If you’ve just started a business, then congratulations! Being the captain of your own ship can be very rewarding and, if done right, beneficial to your financial well-being. There are many things that new businesses must do to get off the ground in the right way. Hopefully you’ve already selected your business name and created a business plan. If not, then that’s a great place to start. Once you’ve gotten those tasks done, you’ll be ready to tackle these 3 necessities.
Open a Company Bank Account & Create an Accounting System
Many first-time business owners often make the mistake of using their personal bank account as their business account. Ever hear of “not mixing business with pleasure?” While you could argue that paying your personal bills is not pleasurable, you should still keep personal expenses separate from business expenses. It may seem like no big deal in the beginning, but things will start to get pretty hairy come tax season.
By opening a separate account purely for your business, you’ll have a much better pulse on what comes in and what goes out. If numbers and finances aren’t your thing, then you should seriously consider hiring a dedicated bookkeeper to help you. Remember that we all have our own talents. If you’re a car mechanic, then cars are probably where your skills lie. Leave the financial tracking to someone who lives and breathes it. Doing so will allow you to focus on marketing and customer service.
Establish an Internet Presence
Like it or not, we live in a digital-first world. To quote the great Bill Gates, “If your business is not online, then your business will be out of business.” The good news is you don’t really have to be tech-savvy to put your business online. While building a website is certainly preferable, it’s not exactly a necessity. What IS essential, though, is a Google My Business page and a Facebook page.
Once you create and flesh out these pages, you should strongly consider making a website. With a website, you’ll be able to describe your services and products in more detail; moreover, if you give your business card to someone, they will surely search for you online. Having a Google my Business page will help, but it’s natural for those would-be customers and clients to look for an attached website.
Invest In General Liability Insurance
When it comes to business insurance, there’s a variety of different options to choose from. What you pick will often depend on what industry your business is in; however, of all the different insurance varieties, general liability is perhaps the most universal. General liability insurance protects your business against bodily injury, property damage, advertising injury, and more. While it’s easy to think that you’ll never need the assistance of an attorney, remember that it’s better to be safe than sorry. Be smart by protecting the integrity of your business for years to come!