6 Things to Consider When Starting a New Business

By | 11.01.2017

There are few principal factors to consider before starting a business. You have to know what challenges faced by the small business so you can prepare yourself. If you have already decided to start and you have an idea or a business plan ready to execute, we bring you tips that will save you time and money before launching.

Talking with entrepreneurs or colleagues allows you to reflect or know their good and bad experiences, regardless of the industry to which they belong. The key factor in common among all companies, and often underestimated, is the need for a good formal organization and a proper management of their accounting.

6 Things to Consider When Starting a New Business

Here you will find the necessary steps to save money and time before you start.

Before starting a business checklist

  • Draft the scope and purpose of your business

to find the legal model (a type of company) and get proper advice from your accountant
We recommend to include the following points in your writing

Business Members: If you are a sole proprietor or if there are several people, it is always important to describe the profile and the corporate detail of each member (also if they have other companies or interests)
Activity and primary object: Define the business, major products and services provide the company. List all the possible short and long-term activities they wish to carry out.
Also read: How to Attract Investors in a Business Plan?

Geographic space: Describe the market and where the company will operate. Who will you sell?
Customers Define the universe of clients (physical and online) that will consume the products or services.
Business volume: If you have an estimate of the first year of sales, it will help the accountant to define the best way to bill your services.

  • Formalize your company and register your brand

Once you determine the right type of business or framework, your accountant along with a legal counselor will guide you through the steps and steps up to your signature. Beyond the formal registration of a company, it is important that you also register your brand or business name (although it does not necessarily coincide with the legal name of the enterprise).
Also read: Why & How To Do Market Research for a Business Idea

  • Why register the name of your product or service as a brand?

Because only with this procedure you get the LEGAL USE of the name. For example, In The US, it’s for 10 years.

Because it enables you to exclude third parties who misuse it and protect you.
It gives the security of not being using a name that belongs to another person or society.
It should be noted that Google, Facebook, or web domains, do not grant any trademark right.
Also read: 8 Most Important Characteristics of an Entrepreneur

  • Start in an organized way – Online Management

Maybe at the beginning, and even acquiring a certain volume of sales or customers, you think you can manage your company manually, but that mistake can slow your growth in the future. The best recommendation is to build, together with your accountant, a fluid communication scheme and to know well what is the recurring or monthly information that must be shared to comply with different regulations, dates, and ideal formats. In this sense, OLB was born, designed to accompany the entrepreneur from the start and facilitating the organization or communication with your accountant. Having an online management and billing system is an excellent initial decision.
Also read: 10 Things You Simply Must Do to Succeed In 2017

We allow you to:

  • Work online together with your accountant and with an unlimited number of people you invite.
  • Collaborate with any type of system. 
  • Protect your data with monitored servers. 
  • Manage your billing, collections, and your Electronic Invoice.
  • Manage returns and credit applications to existing invoices. 
  • Generate purchase and sales invoices, automatically calculate taxes and withholdings. 
  • Get updated reports of your business, with just one click.

  • Plan the growth of your company and also the staff

For an entrepreneur or entrepreneur, each step towards growth implies greater financial and structural complexity. Therefore, significant investment decisions, expenses or savings must be validated with your accountant, who will also advise you correctly so that your accounting – personal and professional – is kept orderly and separate without having to run after expirations or regulations.
Also read: The Four Ways To Grow Your Business

  • Reports and management status

An online system allows you to quickly know your accountant or financial situation and plan your liabilities or expenses to avoid headaches. Having the possibility of obtaining reports in an easy way and knowing every detail without neglecting the business is fundamental for a good start. Having clear information for investors or partners, plus bookkeeping and administration of your business online, anytime, and from anywhere will be a great benefit to you undertake successfully.

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