If you have been thinking of starting a small business of your own but you are worried about doing so, you should not be because starting a business in this day and age is easier than ever and there are many ways in which you can start a business with a minimal risk unlike in the past when starting a business or a company meant spending your entire savings on a primary investment. This said however, it is vital that you do not rush in to anything without planning it out in detail because irrespective of the size of the risk, you do not want your business to fail. You have no doubt heard that most startup businesses tend to fail and this can be something that deters young potential entrepreneurs from achieving their dreams but the truth is that the only reason that they fail is because of lack of planning and therefore, you can prevent your potential business from ending up like that by simply taking the time plan your business well.
Keeping of the books
One of the biggest mistakes that new business owners make is that they neglect to keep strict accounts of the business causing them to fail. Another thing that could happen is that you could get in to trouble with the government due to lack of proper accounts because you are liable to pay taxes on the monies that you earn after you hit a certain amount of profit. Therefore, you will need to have an accountant working for your new company either full time or even on a freelance basis to help you to keep your accounts in order if you do not have much knowledge on the subject yourself.
You might be able to hire a business accountant who works freelance and will only charge you by the hour for the work that they do. As you are a small company with minimal transactions, a visit once a week or twice at the most should be more than enough to keep your books in order.
It would be advisable for you to try to minimize your expenses as much as possible in the first six to eight months of your business because there is no guarantee that you will be making profits in these first months. You can minimize your expenses by running your business from your home or online instead of hiring an office for example. You can also put in extra hours to avoid hiring someone to work for you in those first months.