Setting Up Your Business - What You Need To Do

When  setting up your business, what you don't know can cost you money, time.  Violation of applicable business laws can cost you heavy fines and probably jail time.  So dot all your "i's" and cross all your "t's."

This page addresses some of the most crucial information you need when setting up your home business.  It includes but not limited to the following:



Finding A Name When Setting Up Your Business


Your business name should reflect your business concept.  Most people start out with using their name because it is easier because you can simply register it in your county.  No need to register it with the State.    But if you plan to build a successful business, choosing a unique name that reflects your brand of business is recommended.  It adds to your credibility. 

If it's a partnership,  you and your partner or partners can decide on a name.

What to consider when choosing a name:

  • Uniqueness -  Choose a name that not only reflects your business ideals, but also one that no-one else has taken. 

  • Website Ready - Choose a name that will be easily remembered if you plan to have a website, (and you should).

  • Formal Registration - If you are a sole proprietor, simply register with your county.  But if you plan to go big, register your business with your State agency.

Your Start-Up Capital

Prepare a list of everything you may need when setting up your business.  This may include:

Office equipment
Stationary
Furniture
Website Design

Promotional items which includes:

Business Card Postcards Flyers Door Hangers
Catalogs Yard Signs Letterheads & Envelopes Banners

Set up your advertising budget.  You may need to spend a little more at the beginning to get maximum exposure and scale back once you acquire your desired clientele.  But advertising in business should be a continuous because customers come and customers go.

Open your Business account.  Open a business account that stays separate from your personal account.  That way, it is easier to keep track of your revenue.

Find an Accountant.  At the beginning you may  do your own accounting because there will not be that much to do.  But as your business grows, you will need to get a qualified accountant to help  keep your business in check, especially with the IRS.

Draw up your Business Plan.  When setting up your business, make sure to draw up a plan.  Having a plan will help you stay organized.  Following a blueprint will help you stay focused on your business goals.

Get Legal.   If you plan to do your business on a larger scale, it is advisable to seek the services of a business attorney.  During the early stages of your business you may not necessarily need one.  But as you grow, you may need one.

Take Classes.  You may need to take some crash courses to get familiar with running a small business from home or on the internet.

Get a Merchant account.  Having a merchant account has become a must for business owners these days, since most people prefer to use their credit card, especially online.   Not having one can cost you potential customers.

GoSmallBiz.com



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