7 Things You Need When Starting a Business From Scratch

Being a business owner is a major accomplishment that takes a lot of work and planning. From organizing documents to hiring the right contractors, you have many things to get in order to ensure your business is successful. Read further for insights about how to start your business from scratch.

1. The Right Tax Forms and Documentation

Be aware of what type of business you have. Are you a sole proprietor or an S Corp? Is your business a partnership? The type of business you have affects the type of tax forms you use. The IRS can audit any business tax return within three years of filing and can collect back taxes owed for up to 10 years. With that said, keep all your financial documentation up to date and save those receipts. One great tool you can use is QuickBooks, but of course, it’s always great to hire a financial professional as well.

2. A Lawyer for Business Operations

Lawyers are useful even outside of court. A business attorney can guide and advise you where needed. There are 1,315,561 lawyers in the United States, so you have many experienced professionals to consider.

3. A Business Financial Plan

When you create your business, you should have a very well-thought-out plan documented. It should include the purpose of your business and financial overhead. According to StudyFinds, seven out of 10 Americans live paycheck to paycheck. It’s possible to have a similar struggle when you own a business. You may not see much of a profit immediately, but you’ll have a greater chance of being in the black versus the red with a good plan.

4. A Filing System

Any business will have a lot of documentation. Therefore, you should have an accurate and organized filing system. According to The World Counts, nearly 50% of commercial paper goes in the trash. Thanks to technology, you can do a lot of documentation online. You can use QuickBooks to manage your finances and a contract workflow system to keep contracts up-to-date with stakeholders.

5. A Professional Web Designer

With so many websites available, people no longer have time to put up with slow and outdated pages. Up to 94% of people will click off a website with poor graphic design. Make sure you have a professional quality web presence as soon as possible, and hire a good professional to handle it. Your initial website can be simple, but you can scale it out as your business grows.

6. An Experienced Graphic Designer

Nearly 80% of people recognize a brand based on its logo. While it may be tempting to create your logo using one of the free sites online, it simply won’t have the same magic a professional designer can produce. An experienced graphic designer knows how to use iconography, color theory, and other design elements to create an eye-catching logo that’s only associated with your business.

7. A Training Program

Your company can never have too much training, especially if more than one person is involved. When people join a company with ongoing training, it tells them the organization cares about their development, and they’re more likely to stay. QSR Magazine reports that the right training program can reduce job turnover by up to 35%.

It’s never easy starting a business from the ground up. However, the fruits of your labor will pay off when you take the right steps and put in the work. From training to legal help to documentation organization, the right moves will have you seeing success before you know it. Contact our team for more information about starting a company.

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