An Entrepreneur’s Guide to Tackling the Tedious Parts of Starting a Business
Starting a business is an exciting prospect, putting you on track to become your own boss. While it’s exciting, starting a business also requires you to jump through many administrative hoops. The good news is that modern technology makes it easier than ever to clear these hurdles. The World Bank reveals that the time needed to start a business has decreased steadily over the past decade.
This guide from FIND the CLIENT explains how you can knock out the tedious parts of business foundation—and move on to the fun parts of entrepreneurship.
Save hassle by drawing up a comprehensive business plan
A business plan is a comprehensive document detailing exactly how your company will be structured and run. Some key components of a standard business plan include a market competition analysis, marketing strategy, and financial projections. With all of these details written out before you start your business, you’ll save time and stress later. A guide on starting a new company walks you through all the steps you’ll need to take to go from idea to open for business.
Look to diverse funding options to get your startup money quickly
You’ll likely need some external funding to get the cash you need for startup expenses like technology and commercial rent. If you don’t have an excellent credit score, it’ll likely be difficult to get favorable terms on a loan. Instead of looking to one traditional source of funding, like a bank loan, scope out more diverse, non-traditional options for faster results. These can include finding angel investors or applying for grants
Expedite bookkeeping by registering your business promptly
Bookkeeping can be a time-consuming task for any business. Simplify the job by registering your business as a formal legal entity with your state.
You have several options for business entities. For example, an S corporation benefits entrepreneurs who want to save on self-employment taxes and utilize pass-through taxation. An LLC, on the other hand, is a go-to for many business owners because it protects their personal assets from litigation in their business dealings and offers its own tax advantages.
Once you’ve established a formally registered entity, you can open a business bank account. This will make it easier to separate your personal and professional finances, streamlining bookkeeping going forward.
Simplify future tax filing by registering for an EIN
Taxes are another time-consuming task for small business owners. Get a head start on the paperwork by registering for an employer identification number, or EIN. This is sort of like a Social Security number for businesses—it serves as a unique identifier on tax paperwork and makes it easier for the IRS to track payroll taxes if you hire employees. Having an EIN will expedite state and federal tax filing.
Work with an accountant to stay on top of finances
As a business owner, you understand the importance of staying on top of your finances. You may be good at keeping track of income and expenses, but as your business grows, the task of managing your finances can become overwhelming. This is where a CPA can be a valuable asset to your business. She can help you stay organized and keep track of your finances so you can focus on running your business. Accounting services also provide valuable insights into where your money is going and how to save money on taxes.
Harness the power of technology to streamline daily operations
Accounting software isn’t the only technology you can rely on to fast-track the mundane parts of startup life. Look for collaboration tools to get your operations off to an efficient start. Cloud-based project management software and chat apps are two examples. Such tech can be especially useful if you work with other people remotely, making it possible for everyone to keep track of deliverables even if they aren’t sharing office space.
Make cost-effective marketing plans
Part of ensuring your business is successful requires a marketing plan. When starting out, you want to get the most bang for your buck, so it’s wise to investigate budget-friendly strategies. Video marketing through your website and social media is one such option, and using stock videos available for download royalty-free can save you a lot of money up front. Royalty-free stock footage can be supplemented with text and audio to create an engaging video to attract potential customers.
Owning a business is a dream come true for many people. However, that doesn’t mean that every part of entrepreneurship is a dream! Follow the tips above to get the more tedious startup steps done quickly, freeing up your time to move on to the more exciting tasks.