Starting a Business- Part 3: Establishing your business

by | Oct 30, 2020 | 0 comments

 

 

Now that you have figured out most of the business, what exactly you are offering, the best places to
advertise and so on, you need to establish your business.

Payment

Firstly, you need a convenient mode of payment. Obviously, you would love to make your sales in cash, but many people would prefer to keep their cash. Quickpay or Zelle are very common applications that allow for easy transactions between your clients bank and yours. If your bank is a small private bank it is very likely that they do not offer Zelle. In that case you can easily open your own Chase account. They
offer a personal and business account and depending on your need you can decide what works best for you. Afterwards you can download the Quick pay app from google play store or apple store. Another option is to open a PayPal account. Most banks, even small ones, have an option to automatically connect your account with PayPal. This is another safe alternative to QuickPay and Zelle. This can also be either a personal or business account. It is cheaper to receive money on a personal account, so bear that in mind when first opening an account. You can always change it later on. There are also many e-commerce websites that allow for credit card payment. You have to pay for this
feature, but you may find many people requesting to pay via credit and it might become worth it to invest in it. Happy clients come back and making payment convenient for them makes clients happy. Personally, I have not yet used such features, but Wix allows for it, WordPress, and many others.

 

Legal Stuff

In the beginning your business will probably be small and you may not want to invest so much into it. That being said, there may come a time where excel spreadsheets will start taking over and you are finding it hard to manage the books as well as figuring out other legality issues that come along with owning a business, such having a ח.פ. , which is like having a teudat zehut for your business and allows
for your business to retroactively receive V.A.T. from the government. With this number you can also hand out receipts and bill people. Many people prefer to have official receipts for specific services. Not necessarily does your business require to take this step. Again, see what the clients are asking, and you will be able to decide what is worth spending time, effort and money into. It also may get confusing if you start employing others and have to start worrying about pension plans, or it may be that even you are having a hard time personally to arrange a pension plan for yourself. It is then, that you should look into getting an accountant. I personally have gone through a few people and I am very impressed with Levine Schnoor Ltd. The company number is 02-622-1140. You also might want to use someone who really knows what to do for personal pension plans. Eli Shimoni came highly recommended, he can be reached at 054-626-9229. He is Israeli but he understands English. Pension plans allow for you to have money to live off of once you retire. If you do not think you will be in Israel long term than I would not recommend opening a pension plan as the Israeli government makes it near to impossible to transfer that money to America. Alternatively, you can open a savings account in America and save up that way. Ultimately, this is something you need to decide.

Opening a new business can be daunting, exciting, exhausting, energizing all at the same time. You will have many ups and downs through out your journey. Many people say that you can’t determine the success of your business until at least a year later and most of the time a few years later. Don’t get discouraged! With enthusiasm, a positive attitude, and a lot of Siyata Dishmaya, you will see things will
work out!

Hatzlacha and keep going!

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