Post written by guest blogger Mark Harris
For years, you have wanted to realize your dream of starting your own business. Finally, the pieces are coming together, but there are some parts of your business plan you would rather do without. Instead of skipping the not-so-exciting parts of being a business owner and getting to the good stuff (like actually building your brand and developing your identity as a business owner), you must realize these are essential aspects of keeping your company up and running. The following tips can help make things easier.
Payroll Administration and Processing
No matter if you have one employee or hundreds, you must pay them fairly and on time. According to StartingYourBusiness.com, you should register your business with the IRS, create a payment schedule and see if you must also register with state agencies. Beyond a base salary, decide if you want to offer benefits or company perks to further attract top talent. No matter your pay schedule or the benefits offered, you and your business benefit from working with an experienced payroll service that offers tax penalty protection, same-day direct deposit, time-tracking and auto payroll.
Business Funding
To get your company up and running and reach your target audience, you need adequate funding. First Bank SBA notes that lenders often expect thorough business plans before agreeing to support borrowers, so do not skimp on details. Just like a personal loan, business financing lenders usually run commercial credit checks. If you have bad marks on your credit report, try to remedy them if you have time. Otherwise, figure out how to explain them and reassure lenders you have learned from your mistakes and that they have nothing to worry about if they agree to work with you. While making your case, make it plain that you are aware of what could go wrong with your business and have a resiliency plan.
Business Structure
You have several business structure options to choose from, depending on the level of risk you feel comfortable with. If you want to limit your personal liability while making it easier to take on outside investors, opt for forming a corporation. This option protects personal assets if you are ever involved in a lawsuit. If you select this specific business structure, prepare to draw up an operating agreement that breaks down everyone’s role. You can also work with a service to help you prepare this paperwork. Other organizational structures include a sole proprietorship or LLC, which have their own sets of rules and regulations, as well as benefits.
Business Insurance and Legal Protection
Your business remains vulnerable to legal action, such as if someone suffers an injury while on your premises. Consider purchasing business liability coverage, which safeguards you in the event your product harms a customer, and professional liability coverage, which protects service-oriented business owners from losses stemming from mistakes. Depending on state and federal requirements, you may have no choice but to have business insurance, which is why Heffernan Insurance Brokers suggests working with a business insurance professional to determine your level of responsibility.
Commercial Bookkeeping
While you may work with a business accounting professional to handle bookkeeping, you can learn a few essentials on your own. For instance, keep your personal finances separate from your business finances. Whenever you have the chance to automate part of the business accounting process, take it. Work with your accounting professional to ensure you meet all tax deadlines and stay on top of your accounts receivable to ensure customers pay you on time. Before experiencing your first late payment, decide how to deal with and work with customers who cannot keep up with their financial responsibilities.
Not every aspect of owning a business is glamorous. Develop a plan for tackling bland yet necessary tasks that help take your business to the next level.
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About our Guest Blogger
Mark Harris is one of five “explorers” at AwarenessToolkits.com, who dig deep to find info for the creation of toolkits (articles, resource links, tips, guides, etc.) for those looking to spread awareness about specific subjects.
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