6 Items to Have as a Small Business Owner

Starting a business is the first step to owning your business. To maintain and sustain your business, there are several items you need to have. Most of these items are designed to make work easier, help with marketing, or increase the revenue generated. This article is focused on some of the items to have as a business owner.

1.  Business License

This is probably the most important item every business owner needs to have. A license or permit is a legal document that gives the entrepreneur permission to carry out their business according to the law. When it comes to licenses, every business has unique requirements based on the nature of its business. Some of the licenses you need include: Federal permits- most businesses are not mandated to have these permits. However, it’s best to double-check.

State license- you have to contact the state agency to inquire on the specific requirements needed to obtain a state license based on your operations.

State licenses by product- firearms, liquor, lottery tickets, and gasoline are some of the businesses that need specific licensing for the owners to operate.

Sales Tax Permit- business owners dealing with physical commodities need to have resale permits or state seller’s permits to conduct business.

1.  Business Plan

A business plan is like a road map that guides the business owner. A business plan is a referral point used by a business owner to gauge the performance of the business. The document should also be able to answer some of the key questions in business, some of which include:

• The purpose of the business.
• Target audience or potential customers.
• Demand for your commodity.
• The opportunities and limitations of the business.
• Your business goals.
• Your finances, including the startup expenses.

By answering all these questions in your business plan, you can effectively navigate the road to achieving your business’s success.

1.  Ledger Books

A business’s finances are probably the most delicate part of any business. As a business owner, you need to have clear and complete records of all your transactions. This way, you can effectively monitor your cash flow. Today, most businesses rely on digital platforms to keep track of their finances. However, it doesn’t hurt to have a physical book to keep all your transactions. A ledger book keeps records of all accounts and all account transactions. Each account has a carry-forward or opening balance recorded as either credit or debit and a closing balance.

You should have at least three ledger books, general, debtors, and creditors as a business owner. This way, you can monitor your finances independently and make work easier. Keep in mind that the information inside ledger books is required to prepare the business’s financial statements.

1.  Embossed Cards

As a business owner, you need to open up one or two business accounts for your business. Having a business account helps portray some level of professionalism, especially when dealing with large transactions. Most account holders, including businesses, are issued with embossed cards. Embossed cards are electronic

payment cards with imprinted or stamped payment card details on the surface. The embossed details found on credit and debit cards include the card number and the cardholder’s name. Using these electronic payment cards, your employees can perform transactions without needing you to be physically present. Embossed cards are not limited to carrying out financial transactions. You can choose to emboss your building entry cards or access keys.

1.  Computer or Laptop

Computers and laptops have become a mainstay in the business world. Most business owners rely on these devices to execute some of their duties ad even store company information.

Computers have several applications within a business. These include keeping track of inventory, hosting customer and employee management tools, and many more. As a business owner, you need a computer to open and access online performs on which you have stored company information. They can also help with communication by helping you draft and send emails to employees and customers.

1.  Telephone Directory

As a business owner, you need to have the contact details of other complementary businesses. This way, you can communicate effectively. What better way to go about this than to have your own directory. A telephone directory contains most if not all the relevant

contacts any business owner may need to run their business successfully.

Conclusion

Before setting up their businesses, most entrepreneurs focus on the larger picture. However, they also need to look at some of the smaller items they require to enable their businesses to run smoothly.