What Financial Matters Do You Have To Arrange When You Start Your Own Business?

Working for yourself is fun! It’s hard work, but as far as I am concerned that is more than rewarded. I can determine where and when I work and I can continue to develop myself. Still, there were some money matters that I had to arrange before I started for myself. Do you also want to start an entrepreneur? Then you should certainly not forget these financial aspects. 

You Have To Arrange This Financially If You Start For Yourself

Open business bank account

Once you get to the Chamber of Commerce you can go straight to the bank to open a business account. You can choose a bank where you also have your private banking affairs arranged, but that is of course not necessary. Think carefully about your needs as an entrepreneur and make a choice based on that. Want to know more about this? Read our article ‘How do I choose a good business account for my business?’.

Do you need financing?

You should already have one before you started your business plan drawn up. This also describes the financial side of your company. Do you need financing based on this plan? If so, how much is this financing and how do you ensure that you have access to this money? For example, do you use your savings, borrow money from acquaintances or do you turn to a financial service provider? Perhapscrowdfunding also an interesting option for you. 

What insurance do you need?

As an entrepreneur, it is also useful to take out insurance. First study the risks that you may run as an entrepreneur and then see which insurance policies are available to cover these risks. Maybe business liability insurance, professional liability insurance, or disability insurance something for you?

Accounting: do it yourself or outsource it?

There are several options for accounting. You can do this yourself (certainly in the start-up phase of your company), or you can (partially) outsource the administration. There are of course multiple tools that help you with your accounting. 

Pay yourself a salary

And then the best financial part once you have started: paying yourself a salary! I can still remember my first entrepreneur’s salary very well. A lot of it was spent on lunches and dinners because hey, I had something to celebrate! However, also take the tax authorities into account.

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