Start A Business, 1-2-3 Go!
Don’t be a klutz! Look act and sound professional with purpose, competence and confidence! 1-2-3 GO! will do exactly that! By completing these three things first, you’ll be 90% there! Do this first, and nothing else until completed!
- See your Attorney first to legalize your company and be prepared to discuss the following items:
• Have an open discussion regarding the description and general plans of your business. Bring your business plan.
• Capitalization, you’ll need to identify the source of your funds, by whom, how much and whether they are taking an ownership position or lending your company money.
- Identify the key people involved in your business and whether they are owners or employees. Plus a brief overview as to their talents, responsibilities and what they are actually contributing to your business is in order as well.
- The non-compete and buy-sell agreements are good to discuss at this point if applicable.
- Types of business generally speaking are corporations, partnerships and proprietorship’s. You may think of your business as a sole proprietorship but your attorney is counseling you to incorporate. Follow the attorney’s advice since they are looking out for your best legal interest. However you should run the business as you see fit, of course within the legal parameters because it’s your business and you have the business point of view.
• Copyrights, patents and trademarks are customarily processed by attorneys who specialize in these areas. If you require a simple business name than specialized services are probably not needed. You should discuss this with your Attorney.
2. Google the Federal government for your EIN number (employer ID number). This is a simple application completed online now that you have your proper legal name.
3 Go to the bank of your choice. A good selection would be a bank where you do your personal banking, have rapport and close proximity to your new business. Proximity is probably the most important of the three. With your legal articles and EIN # in hand, open a savings and checking account plus a credit card. Process all your business transactions through these three accounts. By doing this in essence you have created a set of books. If you are a small and simple basic business, which most are at the beginning even though you might have huge plans, your CPA can assemble adequate financial statements for your tax returns and general business needs. I generally prefer using a CPA over the other options because they can represent you if needed at the IRS plus everything is seamless and in one place.
For a nice touch or the coup de grâce! There are three more minor items I highly recommend in this prep startup phase. Separate business cell phone and number, business e-mail address and business cards.
- Business cell phone –to conserve capital I recommend a Go phone ($10 to $15 per month) or a minimal monthly plan that includes texting, web services, etc. Now you have a phone number that you can print on business cards, stationery and your e-mail signature. You have a business voicemail. And finally you can give the proper response. Example good morning, ABC Company, Richard speaking how may I help you?
- Business cards –keep it clean with fairly large print, if you don’t have a street address just use the city and state, NYC, you don’t need a street address. White space is good and don’t feel you have to tell the whole story on this card! The key ingredients here are the company name, city,state, your name and title (highly recommend using founder) ,phone number and e-mail. Your card shows you are established and professional, plus it’s great for connecting and jotting down notes.
- Open a separate e-mail account incorporate the business name into it. I would suggest automatically routing them to your personal e-mail account so they do not get stale or missed.
With the above in place you are able to execute, communicate and transact, without fumbling! It’s obvious to your potential employees, vendors and suppliers that you are established, in business and ready to transact business now! Not just thinking or talking about it. I suggest leaving a business card every place you go, it leaves a good impression plus it’s a great reference.
Wishing you success,
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