Whether you’re just starting out and setting foundations in the early stages or consider yourself a business veteran, there’s always room for improvement. So, what things do you need to set your business up right? Well, in this episode we’ll talk about that and more. If you’ve been waiting for a sign, my friend, this is it! Now is the perfect time to make room in your calendar, and go through your business systems + process with a fine-toothed comb.
Here are the 7 steps to set your business up right from the start:
- Register your business with the IRS (or your tax government) – This will help you get recognized by your government that you are a legitimate business. Registering can give your business both legal and marketing advantages.
- Open a Separate Business Bank Account – Set up both a checking and savings account. Get ready for the future while you are setting aside money for both your taxes and earnings.
- Pick a Tool to Track Your Numbers – Start Recording your cash flow. It’s going to help you keep the data that will be used to forecast and compare results. What’s working and not working for your business.
- Create a Monthly Routine – Get to know your money. As the owner, you will need to know which money comes in and out of your business. This can guide you to make bigger decisions in the future.
- Hire Help – Professionals will indeed help you with possible future problems. Hiring a cpa, bookkeeper and/or attorney are a few people you actually need. The importance of your numbers and contracts will come in handy as they make your work easier and less worried about future sales/deals.
- Pay Your Quarterly Taxes – Though there are other ways you can do this, it is still important to always put aside enough to pay taxes. There are rules and there are fees that might cost you in the future if you don’t get this sorted out.
- Automate your savings – Make sure you set aside a specified portion of your earnings to automatically deposit into your savings account regularly. This would definitely be a habit that will help your business in case of emergencies.
Now that you have a better grasp of the 7 Steps to Set Your Business Up Right, make it a habit to revisit steps 3 to 7 as your biz continues to grow. Set a clear intention and put them into action!
“Set yourself up today for the business you want to be a year from now. And then, a year from now, you’re going to have exponential growth!” – Stephanie Skryzowski
What you’ll learn in this episode:
- 7 Steps to Setup Your Business Up Right
- Importance of Paying Your Taxes
- How Early Preparation Can Protect Your Business
More resources to help you set your business up right:
- How to Make Decisions Using Time vs. Money Margins
- 7 Best Business Tools to Boost Efficiency & Profitability
- What You Need to Know Before Selling Your Business
- How to Protect Your Business Rights with Sarah Waldbuesser
- How to Keep Your Business Running While You Are On Vacation
- What To Do When Investments in Your Business Don’t Work Out
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Are you feeling stuck with what to do next to manage the money in your business?
Maybe you’ve logged into QuickBooks once or twice, but got instantly overwhelmed. Or you started to set revenue goals, but don’t know where to go from here. Maybe you simply know that managing your numbers is the right thing to do, but you don’t know what that actually means. Don’t worry, friend! I’ve got just the thing.Managing Your Business Finances Like a CFO is my brand new 10 step checklist that will help you manage your business like a CFO without making it your full time job.