So many questions pop up all the time for small business owners, especially when it comes to taxes and determining what is and isn’t deductible. Naturally, we want to deduct as many legitimate business expenses as possible to lower our taxable income and lessen our tax burden. Sometimes, however, it can be hard to figure out which expenses are deductible in our specific industry.

When it comes to business ownership, it’s absolutely critical to have access to substantial amounts of cash. In all honesty, cash is the lifeblood of a business. This might sound obvious, but do we really understand why? To put it simply, it’s because, despite how often you hear that you should leverage credit to operate a business, you’ll ultimately need cash, not debt, to establish, expand, and grow your business.

In case you haven’t noticed, many so-called business “experts” and other entrepreneurs like to use the terms LLC and company interchangeably. This might not sound like a big deal, but it can be if you personally heeded their advice to “start an LLC” when perhaps they should have advised you to “start a company.” In reality, an LLC is just one type of business structure but not necessarily the right formation for everyone depending on their goals.

Maybe you have a great idea for a business and you feel ready to take the plunge. That’s awesome, but before you do, listen to the advice of those who’ve gone before you and consider completing the seven financial tasks listed below first. They will help ensure you’re in a good place financially before you get started.