Starting a Business: Helpful Tips from an Entrepreneur

Introduction

Starting a business is one of the most rewarding journeys you can take, but it’s also filled with challenges. From choosing the right legal structure to managing finances and building customer relationships, every decision matters. As an entrepreneur, here are some helpful tips to guide you through the early stages.

Tip 1: Decide on Your Business Structure

Your legal entity determines how you pay taxes, protect your assets, and raise capital.

• LLC (Limited Liability Company): Simple to set up, flexible, and ideal for small businesses or solopreneurs. You can opt for a sub-chapter S filing status with the IRS once you have formed your LLC. An S Corp. offers the benefits of corporation status but with the pass thru income of an LLC.

• C Corporation: More complex, but better suited for companies planning to raise funds or scale quickly.

Many entrepreneurs start with an LLC for simplicity, then switch to a C corporation later if needed

Tip 2: Open a Business Bank Account

Separating personal and business finances is essential. A dedicated account helps you:

• Track income and expenses clearly

• Simplify tax filing

• Build credibility with clients and vendors

The bank will require your tax letter from the IRS showing the Tax ID or EIN assigned to you as well as an official stamped copy of the business formation documents from your state. These are usually available online from your state's website.

Tip 3: Use Accounting Software Early

Don’t wait until tax season to get organized. Tools like QuickBooks, Xero, or Wave can help you:

• Track expenses and revenue

• Generate invoices

• Prepare accurate financial reports

Do this yourself. Quickbooks online is easy to use and it will avoid a costly accounting bill at the end of the year. Learning basic bookkeeping skills is essential for business owners.

Tip 4: Understand How You’ll Pay Yourself

How you take money out of the business depends on your structure:

• Payroll (C Corporation): You pay yourself a salary, and taxes are withheld from each paycheck.

• Owner Draws (LLC): You take money directly from profits, but you’ll need to plan for taxes separately.

Tip 5: Plan for Taxes

Taxes can sneak up on new entrepreneurs. Stay ahead by:

• Paying quarterly estimated taxes if you’re not on payroll.

• Setting aside money every pay period for withholding and payroll taxes if you have employees. You will have to pay the employer portion of FICA and Medicare tax for each employee.

• Checking if you need to collect sales tax depending on your industry

A tax professional can help you avoid costly mistakes.

Tip 6: Invest in a CRM with Marketing Tools

Customers are the lifeblood of your business. A CRM (Customer Relationship Management system) helps you:

• Track leads, sales, and contacts and the stage they're at in your sales cycle

• Automate follow-ups via email or SMS using GHL workflows

• Build stronger customer relationships because you have their data readily available

For the best and most affordable CRM, GHL (GoHighLevel) Is a Smart Choice

Entrepreneurs often struggle with expensive, complicated CRMs. That’s why GHL is a game-changer:

• Affordable: Save hundreds or even thousands compared to other platforms

• All-in-One: CRM, marketing automation, email campaigns, and more in one place

• Built for Entrepreneurs: Simple, scalable, and designed to grow with your business

Conclusion

Starting a business requires careful planning, but with the right structure, financial systems, and customer tools, you’ll be set up for success.

With an affordable all-in-one CRM like GHL, you can focus on growing your business while automation handles the heavy lifting.

Launch smarter, stay organized, and let technology work for you.