Finances to Think About Before Starting Your Own Business

Starting  your own business has been something you have spent countless hours  planning. You know what it is you want to do, have the necessary  experience and are ready to give it a go. Running your own business can  be a great advantage to a single mother, but it can also be very hard.  Before you quit your day job, there are a few financial issues you need  to think about.

Permits, Licenses and Taxes

Many people do not realize that almost every business needs a permit  or license to have a business in their city or county. While this is not  a big expense, it is there and if you do not have the proper permission  to have a business, the fines and penalties can add up quickly. There  can be a number of different taxes you have to pay if you are in  business for yourself. If you are selling a product, remember to collect  sales tax if applicable and more importantly to send any tax collected  to the proper authority on time. You will also be subject to  self-employment tax if you are not incorporated and paying yourself. If  you have employees, there will be all kind of taxes, from withholding  taxes to unemployment taxes.

Liability Insurance

Another expense it is easy to forget about is liability insurance.  You may have insurance on your equipment and have been told about  worker’s compensation insurance, but you also need to be covered should a  client or customer get hurt on your property. If your business provides  a service in which you will be handling property that belongs to a client or will be going to a client’s home, liability insurance will cover any damage you accidentally cause to the property.

Advertising

You probably already know you will have to do advertising to get  business but do you realize just how much it costs? A simple ad in the  phone book can cost hundreds of dollars. If you are going to do the  majority of your marketing online, it is still going to cost you quite a  bit of money. Joining different groups or having subscriptions for  sites to advertise on all add up.

Utilities

Even if you are going to be operating your business out of your home  until there is a definite need for an office, you are still going to  want a separate phone for work purposes. Having the kids answer the home  phone when it is a business call is not very professional. If you have a  separate location for work, whether just an office or a type of store,  you are going to need electric and water and sewer too. These expenses  can get very pricey depending on the business.

Website Expenses

You may be able to create your own website, web design could very well  be your business. Very few people are going to start off with a server  to host the site. Web hosting does not have to be a big expense, but it  will be there, and every month. Do not forget to make sure you pay for  the domain too.

Starting your own business will be an adventure. Whether it is a fun  ride or one you can’t wait to get off of is entirely up to you. Do not  let the little things get you down and make sure you plan ahead  financially. It might be a good idea to keep your day job for a while  until you are sure your business can afford to pay you what you need to  support your family.

3 Awesome Tools for Starting a Business

Image: FreeDigitalPhotos.net

Beginning a business is not easy. A new business requires a lot of micro-managing and needs a lot of involvement. Businessmen tend to be disheartened when they find the task too exhausting. This is why online tools are quite useful in helping budding entrepreneurs sustain their initiatives. As up-and-coming businessmen, it’s hard to spend too much money. There is the need to shell out some capital, but the goal is to earn more and spend less to promote and keep the business in good working order. The good thing is that there are awesome tools that are free or low-cost and readily available online to help you with this undertaking. Here are three of them:

1.  Bitrix24.com

Bitrix24.com is an online tool that serves as an operational foundation for a business. It helps the people involved get used to handling things such as file sharing, operations monitoring, workforce management, live streaming, CRM and more, all in a unified work panel. This is perfect for starting businesses because it’s entirely free for enterprises with 12 employees or less. Yes, you read that right. It’s 100% free for those types of businesses. The support is immensely solid, and it won’t require too much computer space since everything is cloud-based – no installation required – and is accessible anywhere, anytime, making your virtual workstation right where you need it to be. There is room for expansion later in time for only $99 per month. This subscription plan already can accommodate an unlimited number of users.

Image: FreeDigitalPhotos.net

2. PickyDomains.com

Part of starting a good business is getting the right business name, slogan or campaign title for your marketing efforts, whether that’s for the service or the goods you offer. If you can do this without outside help, good for you. If not, this is where PickyDomains.com comes in. Started in 2007 and with 50,000+ total contributors registered with the site to date, imagine receiving hundreds, if not thousands, of suggestions on any given day for just a fraction of the cost branding agencies charge. For $50 for a name or website domain (or $75 for a slogan), you become a client. And all you need to do next is furnish a short description of the name, domain or slogan you require. Your requirements will be taken by contributors into consideration when giving out suggestions. PickyDomains employs a satisfaction guarantee and will return your money in case you don’t achieve your desired results, that is, none of the suggestions are to your liking.

3. JetRadar.com

Limited budget is a common complaint among starting businesses. JetRadar.com, a meta search engine that functions like a fine-tooth comb, can access data from more than 700 airlines and hundreds of flight websites in its search for the best and cheapest airfare deals available, and makes this data publicly ready and accessible in a single site. Aside from saving you time and effort that you would otherwise have to utilize in the searching-and-comparing process, JetRadar also ensures that your limited budget can be stretched to the fullest.