Starting a small business requires dozens, if not hundreds, of steps. In addition to securing a location and ensuring you have the necessary equipment for offering your product or service, you must also deal with the time-consuming process of writing your business plan, securing funding, hiring and training employees, educating yourself in basic employee law, developing a marketing plan, and setting up an accounting system. While you could hire people to do all of these tasks for you, most start-up entrepreneurs are short on cash. Here is a list of the tasks you can train yourself to do as well as the jobs you should consider contracting out.
- The Business Plan
No one knows your vision, dreams, and goals more than you do. Yes, it does require a lot of time and research, but a business plan will not only serve as your blueprint for the future, it will also play a huge role in getting financing and potentially attracting investors. If you have a partner, it will also ensure your joint vision is unified and you are both on the same page. The U.S. Small Business Administration can be an invaluable resource for assistance writing your business plan. They offer a free template and helpful guidance along the way.
- Dealing With The Internal Revenue Service
Many people get nervous when it comes to taxes and all matters under the IRS umbrella, but they have great resources for the entrepreneur, whether it be getting your Employer Identification Number (EIN) necessary for hiring employees or learning the basics of business record keeping.
- Following The Law With Your Employees
The federal government's Department of Labor and Occupational Safety and Health Administration (OSHA) have everything you need to know about the myriad rules and regulations that dictate how you must handle your employees. The rules for minimum wage, overtime pay, lunch and break periods, as well as safety posters and other required signage.
Jobs You Should Hire Someone To Do:
- Choosing A Legal Structure
A business attorney should handle helping you to decide which business structure, i.e. partnership, limited liability company, corporation, etc. is best for your situation. The business lawyer can also answer any questions you may have on employee law and taxes.
- Designing Your Website
Unless you are an expert at setting up websites, save yourself the hassle of trying to figure it out on your own. Countless hours can be lost just trying to navigate even the do-it-yourself website builders, and you have more important things to worry about. Choose a website builder who is also familiar with search engine optimization so your beautiful new website is seen.
- Setting Up Your Books
Depending on how comfortable you are with numbers, you can either have an accountant set up the required accounting systems for you and then show you how to use them or you can just pay them to take care of it all permanently.
To learn more about setting up your business, contact a company like Souders Law Group.