When you’re in the early stages of starting a business, it’s easy to get caught up in the excitement of it all. You’ve probably spent months (or even years) thinking about your business idea, and now that it’s time to make it a reality, you want to do everything at once. But as any experienced entrepreneur will tell you, there are aspects of starting a business that aren’t quite as exciting as coming up with the initial idea. In this blog post, Universal Accounting gives you some tips on how to tackle the more boring parts of starting your business so that you can set yourself up for success.
Find Funding First
HdE Group notes that one of the first things you’ll need to do when starting your business is secure funding. If you’re not lucky enough to have savings or personal funds to draw from, you’ll need to look into small business loans or venture capital. This can be a challenge, especially if you don’t have any experience with securing funding. But don’t despair, there are plenty of resources out there to help you through the process, including government-backed programs and private lending institutions.
Apply for Licenses and Permits
Depending on the type of business you’re starting, you may need to apply for licenses and permits from local, state, or federal government agencies. This can be a tedious task, but again, there are plenty of resources out there to help you through the process. The U.S. Small Business Administration has a great guide on its website that can help you figure out which licenses and permits you’ll need for your particular business. You can also check your local chamber of commerce or city business office.
Start With an LLC
If you’re not familiar with the term, LLC stands for “limited liability company.” It’s a legal designation that offers protection for your personal assets in case your business is sued. This is important because if your business is sued and found liable, your personal assets (like your home or savings account) could be at risk. Choosing an LLC designation can help shield those assets from being seized in the event of a lawsuit. Additionally, you’ll have better tax advantages.
Find Office Space
When you get to the point of searching for an ideal location for your brick-and-mortar business, drive the neighborhood to see what may be available for lease. Of course, you can also go online and search for commercial properties.
Once in your space, you can add metal lettering with your business’s name in your office lobby to reflect the professional image you want to portray. Metal sign letters are available in an array of metals including aluminum, stainless steel, copper, bronze and brass. These letters are easily installed and can be added to virtually any wall surface including drywall. As you check into what’s available, this option deserves a look.
Of course, you also have the option of working from home, especially if you’re starting an accounting business. Thomson Reuters notes that the advent of technology, and specifically cloud-based computing, has made it easier than ever. Get all the training, support, and expertise you need to start the premier accounting firm in your area with Universal Accounting’s turnkey business system today.
Establish Accounting and Payroll
Two other equally less-than-exciting but necessary tasks will be setting up your accounting and payroll systems. From the start, avoid any sort of manual accounting system. Opt for online platforms that make accounting and payroll quicker. In fact, platforms like QuickBooks offer accounting and payroll so that everything can stay organized. You’ll also have access to automation features and real-time financial insights. That’s not so boring!
You may also consider outsourcing those services, or learning them yourself with Universal Accounting Center’s Professional Bookkeeper program.
Plan Your Marketing Approach
Last but not least, every business needs a marketing strategy. This will involve some research on your part to figure out who your target market is and what needs they have that your product or service can fill. Once you’ve completed this research, you’ll need to craft a marketing plan that outlines how you plan to reach those customers and which channels you’ll use to do so (social media, email marketing, paid advertising, etc.). There are many great resources out there on how to create an effective marketing strategy, so be sure to do some reading before getting started.
Starting a business is often seen as an exciting proposition, and it is certainly true that there are many aspects of entrepreneurship that are thrilling. However, it is also important to remember that starting a business requires a great deal of hard work, and there will be times when the process is far from glamorous. The key to success is to push through the boring or difficult parts of starting a business and to stay focused on your goals. If you can do this, you will be well on your way to achieving your dreams.
And with Universal Accounting Center’s training programs, you’ll be in business for yourself but not by yourself. Universal’s team of coaches have helped people build the premier accounting firm in their area since 1979, and they have useful advice for all businesses, regardless of industry. To learn more, call 877-801-8080 or schedule a time online when it’s convenient for you.
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