Hello, everyone, and welcome to the brighter finances podcast. My name is Louis Guajardo, I am the founder of Brighter Days Planning and the lead financial planner. We would first like to thank you for taking some time out of your day to listen to our new episode, were excited to have you here! We promise to provide you with valuable information every time you tune into our show.
In today's episode, Louis will be going through a checklist for small business startups. The checklist will include topics such as startup costs, entity structure, business accounts, and much more!
The Small Business Startup Checklist:
- Writing a business plan
- Writing a business plan is important as it will provide you with a description of what the business plans on providing, how it will set itself apart from the competition, how it will be funded and more. It can act as a sort of guiding light for you to reference in the future.
- Startup Costs
- Somewhat of a controversial topic is startup costs. Like getting rich people often want the quick and easy answer, but unfortunately there is no online application that will instantly approve you for a 1,000,000 loan. It will take time, hard work, and dedication to boot strap your business!
- Registration
- This is the legal entity that you business will take. We will always defer to the legal experts in this area, but we can still provide you with an explanation of each structure. In the episode we discussed S-corps, C-corps, LLCs, and sole proprietorships.
- Business Accounts
- The three main types of accounts that you will use are a checking, savings, and credit accounts. We like to stick with the same institution for all three if possible to keep your finances all in one place!
- Book Keeping
- This can evolve overtime and usually starts on an excel sheet and may end in hiring an accounting firm to handle all of the books if your business gets big enough, good luck!
- Management Systems
- We like EOS as a people management software.
- Branding & Marketing
- The main takeaway here was finding where your target audience exists and market there. Are they small businesses on Facebook? Then focus your marketing on Facebook! Are you trying to attract DIYers? Then maybe focusing on YouTube is your best shot!
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