There are few things as thrilling as finally getting your small business off the ground, but it is quite easy to overlook some essential items on your opening day. If you are getting ready to open your doors, then take a look at these products or steps you may have overlooked.
An Accountant or Accounting Firm
Even if you are an experienced accountant, taking care of all of your company’s finances once your start-up is running will be difficult. Having a CPA check over your books just once a year before tax season could save you money in the long run.
The Correct Business Structure
Many owners structure their company as a sole proprietorship before they open their doors, but most will want to transition to an LLC before they begin making money. An LLC will protect the owner’s personal finances if the business goes bankrupt or a lawsuit takes place.
Dedicated Email Addresses and Phone Lines
Relying on a personal phone line or email address for a business can result in unmanageable email accounts and overwhelming data charges. Having a spare phone and email address will help you further differentiate between your work and personal life.
The Correct Insurance
On average, lawsuits cost businesses $1.1 million if they end up going to trial. Having the proper liability insurance in place will protect the company’s assets by covering some or all of the damages that are awarded, court fines, and legal fees.
No one wants to finally reach the grand opening only to find that they do not have sufficient office supplies such as business cards from places like Print Shaq, stationary, and shipping supplies. One great way to avoid this is to create an ongoing checklist and mark off items as they are acquired.
Your company’s website should by working flawlessly well before you take on your first customer. If you feel as if you are not catching every mistake, then you may want to ask a friend or employee to take a look at each page and link.
There are some fundamentals that no business owner can skimp on when they are getting ready for their opening day. Failing to acquire these essentials could lead to huge problems ranging from government fines to lost revenue. With a little foresight, however, business owners will be giving themselves the best chance of success right from the start.