Within the business world, there are plenty of benefits of self-employment. In fact, it’s something that many of us will dream of, especially when grinding away in a career we don’t care that much for. But when you’re ambitious, and you’re striving to succeed, you are likely to find that you’ll be ready for more. Self-employment can be great, but it’s not the ticket to big business. Instead, you may find that you’re ready to change your operations from that of a one-man band to more of a larger corporation. And when that’s the case, you’re going to need to make a change.
Life in self-employment can be incredibly different to running an enterprise. Sometimes it will be one you feel ready for, and sometimes it will be more of one that you know that you have to make if you’re going to keep up with how fast your business is growing. But how do you do it? There are a range of formalities that you must go through to make the change, but there are also things you should look to do to ensure your business can handle it. So, if you’re ready to grow from a small solo startup to a bigger credible company, here are the steps you should look to take.
When you’re taking your business activities from self-employment setup to a corporate enterprise, there are changes that you will need to make legally. So let’s take a look at what they are.
The first formality that you need to take care of here is your registration. Registering your business is essential. As you go to do this, you also need to decide on what entity you want to go for. Whether it’s a corporation, nonprofit, or limited liability, you need to which you are to then figure out what registration requirements there are for you as you declare your name.
Next up, it’s onto the taxation requirements. To set up your business entity in its own right, you need to apply for your Federal Tax Identification Number. This will allow you to acquire your Employer Identification Number (EIN) as laid out here https://articles.bplans.com/how-to-apply-for-a-federal-tax-id-number/. As an employer, this is something you’re required to have by law.
Licenses & Permits
From here, you may then need to consider what licenses and permits your business needs to obtain. It may be the case that you already owned the relevant licenses for business activity as a self-employed contractor. However, these may not be different. You will need to check your state and local requirements, as well as federal requirements here too. Also check for permits too, as these may vary by industry and the kind of operation you have.
There are also key things that you will need to do, just for you, to make sure you’re ready for the change. Because changing your business isn’t just about the legal requirements, it’s about making sure you’re ready too.
One of the first physical preparations you will need to make will involve in premises. Depending on your current circumstances, you may find that now is the time to get your first office, or move to somewhere bigger to handle your growing operations. If you have been operating from home, then now is the time to locate somewhere professional.
Next up, you’re going to want to work out what you’re going to do about a workforce. Are you at the stage where you need to hire your first member of staff? Or do you already have employees in place but you think you need more? Regardless of your current situation, it’s highly likely that you’re now going to need employees to allow your bigger business to handle its growing workload.
Of course, you also need to think about the custom you currently have. It’s essential to make sure that you’re pushing your business as much as possible. It may not be wise to grow your business status if you don’t have the custom to back it up. But at the same time, if you are growing rapidly, you’re going to want to focus on preparing to keep your customers happy during the transition you’re trying to make.
Now it’s onto the services that you may need to put in place. Because changing your business operations can often require you to take on services that will support your operations.
Trying to find the right services for your business can be quite daunting. When you’ve grown rapidly, or you’re hoping to, you know that you need certain measure in place, like insurance, but you don’t always know if you’re choosing the right cover. That’s why you need to get something specialist, such as http://equifyllc.com/equifyinsuranceservices/, to make sure your coverage is correct. As your operations get bigger, it’s essential that your business is protected in this way.
It’s also going to be time to hire an accountant too. You may already have one if you aren’t too great with numbers yourself, or you’ve never really had the time to take on your finances. But now that you’re growing, it’s a must. You’re going to want to find an accountant that can add value. Not only should they be able to manage your financial status and process your taxes, but they should also be giving you advice too.
From here, there’s also your marketing to think about. If things are going well and you’re relatively busy, you may not have the time to put into your marketing efforts that you know they need. So, as you’re growing, bringing the in the right marketing agency (or even multiple agencies), could be exactly what you need to do to keep things growing on track.
Then you’ve got the equipment you need to get your business ready for its new level of work. Sometimes, you will have some essentials in place, but you may need more.
And, of course, every growing business needs the right furniture for their office or premises too. So this is something that you’re going to need to source. You’ll need not only to find pieces that every office needs like desks and chairs, but you need to make sure that they will complement your operations and encourage your staff to be productive too.
From here, there are also computer software packages to consider too. Because now that you’re growing and graduating into the big business leagues, you may be aware that your operational practices just aren’t cutting it anymore. And certain software can save you time. From project management software to different communication tools, you need to work out what software solutions are going to ensure your operations run smoothly.
Finally, you’re also going to want to pick out the right IT solution too. You may think that you and your handy laptop are all that you need, but that’s not necessarily it. You may need a more professional setup that covers your entire office too. So, you’re going to need to choose an IT company, that you feel comfortable with. Because not only may they supply you with the hardware, it’s handy to take their maintenance and assistance services too.
Finally, you’ve got the plans you need to put in place to keep on growing. Having been in a place to go from self-employment to incorporation, you’re doing well – but you also have to stay on track.
It’s likely that you wrote up a business plan when you first become self-employed, but now you’re going to need to move it into phase two. And if you don’t have one yet, you’re going to want to create one so that you know where you’re going to take your business and how you’re going to do it. With a business plan, and having everything written down, you’ll find that you can get an overarching objective in mind and practically work out how you’re going to achieve it.
At the same time, you also need to know your marketing strategy. And, again, if you haven’t ever written one up before, now is the time to do it. Developing a marketing strategy can often feel like a lot of work, but it doesn’t have to be. It can be a way to drive your business forward and execute elements of your business plan too.
Finally, you should look to put some growth goals in place. This is sort of the next phase of thinking that is going to push you to your next level of growth. For this, you need to set some realistic growth targets. And it’s the realistic part that’s important here. If you want to stay on track, you have to make sure your growth plans are achievable.