How to run your small business like a big business. Small businesses are great, but there are specific steps that business owners should take to transform their small business into a big business after some time. Here are six steps you should take:
Get business insurance
Getting insurance is something everybody wishes they do not need to do, but it is necessary at the end of the day. Business insurance can protect your business from risks, property damage, theft, and even liability. In addition, being adequately covered helps you to prevent the loss of business.
Open a business bank account.
A business bank account helps you to separate your money from your business money. It is also important to open a business credit card to separate your personal one from your business cars.
Request a Tax ID Number
A sole proprietorship business might not require you to have an (EIN). However, regardless of the type of business you are managing, getting an EIN takes seconds, and it instantly ups your professionalism. It also helps to protect you from business identity theft by shielding your personal SSN from too many “prying eyes.”
Implement the Right Business Structure
It is important to get advice from other business owners or business attorneys. If you have any questions about your business, seek counsel from a business attorney. The structure you choose for your business will affect everything, such as the type of taxes you pay, how many people can be owners of the company, etc. This is why it is important to choose your structure wisely. These are some of the most popular business structures you can choose from:
- sole proprietorship
The simplest structure for a solo, small business owner. The main downside is that the owner´s business and personal assets are mixed.
A partnership structure allows two people to run a business together.
An LLC allows the owner to separate personal and business assets without the complexity of a corporation.
- Hire an Accountant
Having an accountant can improve your productivity and professionalism.
Getting the proper credentials keeps you on the right side of the law and shows prospective clients your professionalism. Being more professional helps you to stand out from your competitors and pave your way to success.
We are an established and growing law firm that specializes in business litigation matters for businesses located in California and Pacific. Call us now for a Strategy Session. We can talk about how we can help you to run your business without worrying about the underlying legal consequences. We can be reached at (714) 415-2007 or reserve your spot by clicking here.