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.
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.