Let’s be honest, becoming an entrepreneur isn’t all sunshine and rainbows. It comes with a lot of blood, sweat and tears, and of course a bunch of responsibilities. Startup responsibilities are not always as glamorous as they may seem. So, what’s some of the not so fun responsibilities, you may ask? Let’s give you a rundown of the startup responsibilities that are important but not enjoyable per se.
When you become an entrepreneur, you should know what you signed up for. And sometimes, it can be A LOT of work. Yeah, sure, entrepreneurship has its own pros; I mean, who wouldn’t want to be their own boss and want to pursue their passion? But, with great power comes great responsibility! And entrepreneurship comes with a few tasks that you may not look forward to crossing off your checklist. However, these responsibilities are must-dos if you want to get your venture off the ground.
Planning Out the Business Plan
The foundation of your venture: your business plan. Your
business plan incorporates everything for your target market into your
financial projections. But just like Rome, business plans cannot be made in a
day or two. They take time, a lot of it, thought, and plenty of revisions. And
if you’re not big into planning, this may not be the most glamorous part of
your entrepreneurial journey.
Securing Funding
One out of every three small businesses fail because they
run out of capital. That’s, securing funding is an essential part of becoming
an entrepreneur. But it’s certainly not the most enjoyable task on your list.
Securing funds for your new business can sometimes take loads of time and trial
and error. But, the good news is that there are a ton of business financing
options for entrepreneurs just a click away, such as bank loans, Business
credit cards, SBA loans, Grants, Crowdfunding, Personal funds and friends and
family. Take time and secure funds because it doesn’t always happen instantly.
Register Your Company
One of the most fun parts of the entrepreneurial venture is
choosing a business name. Once you narrow down a name and ensure its available
and legal for you to use, you may need to register your business with said
name. The type of business structure or the state you operate in generally
determine how you need to register your business name. For some businesses,
registering is as easy as filling out a few documents when you form the
business. Depending on your locality and business, you may need to complete a
few more steps to make sure you are completely registered, reach out to your
state for more information.
Setting Up Tax Accounts
Another “not so fun” aspect of running your own business is
taxes. And sadly, they’re unavoidable. So, part of your entrepreneurial duties
includes setting up tax accounts for your new company. Like with your business
plan, don’t put off getting your tax accounts in order. Depending on your
business and location, you need to get:
- Business tax ID number
- Local tax ID number
- State tax ID number
- Federal Employer Identification (FEIN)
And for some businesses, the list doesn’t stop there. To make sure you’re registering for all of the tax accounts your business needs, do your thorough research and consult the IRS, your state, and your locality.
Hire a Business Coach
If you're starting a business, it's important to have the right resources at your disposal. If you're going to build a successful business, you need to make sure that you have access to the right tools, strategies, and advice from people who know what they're doing. One of the best ways that you can ensure that your startup stays on track is by hiring a business coach. A business coach will provide you with all sorts of benefits, including helping you with: Keeping your eye on the prize: many entrepreneurs lose sight of their goals when it comes time to make tough decisions. Getting help from someone who knows what they're doing can help keep your eyes on the prize so that when tough choices come up in your business life, you'll be able to make them without getting off track. Avoiding common mistakes: there are certain mistakes that every entrepreneur makes at some point or another, whether it's because they don't know any better or because they don't have the right guidance available at their fingertips. Knowing what those mistakes are can help avoid them in the future so that they don't happen again (and again).
