If you’re thinking about setting up a photo booth business, one of the first things you should consider is how you will handle all of your accounting, bookkeeping, and tax needs. In this day and age, it’s essential to use modern technology and software to help establish your business correctly.
Gone are the days when entrepreneurs used to manage everything the old-school way. You can still proceed with your photo booth business using antiquated methods but then be ready to waste a lot of time and money. In this blog, you will find top recommendations straight from photo booth Millionaire Josh Pather. He made several mistakes in his journey toward his first million dollars and lost a lot of money along the way.
So, now he is sharing all he has learned about setting up the right pillars for your business so that you don’t have to make the same mistakes in your Photo Booth Business.
Here are three pillars you should establish your photo booth business on to make sure it remains on track:
1- Get An Online Bank Account
Setting up a photo booth business requires a lot of prep work, especially when it comes to accounting. Accounting is an integral part of running a photo booth business because it ensures that you can manage the day-to-day operations and keep track of your finances. But traditional bank accounts might not be able to integrate with the bookkeeping tools and software that you need for transparent accounting. Fortunately, there are some great online bank accounts out there that make it quick and easy to set up your accounting for your photo booth business!
One such option is Novo, an online bank account specifically designed for small businesses like yours. With Novo, you can easily sync your account with multiple bookkeeping tools so that you don’t have to waste time manually entering data. Plus, Novo offers a suite of other features that can help you streamline your photo booth business, such as online invoicing and automated payments. So if you’re looking for an online bank account that will make accounting a breeze, Novo is definitely worth considering!
2- Setup Your LLC With The Right Person
Many people think that setting up a business is an easy task. However, setting up an LLC takes some careful planning and preparation. This will ensure your photo booth business will be protected legally, and you can focus on bringing in the profits! In order to form your LLC, it’s best to work with an attorney instead of an accountant who has experience creating these types of businesses. Not only do they know what needs to be done, but they will actually get the job done correctly without any issues or mistakes.
Working with an attorney for your LLC is crucial because not all accountants know how to properly set up this type of business. Most accountants will tell you that they can set up your LLC for you and take care of everything since they make revenue off of it, but they may not be the right person for the job.
An LLC, or limited liability company, has many requirements that need to be met for it to be formed correctly. This includes having the right articles of corporation, operating agreement, and filing your state taxes properly – all things that an attorney will know how to do while an accountant may not. So rather than risk doing it yourself or hiring someone who doesn’t have the experience you need with your business, work with an attorney who can set up your LLC without any issues at all!
If you are thinking about forming an LLC for your mobile photo booth business, then make sure you contact an experienced attorney. They will ensure everything is done and filed properly so that you can focus on growing your photo booth business.
3- Maintain Proper Bookkeeping
Have you ever wondered why so many small business owners struggle in their accounting despite having an accountant and keep losing money? It’s because they think of themselves as entrepreneurs and not business owners. As a business owner, your job is to take care of every part of your business, including its books and finances. This means learning how to maintain and read your P&L statement (profit and loss) and balance sheet and knowing what other financial statements exist. This knowledge will come in handy if you ever need to apply for a loan or credit card for your photo booth business or talk to an investor.
Your accountant may not be the most reliable source for information on your business’s profitability. This is because traditional accounting methods are often outdated and manual, with records kept in hard copies that can be difficult to access. Instead, you should use online tools to track your finances as well as to manage your overall business activities.
There are several online bookkeeping tools available, such as QuickBooks, Xero, or Bench, which can help you track all your income and expenses, so you have up-to-date records at all times. With Bench, the tedious work of bookkeeping is taken care of for you, so you can focus on growing your business. Most of your online bank accounts also integrate easily with tools like Bench. It has an app and provides you with your reports that make the overall process of bookkeeping much more accessible and at your fingertips.
When all is said and done, these are just a few steps you should take when setting up your photo booth business. By taking care of all of them now, you’ll be laying the groundwork for future success – both for yourself and for any potential buyers down the road!