To establish a good business, start with a plan. Your brilliant idea or product will only take you so far. Following are some basic guidelines for getting off to a good start.
First, know your market. Do a little research and find out who wants or needs the product or service you plan to sell. Use this information to build a Business Plan. Include information like your business name, the location, the amount of funding you’ll need to get off the ground, etc.
Next, decide how you want your business structured. Will you have partners? If so, you’ll need a written partnership agreement (believe me, this is important). Will you be flying solo? If so, make sure you have a mentor (an established business owner is best) with whom you can discuss the ins and outs of running a successful business.
Will you be an LLC, a limited partnership, a corporation, or sole proprietorship? If you can’t answer this question, you need to seek out advice from an experienced professional. We can help with that. Registering a DBA (doing business as) with the county clerk’s office allows you to use a certain name, but it doesn’t shield your personal assets from liability. Is that a big deal? Again, this is something you’ll want to discuss with a trusted advisor.
Once you’re registered to do business, you’ll want to make sure you have all of the right federal and state tax identification for future filing. Depending on your location or the type of business you have in mind, you may need licenses and/or permits to conduct business.
Finally, you’ll want to open at least one bank account to keep your business assets separate from your personal assets. So many people get in trouble for getting this step wrong. Don’t be one of them!
Feeling overwhelmed? Don’t sweat it. You can do this. We can help. Call today. (832) 305-7694.