• 5-Mints Blog

How to Manage Your New Business

You got your feet wet and are ready to jump into business. If you’re new to all of this, there a couple of things you’ll want to keep in mind. Opening a business is one thing, managing your business in an organized manner is quite another.

Not everybody is a Type A personality that has every detail neatly tied together. So, how can you manage your business without getting overwhelmed?

What Type of Business Will Your Company Be?

First, before you get too far, consider whether you’ll be working as a sole proprietor, an LLC, or something larger. If you’re in something larger category, I’m guessing you’re further along in the journey. Let’s focus on the small business, since that’s what most people reading this will be working toward.

Many small businesses, even one-person teams, choose to go the route of an LLC which stands for Limited Liability Company. What this means is that if something should happen and a customer or client sues you, your company and personal assets are separate. You won’t lose your home. They’ll be suing your company, not you as a person.

For this reason, many people opt to open an LLC.

How do I Set up an LLC?

When setting up your LLC, you don’t have to do it alone. There are companies that can help you for a nominal fee, like Legal Zoom or IncFile. IncFile has been in business for close to twenty years and helped over 250,000 businesses set up their LLC. They know what they’re doing and can take the hassle out of the experience for you.

Once you get yourself situated as either a sole proprietor using either a tax ID number or your social security number, or have chosen to form an LLC, you’ll want to tackle a few more details.

I know, so much paperwork… right? You just want to start working! Unfortunately, without taking the time to set things up properly, you’ll end up with more headaches.

Wait! There’s More? Get Your Legal Wording in Order

There are all sorts of legal issues you’ll want to sort out before getting started. It’s not just setting up your LLC. Now, when you create your website, you’ll have to think of other details—things like a term of service agreement, a privacy policy, or a disclaimer.

They seem like small things, and they are easy to overlook, but don’t set yourself up for problems early on. There are rules you need to follow, so taking a few extra moments to research these details will be a big win and save you a hassle at a later date.

Don’t Forget About Contracts

Lift your chin up. No need to panic. Contracts may seem scary with all their legal fine print, but I have an easy answer for you—TermsFeed. This is a site you’ll want to bookmark. TermsFeed makes all these issues a piece of cake.

See, and you were worried! We’ve got your back. Yes, there are a lot of details to remember, but sites like TermsFeed make things easy. They’ve got legal agreements, terms of service, EULA to protect your apps, disclaimer policies, and a lot of other contracts you can use.

It’s simply knowing where to look. They make compliance a breeze.

You must be so excited! You’ve worked hard to get to this point, so don’t throw it all away because you didn’t take the time to tackle these vital steps. They are there to protect you.

What Other Programs Can Help Manage My Business?

What else do you need to know when it comes time to manage your business?

· Choose well-reviewed invoicing software like Bonsai, FreshBooks, or QuickBooks

· Choose a solid project management software like Asana, Basecamp, or Trello

· Keep excellent records and copies of your receipts

· And lastly, congratulate yourself for all the hard work you put in to get this far.

Managing your business will become second nature, but early on it can be daunting trying to remember everything. Setting up good systems will help you not only create helpful habits, but they will also create routines that will simplify your process over time.

*What tips or advice did I miss? What helps you be a strong, clear, and effective communicator? I’d love to hear about it in the comments!

* Enjoyed the post? Like, and Share it with your friends on Twitter or Facebook! * Feel free to leave a comment or send me a message. I’d love to hear from you!

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