estimated income taxes that you must start paying now based on your income and expenses.
If you’re unsure of your abilities to select a solution and learn how to use it, get matched with a tax advisor. These professionals are very skilled at assessing business needs, making recommendations, and training. You’ll most likely be a sole proprietor, but an accounting expert can also help you determine whether you should choose a different business structure for tax purposes.
If you’re confident you can handle accounting on your own, explore Wave software, newly acquired by Block Advisors. With Wave, the small business accounting and invoicing software, you can easily manage your finances online.
As your small business grows, we’re with you every step of the way. Learn more about Block Advisors small business tax services. We have the small business tax preparation and accounting solutions to help you make the best decisions as you grow.