Starting a business can be intimidating and raise many questions. Asking questions is natural and it is very important to think through all your questions before committing to the new endeavor of a startup. Below are three common questions that entrepreneurs ask before starting their own business.

 1. Can I start a business if I have a full-time job?

This question is asked often but can only be answered by yourself. Depending on if you plan to run the business yourself or hire employees in the beginning stages, startups can be very time consuming. If you plan to have an Operations Manager help run the business from the beginning, then it may be feasible to work full time while managing the startup from a high-level. If there is not much initial funding and you plan to run the business yourself, then it may be too time consuming to have a full-time job while running the company. Keep in mind that if you plan to work full-time while starting your new business, then you may not be able to invest as much time in it. This lack of time investment could hinder possible high growth in the beginning stages.

2. Would I be able to pay myself?

In the beginning of your new business it may feel strange to pay yourself, but it is imperative to. Typically, small business owners will pay themselves a salary that is proportional to the earnings of the company. Getting in the habit of paying yourself is good practice to keep personal and professional funds separate. As the business grows, you can increase your salary earnings to match the increase in profits.

3. What is the best way to track my expenses?

Depending on the business type, you may have many transactions per month, or you may have few. If you provide a service, then there are typically less transactions per month than sales companies. A good place to start is using an accounting platform to record your transactions. Using an accounting platform will allow you to keep track of your finances, run financial reports, and put your business in a good standing for year-end accounting. There are a number of accounting platform that are great for small businesses; it is best to ask your accountant which they would prefer you to use to help them during business tax season.