How To Get Started On Your Small Business

Author: Account On Fullerton | | Categories: Accounts Payable , Accounts Receivable , Personal Tax Returns

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Starting a business requires a lot of work. The amount of documentation, legal requirements, and strategic development can simply be overwhelming. But without putting in the effort, you’ll struggle to turn your idea into a successful business. Starting your own venture is all about trial and error. You need to work through the process to find what is suitable for you and what resonates with potential customers. But this can be challenging at times as it involves a lot of work.

Rather than being overwhelmed by all the decisions and tasks you have at hand, there are steps you can take to kickstart the development of your business. Account On Fullerton wants to keep things realistic while telling you that it is 100% possible to start your own business. This is why we have written down a few steps that will help kickstart your small business. It’s going to take time, effort, and potentially a few setbacks, but you can do it.

1. Get a proper business bank account
Business bank accounts help you manage your business finances in a professional manner and separate those funds from your personal finances. A business bank account allows checks to be made out to the business – which is more professional than asking customers to make out checks to your name. Your customers can also pay with credit cards, and employees can handle banking tasks on behalf of the business.

2. Keep business and personal matters separate
Blurring the lines between business and leisure is never a good idea. The need to separate business and personal finances are imperative when starting a business. It will play a significant role in how your business operates and how the corporate world perceives it. Differentiating between personal and business finances can provide an array of benefits, including tax advantages and the ability to shield your personal assets. On the other hand, if all your finances are tied up together, it can also leave you high and dry when things go awry.

3. Use a credit card for business only charges
Applying and getting approval for a business credit card can often be easier than getting a consumer credit card. This may make it tempting to use a business credit card for all of your expenses. However, it’s very important to use a business credit card for business expenses only. Mixing business expenses with personal expenses complicates your expenditures on a few different levels. Not to mention, there are consequences for your account and possibly for your ability to get credit in the future.

4. Seek advice on what is deductible
As a business, you can make tax deductions for business expenses. It can take hours to go through all of your spendings and determine what is legally deductible and what is not. If you do your taxes yourself, you might make mistakes, and these can cost you dearly. If you hire a tax professional, they will be able to tell you what is beneficial to set as a deduction. Even having taxes prepared by a professional can be tax-deductible.

5. Do not overextend your workload
It is easy to take on too much, particularly when you love what you do. You may be fortunate enough to be in a situation where work does not feel like work, but that also means you are less likely to know when you are tilting towards burnout, physically in need of rest, or pushing yourself too hard. Entrepreneurs may have more passion around their career than most, so you are more susceptible to losing yourself in the excitement of work. Self-care is a part of taking care of your business because if you break down, then your business will break down, too.

6. Seek help when needed
Entrepreneurs are generally ambitious, independent, and optimistic people. While this is advantageous most of the time, sometimes, these characteristics hold small business owners back when problems arise. You may not want to ask for help, even when you need it. Similarly, when you have an immediate problem that needs solving, listening to how others approach their business or even their lives can flick on a switch in your own thinking. That can lead to a breakthrough you weren’t even considering. When you ask your professional network for advice with your business, you’re really growing your network. You’re either interacting with new people or strengthening existing relationships.

7. Set goals and accomplish them
When working or on a job, remember to actually work, get things done, and accomplish what needs to get done. Avoid procrastination and wasting time on things that are not important. You can do this by having daily goals. Ensure you set a time limit for these goals and then try to meet and exceed them. Try not to go over the time limit to meet the goal, and do your best to establish new targets each day. Do this by modifying your goals based on what happened the day before. Again, seek help when needed.

If you are looking for a tax accountant in North Bay, Ontario, then reach out to me at Account On Fullerton. I was born and raised in North Bay. I graduated from Canadore College in 1984 and have a background in financial planning and Canadian securities. After working with a lawyer and learning about the diverse aspects of running a business, I chose accounting services as my final career and opened Account on Fullerton in 1997. I have been offering business and bookkeeping services to small and medium-sized businesses since then. I offer accounting and tax services to clients across North Bay, Kipawa, Bonfield, Marten River, Mattawa, French River, Temagami, and the surrounding areas. For a complete list of my services, please click here. If you have any questions about accounting, I’d love to hear from you. Please contact me here.