Starting a business can be an exciting time. But… managing your business finances can get tricky if you don’t stay organized. These first steps to starting a business can get you off on the right track!
- Open a separate bank account. This is the number one mistake that people just starting out make. Check with your local bank to see if they offer a small business checking account. Many time you can open a free account if you make one deposit per month. Having a separate bank account will insure that you don’t mix personal and business transactions. If you need a credit card, open a card to use just for business purposes.
- Set up a budget. I know, budgets are tedious, but you need to run your business like a business. You will need to plan out your expenses and income in order to stay on track, and make sure your business will be profitable.
- Look into cloud basked accounting software. I use Quickbooks online. If you start out doing your books yourself, there are plenty of tutorials online to get you started. Later, when you are too busy to handle the books by yourself, you can add an accountant to your account. Since Quickbooks is so popular, you will have no trouble finding a bookkeeping that can take right over.
I hope these tips on the first steps to starting a business were helpful to you! If you have any questions about the books, just reach out and I’ll be glad to help.
