PADGETT BUSINESS SERVICES®

So...You Want To Start A Business?! Continued...

Banking—If you want to accept checks and credit card payments under your business name, your bank will likely require you to have a business account, rather than a personal account, event if you’re a sole proprietor. Find a bank that specializes in serving small businesses so that your monthly fees stay reasonable.

Credit Card Processing—Will you be accepting payment by credit card? You will need to have the proper agreements and equipment in place.
  
Licensing—Does your new business require local, state, national, or international licenses?

Continuing Education—Will you need it to keep yourself and your business competitive? Is ongoing certification needed or even required by law?

Insurance/Bonding—Does your business have any suc legal or ethical requirements? Are there industry standards you need to abide by? What risks are you undertaking that you might be professionally liable for?

Professional Services—You may not think you need ongoing accounting, legal, or other help, but what about an initial with an accounting professional to get your books set up properly? Or with an attorney to draft your basic contract? Or a business coach?
  
Taxes—Prepare to pay quarterly as cash starts to flow. Entrepreneurs have many deductible items, but they also have to pay all social security taxes. Remember, if you are a sole proprietor, no one is withholding for you. A good practice is to set up a separate account for taxes and transfer money into there as it comes in.

Plan for these things when you’re calculating your initial cash flow requirements, and you’ll save your sanity, and maybe even your business, down the road.