By Marcus Lansky ~
Starting a business is exciting, but it isn’t all glitz and glamour.
Aspiring entrepreneurs must tackle several not-so-thrilling tasks, like structuring and financing their businesses, in addition to setting up their own accounting systems and buying insurance policies.
Unless you have fundraising experience, raising money isn’t easy or enjoyable. According to the US Chamber of Commerce, it’s one of the biggest challenges of starting a business. Here are a few reasons why:
Funding a startup is challenging, but consulting online fundraising services can help you achieve real results.
Along with funding your startup, you’ll need to choose the right legal structure. Several common structures include limited liability companies (LLCs), corporations, partnerships, and sole proprietorships. Sole proprietorships are the simplest to form but more difficult to finance. Funding an LLC or corporation is much more achievable, and you’ll also receive liability protection and tax benefits.
Considering an LLC or corporation? You can save time and money by using an online formation service. ZenBusiness, for instance, can tackle the following tasks:
In addition to arranging for funding and forming a legal entity, when starting a business you’ll need to build an accounting system. For many business owners, it’s helpful to delegate these tasks to an experienced accountant.
The accounting pros at Xero, for example, can help you apply for loans and write business plans. An accountant can also offer advice for opening a business bank account. If you need help setting up a bookkeeping system, an accountant can help with this task as well.
Now that you’re familiar with some of the more mundane tasks of launching a business, it’s time to get the ball rolling! Start by calculating your startup costs and hiring an online fundraising consultant. Then, compare legal structures and meet with an accounting professional.
Next, you’ll need to register your business with the appropriate agencies. You may need to insure your business as well, but this will depend on the type of business you’re launching.
Now go for it!