If you are a small business owner, congratulations!
I’m glad you decided to click on this article to further understand some essentials you will need when owning and operating a business. Planning, starting, and running your own business can be a wonderful and exciting thing. Imagine getting up every morning doing something you love and being part of a business that you know is helping others.
What would it mean to you to be able to schedule your own hours? What amazing things would you be able to accomplish knowing that clients are wanting to work with you? How many lives could you and your business impact?
For me, being a first time business owner is an empowering thing. I desperately wanted to work for a top advertising agency in my city who is known worldwide and has won multiple awards internationally. I applied for a position with them and didn’t even make it to a phone call. Now, my own marketing consulting agency is expanding with clients from around the world, and I am continuing to better myself daily knowing that I am a Founder and CEO of a company. When they go low, you go high.
But, there were many things that I didn’t have in my toolbox as a first time business owner.
Here are 5 essentials every small business owner should have.
1- A Trustworthy Lawyer
Lawyers can be a great, but expensive asset. They will help you start your business, give you legal documents to make sure you are working within the law, and will help you with other tasks like drafting contracts. When deciding on a lawyer make sure you do your research, especially with the reviews from other small business owners.
Is this lawyer easy to work with? What are their fees? Are they easily accessible? By answering all of these questions, you will be able to better pick a lawyer for your needs. Sometimes paying a premium for a strong lawyer is worth it in the end. Here is a great article on how to find a lawyer from the American Bar Association.
2- An Accountant Who’s Got Your Back
If you are like me, accounting is just not your thing. The money goes in and the money goes out, right? Well, unfortunately, it isn’t that simple. I recently found out that I will have to start paying predictive tax (in the US), meaning that I have to pay taxes on what I think I will earn.
Accountants aren’t always cheap, but they sure do come in handy. They keep you on track and make sure that you are paying what you need to pay for the government. Again, do your research with accountants! Maybe there is a local one that specializes in small businesses.
Here is an article from the New York Times on how to find the best CPA or Tax Accountant.
3- A Separate Business Bank Account
Having a separate bank account is incredibly important for your small business because this will (hopefully) prevent the appearance of illegal activities. Another reason to have a separate bank account is so that you can better protect your personal money from your business, just in case you get sued.
You will want to pay yourself a salary from your business bank account and make sure that all expenses and deposits come from that account. Some experts even say that signing up for credit cards with your business helps you further distinguish your personal buying from your business.
4- Goals & Business Plan
How often do you sit down and write out your business goals? When was the last time you created a business plan? Having these tools on hand are strategically important because you will begin to see the direction you want to take your business.
Remember, a business plan is less of the ‘what’ and more of the ‘how’. How do you plan on increasing sales? How do you want to build your customer service? How are you going to decrease your spending?
5- Confidence That You Will Succeed
The last essential item you will need as a small business owner is confidence. Without the confidence to succeed, you are bound to fail. Trust your gut, make risky decisions, but always remember that you started this business for a reason. You wanted to help someone somehow in some way. Get back to your basics and trust that you are on the right path.
Being a small business owner isn’t something that everyone can do, yet you have somehow managed to look past the haters, past those who said you would never make it, and have landed here.
You are strong, and I thank you for putting your business out there for the world to see.