Are you just considering starting a new business? For every startup there are foundational issues that you must address with the advice of a professional. The first is what structure will your business take? And what tax implications will you have as a result? Do not assume that since you are just getting started and you don’t yet know what kind of revenues you will have that you can wait to address these kind of issues. It is not expensive to get an Accountant and attorney to spend a few moments answering questions for you. It is important to have professionals on your team that you can reach out to when needed. Every solopreneur should have an attorney they can rely on to answer questions. I have used PrePaid Legal for several years and have been very happy with the service. This is an inexpensive way to have attorneys available whenever you need them.
Once you have determined your business structure now you can open your business bank account. Protect yourself and do not use your personal account for you business as well. Another consideration is how you will accept payments for your services or products. If you want to accept credit cards then you will need to either obtain a merchant account or to start you could use a service like Paypal.
I would also recommend that you do a twelve-month cash flow statement so that you are really clear about your expenses and projected income. This is helpful to know what kind of targets you are going to strive to meet.
My other suggestion is that you know precisely who your target market is exactly what their problem is that you will solve and how will you solve it. If you are unclear on these critical issues, it will be impossible to explain to a potential client. If you answer these questions with I can help everyone please continue to do some work in this area or you will struggle to generate the sales you want.
I also want you to check in with yourself and be sure that this new startup venture is something you are passionate. That passion will help you remain focused, persistent and committed, even when you hit a bump in the road.
You might want to read other considerations here and listen to the podcast for some other thoughts.
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