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You have your business idea. You have potential customers. You have a supply chain mapped out. Basically, you have the “fun” parts of starting a business all figured out. But what about the not-so-fun parts? That is, the parts that require more critical thought and less of the exciting, ground-breaking, dream-realizing activities you prefer doing? Rajaa Belle invites you to take a look at the mostly-clerical things you need to do in order to set up your business for success in the first year of operation and beyond.
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Step 1: Get the money and get set up.
Acquiring funding for your new organization may sound like a daunting task, but if you know where to look, there are a lot of resources that can be utilized to achieve this goal. Small-business grants and monetary resources can be found at the Small Business Administration website and various other places around the internet, depending on what you need. For instance, there are disaster relief programs, investment capital options, and loans you can apply for. You can also search for online lenders that offer these kinds of services to businesses within your vertical.
In some cases, in order to attain funding, you may need to declare your business as a limited liability company (LLC). There are numerous tax advantages and offer the owner (you!) with a number of other benefits, including limited liability — meaning, your personal assets can’t be taken in the event your business goes under. In order to apply for an LLC, you may need to provide a step-by-step business plan to show that you have done the due diligence to get your business off the ground.
Step 2: Acquire your business license.
In order for your company to operate legally, you will need a business license or permit. Depending on the function of your business and based on the state where you operate, the kind of license you need will vary. Licenses, in the most basic sense of the word, help ensure that businesses are safe for the public. But where do you start?
First, figure out what kind of license you need. Business operating licenses, zoning permits, doing-business-as (DBA) licenses, and building permits are all types of licenses you may need, depending on the nature of your company. Then you need to apply for these permits with your local government office. As you are getting set up, you can simplify this process of getting a license by hiring a service that not only helps you figure out what is a business license but pinpoint exactly what you need and how to get it.
Step 3: Learn accounting basics.
Once you have money, a business license, and a step-by-step business plan for attaining success in your first year and beyond, you will need to make sure you have an organized setup for bookkeeping. You need to have someplace to record all of your business’s financial transactions, from building to selling to shipping (if necessary), and make sure accounts are in order when it comes time to file taxes in the spring.
To make all of these easier, you should invest in software and tools so that you can keep your books accurate, better organize your files, and feel better about your returns come tax season. If you need help getting your payroll off the ground,
Step 4: Profit.
After you acquire all of the experience, license, and money you need to get your company off the ground, it’s time to make that dream a reality. You’ve visualized the end goal — now bring it into the extant universe with a little bit of elbow grease and a lot of determination.