Forming your own company doesn't have to be a soul-sucking experience. This guide will help you with just that.
Starting your own company can be quite time-consuming.
This is especially true if you’d have to do all the paperwork yourself, since you’d need to keep track of national rules, city ordinances, and a host of other regulations.
Also you’d need to invest time to research and make sure that you weren’t missing anything important.
If you missed one step, you’d risk having to go back and starting all over.
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If you included more than one partner in the equation, there’d be even more regulations that you need to consider.
The nitty gritty could become such a soul-sucking experience, you might even regret the thought of ever starting your own company.
Don’t let the whole process overwhelm you, there is a solution to all of these.
There are certain things that you could do to make the process of forming your company as painless as possible.
Hire Virtual Help
When forming a business, you might end up spending quite a bit to get everything set up for your business operations.
If your pockets aren’t deep enough to hire several full time employees, then you can visit online freelancing sites like Upwork to get you the manpower and professional help that you need to get things done.
You can hire virtual assistants, accountants, designers, and project managers, among others.
Some of these freelancers have years of experience under their belt and are able to give you the wisdom bombs that you need to optimize your business process in no time.
Freelancing sites are basically the swiss-army knives of business start-ups.
Not only are they able to get access to highly skilled workers, but the array of different pricing levels that the freelancers are offering gives the business owners a bit more wiggling room when it comes to how they allocate their budget.
Also, since you’d only utilize the freelancer’s services when you absolutely them, you’ll be able to save money, and optimize your expenditures.
Commission a Third-Party Entity to Register Your Company
Hand over the paperwork responsibilities to someone who knows the nuts and bolts of registering a company.
When forming your own limited company, letting the experts take care of the red tape leaves you free to get the physical aspects set up and ready to go.
This also helps guarantee that you don't accidentally forget a vital step in the process.
Having a third-party entity help you with this step will help ensure that each step of the registration process is done the right way.
This results in you not having to deal with any kind of legal issues in the future relating to your company’s registration.
Take It One Step at a Time
Rather than investing in a building that requires overhead, a number of employees on site, and all the other trappings of a brick-and-mortar business, think online first.
It is much easier to set up shipping from a home office than it is to look for the perfect, off-site location.
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In time, you might expand to an actual physical location, but start with a simple website and the bare necessities. If necessary, you could look into renting a space in a co-working office environment.
Taking it one step at a time will help you test the waters without investing too much of your resources. Everything becomes less of a gamble.
Should your business flop, you’ll be able to cut your losses instead of losing a huge lump sum of money.
Settle for Sole Ownership
The quickest form of business to start is a sole proprietorship. This will help eliminate partnership agreements that can include things such as, who is responsible for what task, and what happens if your partner is no longer interested in the business (among others).
Drafting the agreement for partnerships can take months upon months since neither parties would want to get the short end of the stick.
If you want to get up and running even quicker, use your name as the base of the business name. This step makes it easier for you to get noticed and it also helps you avoid the time consuming process of finding a name that had not yet been claimed.
The one thing you definitely want in place is a separate bank account for your business and personal finance. This will help you save time when setting up payment acceptance methods, and it helps prevent errors in accounting.
Doing so also has its tax advantages. If you’re using your personal account for your business transactions, separating your business income (and expenses) from you personal transactions during tax time can be a nightmare.
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Don’t let the process of forming a business overwhelm you. When you are overwhelmed, you end up underperforming. You won’t be able to tap into your full potential and work at your best.
Don’t let that happen to you. If the going gets tough with processing the paperwork for your company formation, simply hand it over to third party companies so they can help you with just that.