Even for simple documents like supplier or customer agreements and employee/contractor engagement letters the low-cost websites don’t usually cut it. Every business has specific risks it needs to manage so there is a real benefit in talking with an expert. You don’t have to overpay, but in this area, you get what you pay for. I recommend finding a good lawyer, especially when you need to know how to set up a small business. Pro tip: if you use a bookkeeper who is Quickbooks certified, they can wrap the Quickbooks subscription into your regular monthly fees or extend a wholesale discount to you. I use QuickBooks Online for my own CFO consulting business and am a QuickBooks Online Advanced Certified ProAdvisor. QuickBooks will also handle the online credit card payments when your customers pay you (for a fee). One exception is for companies with a lot of SKUs and inventory movements which can be difficult to track in QuickBooks Online. When the business grows, a more robust system like NetSuite, Sage, or Dynamics may be needed. This is more than sufficient for most small businesses until they reach a certain size or complexity. I usually recommend QuickBooks Online for my clients. Keep your books in order with QuickBooks Online and a bookkeeper You may want to consult with a lawyer or CPA for specific legal and tax questions. Be sure to visit your state’s Secretary of State or Department of Revenue website and do this online for a nominal fee. You should also think about registering your business in the state where you are doing business. The IRS does not charge for a Tax ID number and you can apply for a business Tax ID/EIN online here. If you have been using your personal social security number for the business up until now and things are starting to pick up or are getting more complicated, it may be time to apply for a business Tax ID number (known as an Employer ID Number) with the IRS. You don’t have to do anything complicated in this area if you don’t want to. If you haven’t already done so, now is the time to think about business formation. Register your business with the state and federal government I have written a short guide on a Startup Financial Model which can help you clarify your idea. Talk with a trusted business partner or other advisor who can help you with your business strategy, planning and budgeting, and to see if your idea is financially viable. If you’re not ready for these steps yet, then you may need to do further due diligence, including preparing a business model or financial model of your idea. Included in this article are the 9 steps I recommend and the advisors you may need to make your business a success. This article discusses all of the details that you need to know and answers all of the questions on how to set up a small business. Now it’s time to turn it into a real business! Congratulations, you have a great business idea.
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