So you think you might want to start your own business? Do you want to be your own boss? Do you want to be in control of your own professional destiny? It sounds very appealing, and many people do it successfully, but there are a few things you should know before you give up your job and a steady income to become a business owner.

Let’s assume that you’ve already done the research, learned what it takes to be successful at owning your own business, talked to other small business owners or independent contractors, determined that you have the necessary knowledge and personality to be successful on your own, and can live without the certainty of a steady income. With those crucial steps out of the way, let’s jump right into some of the basic financial issues of owning your own business and the financial advice that every business owner should have.

Though at first this piece of small business financial advice may seem elementary, you would be surprised how many business owners started not just out of someone’s garage or basement, but out of a personal bank account. Even before your business gets going, set up a separate business banking account. Just don’t mix your business and personal accounts.

Maybe up until now, you’ve always filed your own tax returns. That may have been fine and simple enough before, but being a business owner comes with what can feel like an infinite number of tax implications and benefits. It is a guarantee that your taxes will never be as simple as they once were, so it is best to consult a professional.

Find an accountant to prepare your annual tax returns, give you tax planning advice, and other business advice. You will also want to familiarize yourself with estimated taxes. You’ll likely have to file quarterly estimated income taxes and self-employment taxes to avoid penalties at the end of the year. In addition to consulting your accountant, you can contact the IRS and your State Income Tax Department for forms and instructions.

While you still might be able to prepare your tax returns yourself using a program like Turbo Tax (depending on what kind of business you’re running), you could save yourself lots of money by having at least a preliminary consultation with an accountant regarding how to benefit the most from your business and avoid tax pitfalls.

You likely already have car insurance and homeowners or renters insurance to protect some of your largest personal assets. Once you also have a business, it’s prudent to protect the business assets as well. The easiest thing to do if you already have a good working relationship with an insurance agent is to simply let them know your new situation. If you’re running a business from your home, for instance, at the very least you may need a rider to cover computer equipment used in your business. If your business involves inventory, you’ll probably want it covered by insurance paid by the business.