As you draft a roadmap to start your own business, major landmarks stand out: finding a property (be it virtual or brick and mortar), hiring employees and pursuing consumers.
These components provide a foundation to grow, but entrepreneurship also means taking on the menial tasks that make the business viable and improve operations. From obtaining proper licensing to setting up payment methods, these lesser known logistical acts will provide a smooth take off on your way to entrepreneurial success.
Get a Credit Card Processor
Your products and services may be head and shoulders above the competition, but without a way to collect money, your business doesn’t stand a chance. Setting up a credit card processor is the step the that turns your service into a business. Credit card processors provide the equipment and software to facilitate transactions. Because of the regularity of credit card transactions, this logistical detail can be one of the most important. Varying transaction fees, hidden fees and levels of support differentiate credit card providers. Some processing providers, like Capital Processing Network, will sift through your business information to and provide a quote before you sign up.
Register with the Government
You’re free to start your own business, but that doesn’t mean there aren’t laws and regulations with which to comply. Appearing safe on the government’s radar will protect your business from regulation violations and penalties. The first step in complying with the government is choosing a business structure. Most small business fall into the category of sole proprietorship or limited liability company (LLC). The difference effects how you file business taxes and whether you can be held personally liable for business operations.
Businesses can register with the state governments at the local county clerk’s office or with the secretary of state’s office, according to SBA.gov.
Related: 9 Steps to Start a Charity
Draft Process Descriptions
As an entrepreneur, you’re used to juggling tasks with fine-tuned efficiency. If you plan on hiring employees, however, you may not always be there to keep the train on the tracks. Before you cut the ribbon on your new business, put key processes down on paper. These steps will undoubtedly change as you put them into action, but it will be easier to amend the these details than start from scratch.
With thorough business practices in writing, you can leave day-to-day operations to your employees with peace of mind.
Set Up Financial Details
It’s tempting to put off meticulous financial arrangements until you have a steady cash flow, but its difficult to separate business and personal finances during a business’ infancy. Set up a separate bank account for all credit-card and business transactions to conduct business matters. According to Startupnextdoor.com, many banks will offer business account benefits if you have a personal account.
With a separate business account, you’ll get a clear picture of your business’ financial health as well as tools to facilitate growth and stability. A business bank account won’t bring in any revenue, but it will help you deal with income in the most effective way.
