Setting up your own business is more that just coming up with a great idea and trying to sell it to the public. While that is step 0, there are a lot of other steps you need to take along the way to make sure that you are being smart about your business, and keeping it legal. While every location may have different laws and regulations, here is a quick overview of some things you should keep in mind when you setup your own business.
Understand Your Local Laws
The first step for any small business is making sure that you understand all your local rules and regulations for your particular business. Each city, county, state, and country has different governing laws for different types of businesses. Some cities and counties require special permits while others do not (even if you have a home-based business). Other businesses may even require national permits or other requirements to operate.
Make sure that you check in with your local government office, or even your local Chamber of Commerce to get assistance in knowing what you need to operate.
Setup Your Banking
Next, you need to make sure you have bank accounts setup to be able to process payments. Many banks offer free business banking, so make sure that you shop around and find a bank that does. Also, make sure you understand your needed – check processing, online banking, etc. Some banks do charge for a high volume or checks, or may require you to get special equipment.
Also, you should look into getting business savings accounts so that you have a place to save money for your business. Just like a person, you should have an emergency fund for your business as well.
Keeping Accurate Books
Finally, you need to make sure that you are keeping accurate financial records of your business for tax time. This means getting an accountant or using an accounting program like Quickbooks, and lets not forget that everything starts with researching on how getting business saving accounts can be beneficial. Be meticulous and keep accurate records of everything you do.