Editor’s note: Michael Adams is the Co-Founder of Gredio , web-based food manufacturing software for specialty food companies built to help you effortlessly run your business (and forget about Excel spreadsheets). You may also need other types of coverage depending on your location and industry, but most small businesses are advised to purchase general liability (GL) insurance, or a business owner’s policy. This involves separate business checking accounts and lines of credit and credit cards.
Once you start realizing some revenue, you can invest in yourself, and build the business you imagined piece by piece, rather than all at once. Without a rigorous implementation strategy and plan, all the goal-setting and personal examination of business vision and motivation will just become a distant wish.
Our adorable photo bags make it super easy to start conversations wherever you’re at. You’ll have people approach you and ask you about your cute bag. I would also advise the business to carry a policy unless the only employee is the pharmacist who already has their own coverage, however you may want to consult with a lawyer to see if there are any state-specific issues.
Use a business credit card for transactions that you cannot pay cash for, such as building inventory, in order to keep business separate from your personal accounts. Note that I am not advocating subverting tax or legal guidelines…as a matter of fact I am suggesting that you follow the rules, through making your business profitable first.
If you are good enough in Swedish by now, the Tax Agency also offers free information meetings giving step-by-step help about how to start up a business (linked information only in Swedish). Plan to work many long, hard hours before you ever see a profit and expect to face some setbacks.