10 Things to do When Starting a Business

1. Create a business plan – Creating a business plan is the first step in opening your own business after you come up with the general idea. The business plan will have all the key information about the business, including how it will be formed, short-term and long-term goals, and your vision for the business. The business plan can always be modified, however, once initially completed it will give you a great starting point and a clear picture of what steps you must take to get your business started.

2. Choose a business name – Choosing the right name for your business is very important. A creative name that catches your customers’ attention is a key component to how you will attract business. Your business name could be the only reason why someone would choose to use your business over one of your competitors, so choose wisely.

3. Create a business logo – The most successful businesses can be recognized by just their logos. Companies like Nike, Apple, Tesla, McDonalds, and Target are just a few examples. Your business logo does not have to be recognized by millions of people at first, however, this shows how important it is to have an eye-popping logo for your customers to remember.

4. Choose your business structure – There are many different business structures to use when creating your new business, including a Corporation, Limited Liability Company, Partnership, or Sole Proprietorship. Each of these structures have their advantages and disadvantages depending on your individual circumstances and business goals. It is best to consult with an attorney to discuss the specifics of each structure to determine what is the best fit for you. 

5. Get to know your taxes – Taxes are a major part of any business. There are business taxes, payroll taxes, self-employment taxes, sales taxes, and local taxes. Familiarizing yourself with all of these taxes that you will have to pay is a must. Consulting with a tax professional is a smart decision, and they could help you save lots of money and headaches down the road. Additionally, you may be able to take advantage of different tax filing statuses depending on the business structure you choose.

6. Create business with appropriate agencies – You must officially create your business with the state, county, and city where your business will be located. This process will include filing documents with government agencies that will officially form your business and also give you the local licenses to operate your business at the location that you desire. If you do not comply with the appropriate government agencies, you may be subject to fines and other penalties. 

7. Open a bank account – A bank account should be opened for the business before the business starts earning money. A separate business bank account that will be used only for your business purposes is the easiest way to initially keep track of your income and expenses. You may also use accounting software or some other means to keep track of all finances, however, a business bank account is the best and easiest way to start.

8. Create social media and online profiles – Advertising for a business is not as easy as taking out ads in the phone book anymore. Advertising has become mostly digital, which includes social media like Facebook and Instagram and creating your online business profile through places like Google. It is very important to create all of these profiles right away and to begin creating content. These business profiles will not only act as advertising for your company, but will also give customers a way to interact with your business. 

9. Create a website – Every business should have a website. Also, a business with a well put together website creates trustworthiness for your potential customers. There are countless different options to use when creating your website, you can hire a professional web designer or you can create your own through platforms like Squarespace or Wix. Your website will need to be adjusted and modified over time as your business grows.

10. Always improve – The only way your business will be successful and grow is if you are constantly thinking of ways to improve the business overall. Whether it be thinking about ways to safe money on your taxes, ways to improve your website, or implementing new and creative ways to attract customers, it all rests on your shoulders. A business that does not improve and change overtime will eventually be outperformed and squeezed out by there competitors who are.