Taking the first steps into launching a business can be overwhelming, especially when you’re facing the uncertainty of where to begin.
First and foremost, sitting down with an accountant is a wise move. An accountant’s insights are invaluable, and chances are you’ll end up having many more discussions with them as time goes on.
What counts as an expense? How do you define a liability? And seriously, how do you manage bookkeeping? Can you legitimately claim all those expenses? I had a bit of a head start, having had some background in accounting from previous roles, but the accounting landscape is always shifting (ever heard of Cash vs. Accrual?) and that can lead to some head-scratching.
But here’s a silver lining – if you’re a one-person operation running a small business, you don’t need to turn into a bookkeeping expert overnight. Simply toss all your receipts into a shoebox, take them to your accountant every month or so, pay their fee, and absorb their advice. It’s a learning curve, where you enhance your skills, step by step, month by month.
Lastly, does your venture truly require a full-fledged business setup? Not every endeavor does, and sometimes keeping it as a side gig is the most straightforward path. An accountant can provide invaluable guidance on this matter.
For individuals like me, and perhaps like you too, the aspiration is to generate enough income to justify the effort of formally establishing a business. Think logo, website, and all the essentials. Worried about those expenses? Well, they are not as wallet-draining as you might anticipate.
I’m using this blog as a platform to share my experiences – the wins, the blunders, the alternative routes I would consider, and even some lesser-known options.
I’ll also delve into the resources I’ve uncovered, the questions with which I had to grapple, and those I’m still in the process of addressing.
In the next instalment, I’ll detail how the name “Daptl” came about, the costs tied to setting up a sole proprietorship in Nova Scotia, additional expenses I encountered, a few specialized choices I made that might not suit everyone (like managing my own email server), and much more.
Welcome to the journey with Daptl!
Nova Scotia-based software developer with a rich history in entrepreneurship and technology. In the year 2000, embarked on a collaborative journey to automate statistical data gathering for a hockey pool, which later evolved into a thriving business focused on curating sports statistics.
Through strategic contracting in various sectors, including telecommunications and insurance, contributed to the growth of the startup, eventually expanding it to a significant enterprise with over 100 employees and worldwide affiliates.
Now, in the phase of semi-retirement, founded 'Daptl' to explore new contracting opportunities, adding another chapter to an already impressive career.