From Idea to Business: The Essential Checklist for First-Time Sole Proprietors

1. Choose your legal structure: the sole proprietorship

When starting a business, choosing your legal structure is the first important decision.

For many beginner entrepreneurs, the sole proprietorship is the simplest solution, especially when initial revenues are modest. It can be set up quickly and allows you to maintain direct control over your business. However, there is one important characteristic to keep in mind: in a sole proprietorship, your personal assets may be at risk in case of business debts.

Have you decided to launch your sole proprietorship? PIA Go! can take care of your accounting and free you from this administrative burden.  

2. Register your activity with the Crossroads Bank for Enterprises (CBE)

The official creation of your activity begins with registration in the Crossroads Bank for Enterprises (CBE).

This step represents the administrative registration of your business. It can be completed through a business registration office or with the help of a certified accountant, such as PIA Go!.

Once the registration is validated, you will receive your enterprise number, which is essential for tax purposes and for issuing invoices.

3. Open a professional bank account

Opening a professional bank account is not legally required, but it is strongly recommended.

A dedicated account allows you to clearly separate:

• your private finances;

• the income and expenses related to your business.

This distinction simplifies your accounting and avoids confusion during tax declarations.

Make sure that the professional account is opened in the name of your sole proprietorship.

4. Define your activities and check for required permits

Some activities require specific permits or licenses.

This is often the case in sectors such as:

• hospitality;

• construction;

• healthcare.

Before starting your business, always check whether your activity is subject to specific requirements. This will help you avoid fines or administrative complications later.

5. Prepare a structured business plan

Even for a sole proprietorship, preparing a business plan is a valuable step.

This document helps you structure your project and clarify your objectives. It can also be useful if you want to obtain financing or grow your business later on.

Your business plan should include:

• your target customers;

• your commercial strategy;

• your financial projections.

If you need support, PIA Go! accountants can help you structure your project.

6. Arrange your insurance and pension

As a self-employed professional, you are responsible for your own social protection.

You must register with a social insurance fund, which allows you to benefit from coverage in case of illness or incapacity for work, while also building your pension rights.

It may also be useful to arrange additional insurance, for example to cover civil liability or certain risks related to your activity.

For these steps as well, PIA Go! accountants can guide you.

7. Register for tax and VAT

When starting your activity, you must also register with the tax authorities.

In many cases, your activity will be subject to VAT. This means you must charge VAT to your clients and remit it to the tax authorities.

Each year, you must also submit your personal income tax return.

Your accounting therefore plays an essential role.

In some cases, you may benefit from the small business VAT exemption scheme. You will still receive a VAT number, but you will not need to charge VAT or submit periodic VAT returns.

However, you must still keep track of your income and expenses and declare your annual income.

8. Organize your administration and accounting

Administrative management is a central part of your business activity.

Even as a sole proprietor, you must maintain proper accounting records. The accounting can remain simple, but it must be accurate and consistent.

This is exactly where PIA Go! can support you.

PIA Go! is neither a traditional accounting firm nor just software. It is an online accounting service that combines a digital platform with the support of a real accountant.

You can choose the level of assistance that suits you:

• fully outsource your accounting;

• remain in control while benefiting from the supervision of a PIA accountant.

In all cases, you benefit from tax and financial advice to support the growth of your business.

Ready to get started? Schedule your free video consultation now.

9. Launch your business

Once all the formalities are completed, you can officially start your activity.

Make sure you regularly monitor:

• your income;

• your expenses;

• your tax obligations.

Well-maintained accounting is the foundation of a healthy and well-organized business.

PIA Go!: the accountant that supports your sole proprietorship

Starting a business involves many decisions. With the right tools and expert support, these steps become much simpler.

PIA Go! offers both:

• a user-friendly platform and app;

• personalized guidance from a professional accountant.

This way, you benefit from professional support while maintaining a clear and simple overview of your business.

Curious to see how PIA Go! can help you?

Schedule a free video consultation and discover everything we can do for you.