Setting Up A Business From The Ground Up
Updated: 2 days ago
Many times, a small business is the result of a passion for a hobby or a new way to solve a problem. Getting started seems like it would be relatively easy: you have a solution that people should want to pay for. Unfortunately, just because you build it, doesn’t mean they will come. It’s also a good idea to be ready for the influx of business when it occurs. Here are a few ways to get your business set up the right way that will facilitate growth in the future.
Decide On Your Structure:
You will need to decide if you will set up your business as a sole proprietorship, an LLC or a C-Corp. All of these options have legal and tax implications and you may want to discuss your options with a lawyer to understand the impacts of each. Setting up a sole proprietorship or an LLC is fairly simple to do on your own, but they will also have direct impacts on your individual taxes. C-Corp will require more work to start, and you will have to file separate taxes. Whichever you decide, getting the official legal status for your business will make the rest of your set up steps easier.
File Your Paperwork:
Once you’ve decided on your structure, you can do some research on what permits you will need as well as filing for an employer identification number (EIN). The EIN will be necessary if you plan to hire employees, apply for business credit, and often, to apply for the permits you need to officially launch your business. If you’re not sure what steps you need to take for your particular company, you may want to set up a time to speak with a business coach to learn more.
Once your structure and paperwork are all taken care of, you’ll also want to start getting your business posted on the internet. Create a website, list yourself on Google and other applicable industry and directory sites, and create social media pages for your business. In order to make these effective, you will also want professional images, short but engaging content about your business that you can share, as well as a logo, phone number, and hours of operation. Be sure that all the information is consistent on all the pages. It’s a good idea to work with a graphic designer as well as a writer/editor if these are not your strong skills.
These items may not be why you’ve gone into business, but they will establish you as a credible source and create a strong foundation that you can build on later. If you would like to discuss the specific needs for your circumstances, we’d be happy to discuss during your consultation.
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