Nuts and Bolts: How To Set Up the Basics of Your Business

Published by Dean Burgess on April 19, 2021
Nuts and Bolts: How To Set Up the Basics of Your Business
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Although coming up with a business idea and executing the actual work might be a positive and even enjoyable experience for you, chances are you’ll likely run into some areas of setting up your company that are less than fun. This can include establishing accounting practices, getting payroll organized, and even setting up a limited liability company (LLC) for your business. While they aren't tasks you are looking forward to, these tips from Delesign can help you handle them easier and in a more timely manner.

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Set Deadlines for Yourself

Take a look at what tasks you need to complete and start creating deadlines for yourself. Try to handle the tasks in an order that makes sense, going from most important to least important. You might decide to set up an accounting system before you purchase anything for your business, for example. Put your deadlines on a calendar or another visible system where you can track yourself and ensure you aren't leaving anything behind. Some tasks might have several steps in order to ensure completion, so keep this in mind.

Eat the Frog

Todoist notes that many productivity gurus love the phrase “eat the frog” when discussing procrastination and goal-setting. Broken down, it basically means to get something done first thing in the morning so that you aren't putting it off until later. No one really wants to eat a frog, of course, so the thought is that doing it right away frees up your day and gives you a chance to focus on other things. With that in mind, schedule your most tedious activities at the beginning of your workday. Once they are done, you'll feel as though you have accomplished something, and you can move on to doing what you truly enjoy.

Outsource When Necessary

Sometimes it’s easier in the long run to outsource certain types of tasks rather than attempting to do them yourself, says Bean Ninjas. Maybe you’re busy trying to get payroll set up for your company and think it would save money to do it all yourself. But rather than have one additional task that you need to do every pay period, look for a payroll app that provides the benefits you need. They could offer same-day deposits for your employees or tax penalty protection.

Similarly, you could use a formation service to help you set up your LLC. Make a list of non-negotiables, and then seek out a service that can provide these to you. You can gain time back in your busy day by choosing to work this way.

Find Various Resources

When building your business, it can be helpful to have more than one option to turn to when necessary. If you are trying to find funding for your new company, it pays to research and have more than one option open. That way, if the funding source of your choice can't help you, rather than despair, you'll know you have other choices.

Other than financial resources, other groups of resources a start-up needs include:

  • Human. This is human resources, your employees. Focus on hiring new employees with retention as a goal, which means having attractive benefits available.
  • Educational. Understanding the competition and gaining an in-depth knowledge of your industry, these resources can be found through professional trade associations and the local chamber of commerce.
  • Emotional. Because starting a business can be extremely stressful, it’s important that the entrepreneur have a support team that can provide inspiration and guidance as needed. This team may be composed of friends and family as well as a mentor or professional group.
  • Physical. Physical resources are the premises and equipment, all of which is needed to survive.

While starting a business and following your passions can be a dream come true, you'll likely have some nuts and bolts to deal with to ensure your new company has a solid foundation. Knowing the best ways to tackle this challenge can help take the stress out of the setup so that you can focus on what you do best.

Dean Burgess

Dean loves hearing and sharing stories of successful entrepreneurs. After years of working with big thinkers, idea makers, and innovators, he has plenty of helpful information to share.