Step 6: Pick and Register Your Business Name
business name plays a role in almost every aspect of your business, so you want
it to be a good one. Make sure you think through all of the potential implications
as you explore your options andchoose
your business name. Once you have chosen
a name for your business, you will need to check if it's trademarked or
currently in use.
Then, you will need to register it. A sole proprietor must register their business name with either their state or county clerk. Corporations, LLCs, or limited partnerships typically register their business name when the formation paperwork is filed. Don't forget toregister your domain nameonce you have selected your business name.
Step 7: Get Licenses and Permits
Paperwork is a part of the process when you start your own business. There are a variety ofsmall business licenses and permitsthat may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to your business during the start-up process.
Step 8: Set Up Your Business Location
Setting up your place of business is important for the operation of your business, whether you will have ahome office, a shared or private office space, or aretail location. You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.
Step 9: Choose Your Accounting System
Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system. Your accounting system is necessary in order to create and manage your budget, set your rates, conduct business with others, and file your taxes. You can set up your accounting system yourself, orhire an accountantto take away some of the guesswork.
Step 10: Promote Your Small Business
Once your business is up and running, you need to start attracting clients and customers. You'll want to start with the basics by writing aunique selling proposition (USP)and creating aplan. Then, explore as manysmall business marketing ideasas possible so you can decide how to promote your business most effectively.
Once you have completed these business start-up activities, you will have all of the most important small business bases covered, and be ready forsmall business success.