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6 Easy Steps to Get Your New Business Started

by Tracey Hrica, EA Jul 22, 2020 | Share

Is there something you are passionate about? Are you ready to take the jump into entrepreneurship?

If so, here are some steps to get you started.

  1. Set up a Business Bank Account – Keeping business and personal money separate is a fundamental piece of advice in which most experts agree.
  2. Get Paid Faster with User-Friendly Online Payment Tools – Roughly 80 percent of small businesses fail because of cash flow problems. Technology can give you a considerable advantage in this department. User-friendly software can help you see business transactions from their desktop or mobile device, and the results. Here are some of the most popular choices: https://www.searchenginejournal.com/most-popular-online-payment-solutions/355014/#close
  3. Get familiar with Financial Reports – Utilize financial reports to monitor the health of your business. The bottom line is profit, and the most important financial report is the Profit and Loss statement. This statement tells you exactly how much money you have earned after you have paid for all of your expenses. You can learn more here: Behind the Numbers – Understanding Your Small Business’ Financial Statement
  4. Get a System in Place for Managing Clients – Business is about people and building strong relationships. You can make this a focus with a customer relationship management (CRM) system that delivers personal attention to your growing customer base and helps to generate new leads. Read reviews of some different options here: https://www.pcmag.com/picks/the-best-crm-software
  5. Chart Progress with Simple Budget Tools – Using mobile apps is a popular way to manage finances and keep a critical eye on your budget. Here are a few options. https://www.thebalance.com/best-budgeting-apps-4159414
  6. Connect with Experts and Mentors – Networking may not always be easy. Pitching your skills to a roomful of strangers is not quite so daunting if you use platforms like Meetup.com that congregates groups of like-minded people who share interests and professions.

As your accountant, we want to give you a toolkit to help build your business. Our goal is to set you up for success. As always, we welcome you to reach out to us for advice with these critical moments in your financial life.

If you enjoyed this post, you might want to check out:

Top Tax Mistakes Small Businesses Make

How to Keep You and Your Business Out of the Red Flag Zone

All Eyes Are on S Corporations

Independent Contractor or Employee? Here’s What You Need to Know About Worker Classification

3 Ways to Cut Overhead and Save Money in 2020

 

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About the Author

Tracey Hrica, EA

Tracey Hrica joined the firm in 1995 as a bookkeeper. In 2012, she earned the designation of Enrolled Agent(EA), which enables her to prepare personal and business tax returns and represent clients before the IRS. To maintain the designation of EA, she must complete yearly continuing education in the areas of personal and business taxation. Working closely with her clients, Tracey’s primary areas of concentration are new client onboarding, client communication, research, and QuickBooks support. As a QuickBooks ProAdvisor, she works closely with clients who rely on QuickBooks for the day to day running of their business. Tracey has expertise in both QuickBooks Desktop and QuickBooks Online.

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Comments

  • Hallie Reply

    Amazing tips!! Thank you for the valuable information.

    July 27, 2020 at 6:00 pm
  • Rachel Reply

    These are some pretty good tips! As someone who has just recently set up my own business, I might suggest adding “Register Your Business” also! 🙂 Thanks for sharing!

    July 27, 2020 at 7:57 pm

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