Post image for What You Need to Do When Starting a Business

What You Need to Do When Starting a Business

in Business Ideas,Featured,Online Business

“Not all seeds grow. In life, most seeds never grow. So if you really want to make something happen, you had better try more than once.” - Photo from flickr

So you’re thinking about starting your own business, but don’t know where to begin. To answer this question, we’ve come up with a few steps that will ensure that your business is setup for success. These need-to-know steps will help you establish your company name and website, obtain an online fax service, setup a legal structure, and provide you with tips on building your client base.

The first step in creating your business is naming your business. While your business name will be your first line of public advertising, do not spend too much time on this. The name simply needs to be unique, easy to say, and not difficult to spell. Keep in mind that the name is something that can be changed in the future.

The next step is to establish an online presence for your business via a website. To do this, you must first register a domain name for your website. This needs to be done before any other work on the website takes place. When doing this, you should go to a domain registration site like this one. Check to see if the domain name you want is available. If the name is available, then select any additional customizations you want like private registration, domain variations, and bandwidth. After customizing your domain to your liking, simply pay, and the domain name is now your “web property”.

The third step is constructing your physical business space. Essentially, this is going to establish your business address, the business phone-line, and fax. Some business owners choose to use the same home communication setup as their business one, but this potentially can cause problems in the future if you wish to separate the spaces. Some of the problems business owners face when they separate home and business setups are business document reprinting, legal document editing, and client loss. When setting up your business space, you also need to think about the virtual space. Setting up an email for the business is important. There are two primary routes that businesses take to establish an email inbox. The first is using a free email website such as Gmail, Hotmail, or Yahoo. The second is to link your email to your web hosting account.

The next step is to form a Limited Liability Company (LLC). LLCs have a lot of benefits such as limited liability and good tax treatment. When you are an LLC, you will also be able to get an Employer Identification Number. This number is good to have because it allows you to open a bank account in the company’s name. By legally structuring your business as an LLC, you will also be able to get insurance and a loan for the company. Of course, not everyone is suited for a LLC, so you should also check out corporations, limited partnerships, general partnerships, and sole proprietorships to see if they better suit your needs.

The last and most important step in setting up a business is to build relationships. If you’re a new company, you must be very aggressive when building your client base. Many people use an email marketing campaign to do this. There are services that can help you with this like MailChimp and Benchmark Email. Of course, you should check to see the prices of the service that you want and shop around before you buy anything. While many people think it is old fashioned, you should also think about getting some business cards. Stylish but professional business cards can do many things like promote your business, increase networking, and allow you to stay in touch with clients and business contacts.

Once you have completed these five steps to setting up a business, you will be on your way to having a thriving business. Just remember to keep up with all of your clients and contacts, so they don’t forget about you!

James Kim is a writer for Choosewhat.com, which provides product reviews and test data for business services and products. Choosewhat.com’s goal is to help small companies make informed buying decisions on business solutions that help their business.

Previous post:

Next post: