Small businesses often have very different needs from giant corporations.
To succeed with your new company, you need to think about details that may seem unimportant at first glance.
With so much on your plate as an entrepreneur, it can be easy to overlook small business insurance, tax codes, or financial assistance benefits that could help you save money and streamline operations.
Estimate Taxes and Plan Your Financial Year
Even if you’ve worked as an accountant, it’s easy to forget that you must pay taxes as a business owner.
If you’re not careful, the IRS could slap you with a hefty penalty and interest fee for failing to pay taxes on time.
When starting a business, one of the most important things to consider is how you’ll handle taxes. You can estimate your taxes using the IRS’s online calculator. You can also talk to a financial advisor about which deductions and credits you may be able to use as a small business owner.
Hire a CPA
One of the smartest things you can do as a small business owner is to hire a CPA.
Being audited by the IRS is a stressful and expensive experience. If you hire a CPA, they will help you with your taxes and reduce the likelihood of an audit.
A CPA can also help you with other financial aspects of your business, such as ensuring that you have good bookkeeping practices or helping you to find financial assistance programs that you may qualify for.
Know Your Employees’ Benefit Rights
As a small business owner, you have the opportunity to design your company’s benefits program however you’d like.
While this can be a great way to attract top talent and make your employees happy, you also have to know the details of their benefits program inside and out.
For example, the government requires that you offer your employees health insurance. As an employer, you can choose to pay part of their premiums or offer a health savings account that they can use to pay for their medical expenses.
Create a Marketing Plan
Creating a marketing plan can help you keep track of your marketing efforts and ensure that you don’t miss anything.
A marketing plan can also help you to identify what you need to do to attract customers. Finally, a marketing plan will help ensure everyone works together to achieve your business goals.
Lock in Your Internet Service Provider (ISP)
When starting a new business, it can be tempting to go with the first Internet Service Provider (ISP) you find online.
Many ISPs offer special deals to new customers and will gladly sign you up for a long-term contract. However, while signing a long-term contract may seem like a good idea, it could prove to be a costly mistake. If a better deal comes along, you won’t be able to switch ISPs.
Your best bet is to get a short-term contract. Then, after a few months, you can re-evaluate the situation and decide if you want to stay with that ISP or if you want to switch providers.
Running a small business is challenging but can also be gratifying.
With the proper planning and foresight, you can create a thriving business that works for you, not the other way around.