Additional Business Considerations

Business Checking Account

Open a checking account for the business at your local bank.  Operating a business without a separate checking account can result in legal and financial risks. It is recommended to develop a relationship with a bank early on in your business life cycle.

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Accounting & Record-Keeping

To get your business finances organized, start by creating a detailed budget to track income, expenses, and cash flow. Use accounting software, spreadsheets, or financial services to monitor your budget regularly.

Also, set up a filing system to keep all financial documents, both digital and paper, in one place for easy access. Finally, implement procedures to log transactions right away so your records are always up to date. It is advised to locate an accountant in your community for professional advice and support.

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Legal

Learn about attorneys in your community who support your business’s legal needs. Having legal counsel can help you understand the complexities of business law and decrease risks as you grow your company in Nebraska.

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Business Insurance

Acquiring business insurance ensures that the business is protected from unexpected issues.  You must have the proper coverage to protect your business and its assets, such as property, general liability, professional liability, workers compensation, auto, and so forth.

Setting aside time to investigate the different coverage options and find an insurance agent who can make certain that your business is protected. Contact an insurance agent in your community with expertise in business insurance to discuss the best business coverage options for you.

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Commercial Business Location

Securing your business location may include acquiring office, retail, or warehouse space. As a business owner, you should take into consideration aspects such as the amount of foot traffic, ease of access, available infrastructure, and utilities offered. Do not forget to reflect on the local economy and demographics to best serve your customers. Once you find a great location for your business, evaluate the cost of leasing or purchasing the property and fit within the perimeters of your business plan.

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Appropriate planning involves the cost of buildout or renovation necessary. Importantly, identify a licensed contractor to acquire the appropriate building permits for your buildout or renovation. Finally, make sure you understand your local zoning laws and regulations.

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Suppliers and Service Providers

Research and dependable vendors that provide the products and services your business will need. Do not forget to have a written contract prepared to define your business relationship, requirements, and expectations.

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