LAUNCH AND REGISTER YOUR BUSINESS
If you are anything like me, whenever I get a great idea, I can’t wait to tell the world about it. I don’t know how many times I began put the carriage before the horse, to later have to turn right back around and start over, the right way.
Many of us will launch businesses and products without having the proper settings in place. Creating a brand without these steps, can set you up for failure and lose credibility.
FIRST THINGS FIRST
- Establish a name – I remember when I began my photography business a few years ago, I decided to call it Mimi Photography. I loved the name. I remember buying the domain, getting business cards, to later find out there were hundreds of Mimi Photography all over the US. Some of which represented things I was not a quite a fan. A few months later, I went back to the drafting board and called it Mirian Silva Photography. Before deciding in a name, do some research. Google it, research social media (to see if there are handles in existence), check TSDR and also your local trademark office to check if no one has registered it.
- Get a Tax ID – Now days, you can get a Tax ID (EIN) in less that ten minutes. All you have to do in go to the IRS site and obtain one. Now some of you might be running a sole proprietorship and would prefer to continue using your social security number, that is fine, however, establishing a separate system for your business can help sort things out better when it comes to tax return season.
- Register your business – Is your company an LLC, partnership, corporation or a sole proprietorship? Make sure you register with the state you are conducting business with. If you are sole proprietor and have the business registered under your name but call yourself something else, you would you to obtain a DBA.
- Business insurance – business insurance can protect from you unexpected costs that you might have not anticipated. Accidents, lawsuits, etc.
- Business Account – Many banks offer business accounts. They might also offer business services such as cash management tools, invoicing and payments and payroll tools. Check with your personal bank to see the list of products and services offered.