My First Year Of Business: Marissa Duncan Copywriting
Being a new business owner is intimidating, and sometimes it feels like this isn’t talked about enough. In this series, we’ll be interviewing business owners about what their first year of business was or is like. This first year is a crucial time when new business owners are saddled with finances, bookkeeping, endless questions, and more. When we talk about these things, it can lift a lot of stress for those who might feel like they’re the only one freaking out.
Our first business owner…
Hi, my name is Marissa, and I’m the writer behind Sync Accounting’s blog posts. I’m in the first year of running my own copywriting business, so we figured my thoughts were a good place to start.
So far, I’ve found running a business as difficult as it is rewarding. What makes me happy is that at the end of the day, I have a career in something I enjoy and am passionate about. I knew very little about running a business when I started, so there have been plenty of learning opportunities. I’ve found that the best way to get through these moments is to have others you can lean on for support and advice.
Freelancing means that I’m not working in an environment where I’m surrounded by others in the same field. At first, it felt like I had few people to turn to when I had questions, and often I felt like those questions weren’t good enough to ask.
You should always think twice before you make this assumption. If you have a question, chances are others have wondered the same thing, and in most cases, they’ll have an answer that will help you.
Join a group with other new business owners
If you don’t know anyone in the same field of work, joining a group for new business owners surrounds you with others who are in a similar position. Don’t be afraid to take advantage of any resources you community has!
StartUp Revelstoke hosts monthly meetings for new and established entrepreneurs that anyone can sign up for. Here, you are able to hear firsthand the experiences others have been through when starting their businesses. It’s a great space to learn and ask questions about finances, pricing, networking, etc. Remember, ask any questions you can think of! These people have most likely been in that situation and can help.
Bookkeeping for a new business
When it came to organizing my invoices and expenses, I knew I needed a little help. I started out small, so I felt like I had time to teach myself a bookkeeping service. However, this might not be the case for everyone – especially those with no spare time.
The thing is, I jumped into this business with a creative writing degree and no bookkeeping skills. Luckily, I found out about Quickbooks. It’s accessible, easy to learn, and simple to use. For me, it’s worth it. It’s effortless to create invoices for my clients and see expenses all in one place. Quickbooks especially came in handy when it was time to do taxes.
Apps like Quickbooks (or Hubdoc) can record and keep track of all your records – expenses, transactions, income, etc. These are so important to have so you can get the most out of your deductions when the time comes. It’s also handy to have this information to see how far you’ve come and what you can improve on.
Plan for success
Make sure you set aside time once a month (or more if you need extra organization) to maintain whatever bookkeeping platform you use.
I like to sit down at the end of each month to complete and send any invoices, upload expenses (phone bill, wifi, office expenses, etc.), and do a general check-in. If I don’t have a scheduled time to do this, I tend to push it off and trust me, you don’t want to be plugging in all that information last minute. Creating a checklist of things like invoices you need to send and expenses you need to upload means you won’t miss anything important.
Being a new business owner requires a lot of time for self-learning, and you might not have the time to teach yourself a bookkeeping service, let alone sit down to organize it all. Don’t worry! Sync can help with bookkeeping, payroll setup and support, GST/HST excise taxes, and accounting system setup. This is going to save you time and come tax season, Sync can analyze how your business year went. From here, Sync will provide you with full-cycle service by preparing your financial statements and your corporate tax return.
Sync Accounting understands the stresses of owning a new business. We’re here and happy to help with any questions you may have. Come say hi!