It’s likely you have already identified a business idea, location, and viability so we won’t cover that in this article. I’ll also assume you already have a business plan including how you will finance your venture.
Choose a business structure
Your small business can follow several structures, from sole proprietorship to a corporation. There are more than one type of corporations and you can read more about them in another one of our articles. The type of entity you choose will impact many factors from your business name to your liability and even the way you file taxes. This means it’s very important you are well informed of your options before selecting one. However, you may choose one business structure to start with and reevaluate and change that structure as your business grows and your needs change.
Get licenses and permits
There are many types of small business licenses and permits you’ll likely need depending on your business type and location. Make sure you understand what you’ll need and how to apply for them. Definitely make sure you do your research in this area as you don’t want to be hit with fines later on.
Choose your accounting system
A good accounting system will make it easy for you to manage your budget conduct and business. Accounting systems help keep track of your expenses as well as your sales and play a big role at the time of filing your taxes. There are a plethora of accounting systems, from desktop versions to cloud based ones and most have similar offerings, however there are some systems specific for certain industries. Speaking to your accountant may help narrow your options to make sure you make the right choice.