What To Do Before Starting A Business, According To A Business Manager
Thinking about starting your own business? It can be overwhelming to know what your first steps should be and who you should have on your team. If there is one person who has had the biggest impact on my business it’s my bookkeeper, Crystal. I’ve been lucky enough to have her on my team since day one and she has made a world of difference for both my sanity and the health of my business. Not only does she keep my books straight, she helps me make smart business decisions and acts as a general sounding board for me. Some people think they can’t afford a bookkeeper but, for me, I can’t afford not to!
Crystal is not your average bookkeeper. She’s a full-time Business Manager with many years of experience who really understands everything that goes into making a business successful. Naturally, I thought she’d be the perfect person to give some advice to those of you who are looking to start a new business. Here’s what she said:
“Take the time to set up your business properly. Start with a business plan that includes budget & cashflow projections for your 1st year through the next 3 years. Select a team of experts who can advise you on the various areas of your business – Attorney, CPA, Bookkeeper. Meet with each of them & show them your business plan.”
ATTORNEY
Talk to them about the type of entity your business should be and the cost to create that entity.
Do they have a recommendation for a bank & why?
CPA
Talk to them about how to pay yourself.
Do they know a reputable bookkeeper?
Ask what the estimated cost to prepare your annual tax return will be.
Do they have a recommendation for a bank & why?
BOOKKEEPER
Try to find someone with 5-10 years bookkeeping experience. Ask for references and take the time to check them.
What accounting software would they recommend & what are the associated costs?
What payroll company would they recommend & what are the associated costs?
How much will they charge to do your bookkeeping?
“Review your business plan periodically. It’s good to be reminded why you started your business & it allows you to make any necessary adjustments to your plan as your business evolves & grows.”
Congrats on taking the step to start your own business! Stay tuned for my next blog post on business advice from some of my favorite entrepreneurs.
Cheers,
Emily