Many people wish to leave the shackles and restrictions of a 9 to 5 and become their boss. It is a dream for many as it holds the key to freedom and financial liberty.
However, not many are willing to put the effort to breathe life into their business idea. When they consider all the intricacies of starting a business, they are not motivated to take the first step.
And who could really blame them? Composing a business plan, having to compare personal loans and interest rates, as well as establishing other sources of capital, and coming up with a marketing plan—to name a few key aspects in starting a business. The whole process can be overwhelming, to say the least.
However, over the years, many people have leaped and started a business successfully. It is not about going to a particular business school or spending hours pouring through hundreds of WebPages online before you figure out how to start your business.
Once you know the nature of the business you intend to start, here are simple ideas to guide you through everything you need in starting your business.
Understand Required Business License and Government Regulations
Another essential factor to consider when starting a business is the licenses and regulations that enable you to operate legally. The last thing you want is to get entangled with the law. Yet, your business needs to obey the rules and laws specific to your industry.
For example, for cbd oil uk business, part of the regulations involves having the THC within the specified limits. Such a business cannot make medical claims and correctly state the content on the package label.
There is more to navigate when it comes to government regulations. As a result, you might be better off working with a lawyer before launching your business. The time and effort you invest to consult a lawyer can save you immensely in the long run.
Have a Business Name
Ensure you put effort into developing a business name. You want it to be a good and memorable one. Perfection is out of the question, and it doesn’t have to be fancy as well. Don’t forget that the name will define you, and you will likely be saying it a lot.
As a result, here are some simple helpful tips that can get you get you through the business name hurdle:
- Be Confident in such Name: In other words, you have to love it. Such a name will be with you for life, and everything you do will likely be around such a name. As a result, make it good.
- Make it Stand out: In other words, there shouldn’t be a similar established business that already has such a name. A simple Google search of the name will show you if such is already taken.
- Make it Simple and Memorable: pick something simple that will stick in people’s memory for a long.
When you have a name you are ready to work with, ensure to register it. If your business is not your name, you might have to register it, and many regions require that such should be registered. The process is easy and approval, most time, is instant.
Get Your Social Media Accounts
After coming up with a name and developing a website, you want to create matching social media handles.
Ensure you do your best in getting matching social media handles as they have terrific importance to your business success.
After securing your social media handles, populate them with your logo and a few images that reflect your business. The primary thing, for now, is having such handles and ensuring it’s good to go when you want to start working on it.
Work on Your Employer Identification Number
Social security number is for individuals, and Employer Identification Number is for businesses. However, you can hold off on this if you don’t plan to hire anyone or if you intend to have a partnership, a corporation, or an LLC.
However, it might be a good idea to get an EIN even if you don’t need it now. The process is free and seamless. Ensure such a number is private, especially your social security number, as the IRS will likely use it to identify your business for tax if you are not qualified for EIN.
Application of EIN is online and usually takes minutes.
Work on Your Business License
Most cities or countries usually require a business license, and you can fill out the form online. While filling out the form, supply your EIN; it will serve as the means of identification for your business. Also, you are better off using EIN for security reasons.
One might also need to give a projection on the annual gross receipts. They are simply requesting an estimate so, don’t overthink it.
You need a Business Account.
One of the most common pieces of advice you get when starting a business is never to mix business and personal finances. When you miss both finances, it is easy to mess up the accounting system and set yourself up for scrutiny from the tax authority. You need a business account, which should cover all business transactions.
Everything you need to open a business account is the business name and EIN. Besides, such an account should only be for business. All transactions – withdrawals, deposits, and all should be business-related.
Select a bank or credit card that will not give you issues. Consider local credit unions as they provide better deals.
As evident, starting a business does not need to be complicated or tedious. Even though you need to take care of many things, these six factors will help you get started and keep you on the right path.