Building a business from scratch is a very exciting time in the eyes of a solo entrepreneur. Usually it is something you have been thinking of for quite some time, not something where you woke up one day saying, “Wow, today I am going to start my own business!”
It’s a journey building and sustaining an online business but I can personally tell you after 25 years of owning my own business it is well worth it. I can also share with you that you will be much better situated if you take the time to do your homework and your due diligence in the early days of your business.
Also, let me toss in here that even if you have been in business for awhile, I find some women got theirs going so quickly with clients right out the gate, that when I came to business basics they kept saying; “I’ll get to that part later, right now I have clients (or I am concentrating on building my website)”. The problem with this is ‘later’ never seems to come.
If this is you, and you have been in business for awhile, please still be sure you have all your basics covered and the pieces in place. There is always time to correct what you may have missed, but I suggest you do it sooner rather than later. This is your money and your future finances at stake here.
So, what are the business basics I keep mentioning?
• Business checking account
• Business checks
• Business credit and/or debit card
• Tax ID number
• Business phone
• Incorporate your business to protect your personal assets
• Malpractice insurance
• Good accountant
• Good lawyer
Don’t let this list overwhelm you, but use it as a guidance checklist. If you have all these in place, wonderful, if not I can’t encourage you enough to get these items completed.
Not only is it because of your own sense of business due diligence, but it will help you out at tax time and……it’s the law. It’s vital you know your rights and responsibilities when it comes to business ownership. This is not rocket science and there is a lot of free and helpful information available.
My coaches request: If there are some of these items incomplete, please get yourself into action within the next week and start crossing completed items off until they are all check marked ‘done.’