If you’re on the verge of starting your first small business or startup, congratulations! Having the guts to take the leap is huge. That being said, you’ve got your work cut out for you! Here are the very first things you’ll need to do.
1. Choose a Business Structure
LLC? S Corp? Partnership? These business entities can sound complicated, but they’re really not. Sites like CorpNet help you determine which business structure best fits your company’s needs. And they’ll even file it for you, faster than you could do yourself.
2. Set Up a Business Bank Account
Once you have your DBA (Doing Business As) paperwork, take it to your local bank to open up a checking account. Consider whether you will be the only person to access the account, or whether you’ll need to get additional debit cards and allow account access to other employees once you open up shop.
Running a business is hard. It’s like a baby: it requires a ton of sleepless nights in the beginning, needs constant attention, and still might grow up to be a disappointment! Think long and hard before jumping into business ownership.
1. Your spouse will consider her/himself a widow. A major cause of both marital and business strife is trying to maintain your marriage while starting a business. Putting in long hours at work means you take away from family time, and some partners simply aren’t willing to make that sacrifice. If you do become an entrepreneur, communicate clearly about what your partner should expect the first year, and strive to designate family time each day or week.
2. You’ll lose your hair. Even if you don’t, you can’t begin to prepare for the amount of stress running a business causes. You’ll lose sleep worrying about having money to pay vendors and employees, getting new clients, losing bad clients, traveling, paying bills…the list goes on and on.