Do you have that entrepreneurial spirit? I sure do, just take a look at my blog, it makes money just like any other business. However, I do have one distinct benefit over other small businesses in that I have a virtual office rather a typical brick and mortar. Not to mention I am the only employee of this site. I needn’t worry about paying rent, running payroll, or hiring a bookkeeping firm to handle my accounting. Unfortunately, so many others starting out forget about these simple practices that are vital keeping a business afloat.
Make sure you build a budget and stick to it! This is a basic and simple rule that everyone should follow. Considering that one in five small businesses fail within the first year, it is advice I would heed. Make sure you consider the cost of rent and utilities. If you are overwhelmed, short on time, or need to expand your knowledge base than you need to budget for additional employees. In fact, you may need to hire a service in order to pay them. Companies like Modina Payroll Services provide much needed offering for small businesses starting out. If you have light knowledge of accounting you may want to seek an outside professional for that as well. Tax law can be complicated, and the penalties can be steep.