You’ve come up with your new business idea, talked about it with friends and family, done your research, and feel good about it. You are ready to go! Now what? Here are the basics, the logistics, and the things you have to do to establish your business after you’re comfortable with the opportunity, risk, and have thought through a basic business plan.
1. NAME YOUR BUSINESS. It is important for the name be clear, easy to say and type, and meaningful. Two, it has to be available. Brainstorm a list of 10-15 names and then research them on your state’s business registration website and a url provider to be sure they aren’t taken. You might also check out their social media accounts to see that they are available. Once you’ve settled on one you like, register it with your state (#3 below), secure the url, and social media accounts. You can use web providers like Earthlink or GoDaddy to search and purchase your url, or a website hosting service like Wix.
2. DETERMINE YOUR BUSINESS STRUCTURE. If you’re a solopreneur or working with a partner, you’ll need to develop Articles of Organization to establish your business. These can be very simple but outline the type of business you are developing (LLC, corporation, partnership, etc)
3. DO YOUR PAPERWORK. This includes registering your business in your state, getting an EIN (Employee Identification Number) from the federal government and possibly a state ID, and securing any permits you need. This will vary based on the type of business you have selected but is crucial for opening a bank account, paying taxes, and just doing business. Your state will have a small business website to help you understand what is required for you. The Small Business Association (www.sba.gov) is a good resource too.
4. OPEN A PO BOX and BANK ACCOUNT. You can purchase a PO Box at your local Post Office to keep your business address separate from your personal one. If you are considering a co-working space, many offer a mailroom as part of their packages. If you don't have an office space and are working from home, we think a PO Box is a good small step to add a little security and privacy. Once you have a PO Box (be sure to get their physical address for banking), you can open your bank account. Most banks offer small business accounts with minimal cost and features, but lots of online banking help.
5. CREATE YOUR BRAND. At the beginning, this can be very simple and just include a logo, business cards, and a website. These items should all work together to reinforce what your brand is all about. Your website lets you share a little more about your personality and what inspired you. Even if you aren’t selling directly on your website, it reinforces why people will want to be involved with your company.
6. DEVELOP A LAUNCH PLAN. You’re completely setup and ready to go. But nobody is visiting your website yet? Devise a launch plan appropriate for your line of business, use your network of friends and social media tools to get the word out, and attend local networking events. And be patient.
And that’s basically it! Now that you’re logistically ready to launch your business, don’t forget to have fun! You picked this idea because you believed in it and there will be good days and bad days. You got this.
