Tackling the Necessary Tasks When Starting a Business
- An article by Annabelle Harris of Elders Center.
You have an awesome business idea. You’ve found something you’re passionate about, and you’ve done the research to confirm that it fills a need in the market. Now, it’s time to turn your idea into a profitable business.
While there are unmistakable benefits to being a business owner, it’s also one of the most challenging career paths you can take. Not only do you have to jump through a lot of hurdles to get where you need to be, but you also have to ensure that you and your team are on the same page each step of the way. And some parts are not going to necessarily be fun.
Nonetheless, if you approach it the right way and do some planning, then you can knock out the not-so-fun tasks in no time and set yourself up for long-term success.
Establishing Solid Accounting Practices
This is one of the most important steps you will take when starting a business. Setting good accounting practices in place will play a major role in whether or not you succeed. Make sure you invest in quality accounting software, and always keep your accounts receivable payments separate from borrowed funds. Be diligent in tracking your daily expenses so that you can create and maintain an accurate budget, and don’t allow clients to neglect to pay their bills.
These are just a few of many fundamental accounting principles to keep in mind. If you have the room in your budget, consider hiring an accountant with small business experience. The upfront investment could pay off in no time considering how much time it saves, as well as the stress it relieves knowing that your finances are in a good place.
Few things are more complex in business than processing payroll. It’s critical that you begin your business with an organized system that allows you to easily track employee hours, pay your employees, calculate taxes, and fulfill other payroll duties. There are various small biz software apps on the market worth looking into.
Most startups need funding in one capacity or another. Even if you are bootstrapping your business, chances are you’ll need help with branding, marketing, or some other area of launching and growing your business. Make sure you have a top-notch business plan drawn up, and look into your options with investors.
Angel investors, venture capitalists, and crowdfunding are a few popular options. But you’ll also want to research small business loans that could provide you with much-needed capital; since interest rates are still low, this could be the ideal route at this time. Whatever type of funding you secure, just be sure not to sign the dotted line on anything for which you’ll have issues holding up to your end of the bargain.
Putting in the Time
There’s no substitute for putting in the hours necessary for starting a business. Even if you utilize technology and figure out how to handle a lot of your tasks efficiently, you’ll still need to spend a lot of time getting your business off the ground.
Plan to work a little harder than the rest while also trying to maintain as much of a work-life balance as possible. This will require you to develop a schedule that optimizes your productivity. But remember that you also have to be flexible since unexpected issues will likely arise along the way.
Not every part of starting a business is going to be fun. But if you want to position yourself for long-term success, it’s essential to follow the tips above. And keep researching other steps necessary for laying a strong foundation for your startup.