Starting a Small Business? 3 Things to Do Right Now

3 important things to do when starting a new small business

Whether you’ve had your business dream for years or you’ve just come up with a new idea that you think could make you the next Bill Gates.  Assuming you have already chosen a company name, logo, service to provide, and some of the other big decisions that you need to make before you start a new company, here are three things to do right now to kickstart your business the right way.

Starting a Small Business

Open a Company Bank Account

While it may seem unnecessary, opening a company bank account can make managing your company’s finances exponentially easier than it would if you were trying to merge your own bank account with the company’s.  It can be much easier to keep track of things like income and payroll when you have an entire account dedicated to your small business.  It also makes things like overhead expenses (rent, equipment, etc.) much easier to manage, since the money is coming out of a single account.  

Keep in mind that some banks have different requirements for what qualifies you as a business rather than an individual, so calling ahead to several different banks can ensure you get a good deal, as far as interest rates, and that you will qualify as a business.

Starting a Small Business

Set Up an Extensive Web Presence

Even 20 years ago, very few businesses thought about establishing web pages, social media accounts, or any of the other places a business can exist online.  Now, however, it is absolutely essential that your presence on the internet is as wide-ranging as possible.  This means social media accounts like a Facebook page or even Instagram and Twitter accounts, sites designed for businesses, like LinkedIn, and a web page for people to find more information.  The more you are established in this medium, the better.  You can even advertise through many social media sites now, and having a blog or regular content posted on a website is a good way to get more clicks on your site, leading to more customers and, therefore, more business.  

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Find New Connections 

While the internet is a great place to find new connections, it is certainly not the only one.  Finding people in the right places that can help you fill product orders, generating new customer markets, and even customers themselves.  This is something successful business owners never stop doing, and it can be the difference between your business succeeding over time or seeing initial success before fizzling out.  Constantly seeking new connections that lead your business to be more successful is crucial to creating a sustainable, prosperous company.

While it may be overwhelming to know exactly what to do after starting your small business, these three tips are actually relatively easy to do.  Opening a company bank account is a no-brainer, and it takes all of a few hours.  A web presence is a must in today’s markets.  And if you’ve been able to find a customer base initially, searching for new markets to draw from should be right up your alley.  

Josh Dudick

Josh is the owner and lead writer at Daily Wisely. His career has taken him from finance to blogging, and now shares his insights with readers of Daily Wisely.

Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh has over 15 years of experience on Wall Street, and currently shares his financial expertise in investing, wealth management, markets, taxes, real estate, and personal finance on his other website, Top Dollar Investor.

Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business.