Obtaining a business registration license is just the beginning. The real trouble for many new companies doesn't lie in the initial setup, but in the things they overlook afterward. Let's explore what needs to be done after establishing a business.
What should you do after establishing a business?
At least the following 10 task groups need to be reviewed:
- Hang up the sign.
- Open a business bank account.
- Register digital signature
- Complete the initial tax procedures.
- Prepare electronic invoices
- Establishing an initial accounting system.
- Standardize internal records.
- Establish payment processing and document archiving procedures.
- Prepare employment documents if you are hiring.
- Plan the first 90 days of operation.
1. Display a sign at the headquarters.
This is a small detail, but it's often overlooked. It relates to the actual operational readiness of the business.
2. Open a business bank account.
A company account is the foundation for payments, customer transactions, and cash flow management.
3. Register for a digital signature
Digital signatures are practically a mandatory tool if businesses want to work professionally with electronic documents.
4. Complete initial tax procedures.
New businesses need to review their tax obligations from the outset to avoid late payments or incorrect filings.
5. Register and prepare electronic invoices.
Many businesses start selling goods before processing invoices, leading to bureaucratic hurdles and paperwork issues.
6. Establishing the initial accounting system
Whether using in-house or outsourced accounting, businesses need a way to keep records and track revenue, expenses, and accounts receivable.
7. Standardize internal records.
Articles of association, capital contribution documents, authorization forms, sample contracts, and other internal documents should be prepared in advance.
8. Establish payment procedures and record keeping.
Many tax and accounting risks arise from spending or receiving money without proper documentation or clear control procedures.
9. Prepare employment documents if you are hiring.
When starting a new workforce, businesses need to pay attention to contracts, salaries, regulations, and related obligations.
10. Review the operational plan for the first 90 days.
Clearly define what the business will sell in its first 90 days, how the budget will be used, who will be responsible for each part, and which reports need to be monitored.
And those are 10 things to do right after starting a business.
Q&A
❓ If I have the license but can't start selling immediately, do I still need to do these things?
Yes. The earlier a business prepares, the more it can avoid a backlog of paperwork and rushed processing once it starts operating.
❓ Do small businesses need an accounting system right away?
Yes, at least enough to control revenue, expenses, accounts payable, and documentation.
If you do these 10 things well right after starting your business, you will significantly reduce legal, tax, accounting, and operational risks in the first year.