Advice for start-ups: Five most overlooked things to be aware of
Starting a new business is an exciting time in your life. You have always dreamed of being your own boss and having the ability not to report to anyone but yourself. That is all well and good, but what happens if you don't know what to do? You are left floundering in the dark trying to find resolutions to problems you may be experiencing. If you are starting a business, don't fall into the trap of forgetting about these five most overlooked things to be aware of.
29 Feb 2016 17:31
- Registering with the IRS – Get an EIN
Not only are you required by the IRS to have an EIN, Employer Identification Number, for tax purposes, but this one number can qualify you for wholesale prices and can exclude you from paying tax on products that will be taxed again by the end buyer. Many new business owners forget that they will need an EIN until they are asked for it by an accountant or a supplier.
- Know when and how to pay taxes
Speaking of the IRS, do you know when taxes are due? From local to state to federal taxes, there is a timeframe within which you need to pay. Unless you pay your taxes on time, you just might find Uncle Sam on your doorstep. Make note of when taxes are due and mark those dates on your calendar. Someday you just might be happy you did.
- Contract a credit card processing company
Also, it is important to keep in mind that few people pay for anything with real currency any more. Most people (business or residential) pay with plastic and if you aren’t able to process credit or debit card purchases you will lose a great deal of income. Check out card processing companies like maverickbankcard.com so that when you open your doors you are really and truly ready for business.
- Hire an administrative assistant
No one can do everything all the time. It is unrealistic to think that you can run the office, be on the showroom floor selling products and on the phone all at the same time. Whether you hire part time help to relieve you of clerical duties or a full time ‘personal assistant’ to help you with all those tasks that keep you from interacting with customers. You won’t be saving anything by not hiring help because lost income could very well exceed what you are spending on a salary, so don’t be pennywise and pound foolish.
- Create a marketing strategy
Finally, many new business owners fail to create a marketing strategy to let potential buyers know you are there. Whether you are a B2B company or a B2C industry, it is imperative that you make your presence known. Here is where you should find (and hire!) a marketing expert. If no one knows your startup exists, how can you expect to make a sale?
So then, here you have the five most overlooked things every start-up should be aware of. Don’t make the mistake of overlooking these vital features of a successful business. When you open your doors you want to be ready to hear that almighty cha-ching and these things will help you do just that.