I hear you, my friend! Thanks for sharing.
It can be OVERWHELMING starting a new business. We want to make it EASY for you.
I have some ideas for you on how you can stay on top of your finances from the start without the high monthly costs of hiring a bookkeeper.
Here are the first 3 steps we recommend that will allow you to set your business up for success:
1. Open a separate bank account (yesterday) in your personal name and start using this to accept all of your income (assuming that most of your payments are coming in an electronic format).
2. If you’re able, have this account be a Visa/Debit combo account so you can use the Visa portion for all of your expenses (ones needing a credit card). Or if you can use one credit card for all your business expenses and keep a different one for your personal expenses.
3. The main thing here is to start separating your business expenses and income right from the beginning. Even if you have to pull out almost every cent that goes into the “business” account to use personally and add money from your personal income to pay for expenses etc. The habit that this creates will be one of the biggest things you can do when starting out. And save you the potential of big issues with the CRA or IRS if you are ever audited.
This is just an overview of what you’ll find in our Starter Package.
Grab your FREE copy of our New Business Set up Checklist here and keep up the momentum. All you need to get started “right from the start” without the cost of paying someone to do it for you.
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