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About the Author: Katie Conroy is the creator of AdviceMine.com. She particularly enjoys writing about lifestyle topics and created the website to share advice she has learned through experience, education, and research.
Early Steps To Take for a Long-Lasting Business
Starting a new business means juggling many responsibilities — not only for your livelihood but for that of your partners and employees. Administrative duties aren’t the most glitzy or appealing parts of the business. But if you develop effective and reliable methods to get them done — like these from Cymru Marketing — you’ll be closer to launching a successful business.
What, exactly, are the least appealing but most important behind-the-scenes tasks you need to do for your young business?
Banking Matters: Accounting and Payroll
From the moment your business launches and years into its lifecycle, you want to have organized, thoroughly documented financial data. As SmallBizDaily points out, accounting information helps you analyze your business’s performance, and it’s important for filing taxes — errors or missed deadlines in your business’s taxes can result in penalties. As your business grows, so will your accounting needs, so you may decide to hire an accountant or use software to take care of the books.
Similarly, a meticulous payroll system will serve you well both in the early days of your business and after it’s fully established. If your payroll taxes aren’t managed correctly, you may incur penalties, so look for a service that offers penalty protection.
The ideal small biz software apps will also streamline other payment processes to save you time, like employee time tracking, fast direct deposit, and automatic payroll calculation with all the payroll forms applied correctly.
Getting Your Start-Up on Its Feet: Funding Options
Accounting and payroll are financial processes that come into play only when your organization has actually secured funding. Funding is perhaps the most basic requirement of having any kind of business, notes Think Latitude, so even if it’s not an appealing part of the work, it is a priority. There are many ways to go about financing your enterprise, each with different advantages.
If you’re starting a business that has a chance at explosive growth, you may consider seeking out venture capital funding from investors. If investors choose to work with you, they can be a huge help in providing the money (“seed capital”) you need to launch your business. They’ll also most likely become members of your company or have some portion of ownership in the business.
Other strategies for funding a new business are crowdfunding, an internet-based effort, or self-financing, which means that you pay the expenses of starting the business yourself and own the business in its entirety.
The Organization at Its Core: Choosing the Operational Structure
One way to approach the need for funding, and the structure of your business as a whole, is by choosing the type of operational structure you’ll be running. Several options are available, including forming a limited company, a sole trader, a partnership, or a limited liability partnership (LLP).
Each type of organization comes with its own set of pros and cons, all dependent on what’s the best fit for your business. For instance, the LLP structure offers both immediate and long-term advantages: It limits personal liability in cases of debt or bankruptcy and is pretty easy to create and operate either on your own, with a lawyer, or through a service.
Starting a business is one of the most exciting career steps you can take, and streamlining the chores of getting started leaves more room for you to enjoy yourself. When technical tasks aren’t stressing you out or slowing you down, you can focus on perfecting the product or service that you set out to share with the world, celebrating what you’ve accomplished alongside your team, and maybe even taking time off.
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