HOW TO START A BUSINESS

HOW TO START A BUSINESS

Published by Elev8 Presents on 8/10/2020

How to Start Your Own Business

  1. First thing, decide between Sole proprietorship Vs. LLC-
  2. Make sure you know your various federal,state, and local registrations.
  3. Be prepared for startup fees
  4. Choose business name-
  5. File your business with secretary of state, and get your FEIN
  6. Obtain local tax certificates (if required)
  7. Obtain Sales Permit (if needed.)
  8. Look into accounting software, we recommend WAVE Financial.
  9. Look into getting a CRM program. Customer Relations Manager.
  10. Look into getting a business email account. (Gmail,etc)
  11. Promote your business-
  12. Set Goals and Reach Them

IF you Decide-Starting a Sole Proprietorship

  1. First thing, decide between Sole Proprietorship Vs. LLC-- The first thing I did was establish whether to start a sole proprietorship or an LLC. Do your own research to find what best suits you. I decided on sole proprietorship because my goals are to start my own business entity and keep it small. Sole proprietorship is easiest, in my opinion for a one man operation. One thing to keep in mind is with a sole proprietorship the liability is solely upon you. That's why some people choose to start a Limited Liability Company; to protect themselves if they are to get sued.
  2. Make sure you know your various federal, state and local regulations.-- the rules and regulations may vary state to state so be sure to find out what you are required to do with your local government.
  3. Be prepared for Fees-- as you go you will have some register fees and such. Be prepared to pay for these fees. For me, it was under 50 dollars to complete.
  4. Choose a business name-- This is simple enough but you have to make sure you are not infringing on another name. You can search available business names. Unfortunately there is no one place to look when searching conflicting business names. It's best to search your specific States database. One good website to choose your state and find names! Click here. You can also just use google and see what happens there, but it will only show a small fraction of potential trade names.
  5. File your business with the secretary of state, and get your FEIN-- The local authority for registering your business is typically your secretary of state's office. Find out what they want and need from you and any fees that may be included. This will get you all the legal information required as well.
  6. Obtain local tax certificates-- Find out from your local governments what local tax certificates are needed, if any. You'll have to do your research. Just call the secretary of state's office and find out.
  7. Obtain sales permit (if required). Again find out from your local governments what local tax certificates are needed, if any. You'll have to do your research. Just call the secretary of state's office and find out.
  8. Look into accounting software. We recommend Wave because it’s good and it’s FREE! -- Unless you have an accounting degree it is very hard to maintain your accounting records and we have used Wave and found it's a great tool to keep up with any and all records.
  9. Look into getting a CRM program. Customer Relations Manager-- This is another great tool. This is some sort of tool to keep up with all your accounts. As your business grows you will need an adequate program to maintain all your customers account information. It can be something as simple as a spreadsheet with customer information stored. This helps manage relationships and keep on top of follow ups, meetings, etc.
  10. Look into getting a business email account (Gmail, etc)-- I learned the hard way that after sending emails to the same clients, your emails get automatically moved to spam. To avoid being automatically designated spam you will need a business email. You then won't have to worry about your messages not being received by the intended parties. You can get a domain name for $12 from google and then pay $5 a month to have your own domain with your own email. You@you.com
  11. Promote your business-- After creating your business, it's now your job to start promoting to get those clients you are dying for, as well as they are desperately looking for you. Use social media, use word to mouth, use pop ups. Do what needs to be done to get your product in the eyes of potential clients.
  12. Set Goals and reach them-- It is important to establish first quarter,second quarter goals. First year goals. First 2 year goal. Goals are different from dreams because a goal is something you put the work in for. Put the work in and you will see the goals come to fruition. 

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