Establish Business Operations
Establish Business Operations
Set up a Business Bank Account
To set up a business bank account, visit a local bank or credit union with your business's legal documents, such as the EIN (Employer Identification Number) and business registration papers.
Having a separate business account is crucial for keeping personal and business finances distinct, ensuring accurate financial records, and building credibility with customers and suppliers. Most banks require these documents for identity verification and legal compliance when opening a business account.
Open a Business Bank Account opens in a new tab - Small Business Administration
Open a business account when you're ready to start accepting or spending money as your business. A business bank account helps you stay legally compliant and protected. It also provides benefits to your customers and employees.
Accounting and Record-keeping Systems
To set up business accounting and record-keeping systems, consider using accounting software like QuickBooks or hiring an accountant.
It matters because organized finances provide clarity on your business's financial health, facilitate tax preparation, and support better decision-making. Requirements for efficient systems include tracking income and expenses, keeping receipts, and reconciling accounts regularly, ensuring accurate and transparent financial records for your business.
Record Keeping 101: Information Your Small Business Needs to Maintain opens in a new tab - SCORE
Most business owners get into business to build, create and provide valued services to their customers. They don’t enter the world of entrepreneurship to file taxes, keep inventory logs, and track mileage. Recordkeeping, however, is a part of the job when you’re running a business, and it has to be done right.
Why Record Keeping is Vital and How To Do it opens in a new tab- SCORE
Recordkeeping for business isn’t optional. The IRS requires you to keep books and records for your taxes, and various government agencies require records for employees.
Building a Team
Building a team for your small business involves defining roles, recruiting talent, and fostering a positive work environment. Consider learning HR basics like creating job descriptions, conducting interviews, and providing clear communication to ensure a smooth and effective staffing process for your business.
HR Basics for Non-HR Professionals opens in a new tab - Small Business Administration
This course focuses on the laws most often violated (unknowingly) by small businesses (according to the Small Business Administration), how to prevent these violations, and common issues that arise in the employee management process.
Liability Insurance
Having liability insurance as a small business is crucial as it protects you from potential legal and financial risks, covering costs in case of accidents, injuries, or property damage. To know if you need it, assess the nature of your business and potential risks involved. You can get liability insurance from various providers, including insurance companies and brokers. It's an essential step in safeguarding your business and ensuring peace of mind in the face of unforeseen events.
Get Business Insurance opens in a new tab - Small Business Administration
Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.
