Your first week as a bona fide business owner can be pretty nerve-racking. You’re excited to get started, of course, but you’re in the big leagues now. It’s all on you, it’s all up to you, and you’re not sure if you’ll always make the right call.
But that doesn’t change the fact that the way you set yourself up for this first week – and the month beyond – can even make or break your business goals.
Knowing all of that, you obviously want to do whatever you can to make this first week a success. And that’s something we can help with. Here are the most important things to get sorted before your first Monday rolls around.
A Bank Account
Every business needs a business bank account to work properly. And not just because it makes sense to separate your personal income from the business profits you pull in. Regulatory rules often demand that you have a tailor-made business account for your funds.
As such, you’re going to need a startup business account for your company before you start operating. Get this up and running ASAP, so you can be sure your cash flow has somewhere secure to go.
And with a bank account designed for a new business, you’ll have a few benefits to work off of as well. These tend to include no or low monthly fees, and that’s just the kind of thing a small business needs to succeed at such an early stage!
Double Check Your Business Plan
You should already have one written out at this point, so now’s the time to double-check it.
Does it still align with everything you want to do with your business? Does it outline the goals and objectives you’re planning to hit along the way? And does it break down your current standing (finances, resources, etc.) as simply as possible? What about your sales and marketing strategies? Are they clearly detailed and include any predicted income and expenses, like an SEO consultant? What’ll your main outreach efforts be?
This is your roadmap from this side of your first week to the end of your first year as a business owner, so you need to make sure it’s relevant and useful.
Make Record Keeping a Habit
You’re going to need as many records as possible, to both file your taxes and statements properly, but also in case you get audited one day. And it’s best to get into the habit of keeping records as early as possible.
Number one, get into the habit of saving receipts and saving emails in the right folders within your inbox. Then, make it easy to keep records of what you’re spending, making, and what you owe.
Keep these records all in one place that you can access from anywhere, such as a folder accessible on both your computer and your phone.
Health & Safety Compliance
Before you open your doors or hire anyone, you have to check the health & safety compliance regulations for your business industry. Is your workplace suitable, and does it align with the current regulations? You’ll need a fire stopping survey to assess the fire risks, plus other health & safety surveys to confirm if you need to change anything.
It’s always better to do this now than a few weeks into your time as a proper business owner. If you identify health & safety concerns, you can fix them so they don’t pose risks later on. It’s also easier to do this when you’ve not opened up yet, so you don’t have to deal with downtime.
First week as a business owner, right around the corner? It’s an exciting time! But it’s also one you need to get right. So, get the three things above sorted out ASAP, as they’ll help you look toward the future from the right foundation.
Featured image by: MART PRODUCTION
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