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A Checklist for the New Business Owner

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Getting a business started can be a scary thing at first. There’s a lot that you need to do and juggle all at the same time. You have to find a location, name your business, hire people to work for you, file for different insurances to cover all of your different needs, and the list can go on and on. It’s a lot of work. To give you a hand in starting up your business, here is a checklist of things you’ll need to do sooner rather than later.  

Come Up With a Good Name

This can be daunting. The name that you choose for your business will be the first impression that your customers get. If your company is a soap company and you name it “Banana Pudding”, your customers will be very confused. They won’t understand what you’re doing when they read the name of the business. On the other hand, if you named the soap business “Lather Up”, they quickly know what your company is and what they should expect from you. When picking a company name you should have something that tells a little about what exactly the company is so that your customers can set expectations. After you name the business you will need to register your trade name as well which you can usually get approved for that day.

Decide Whether to Use Your SSN or Your EIN

If you plan on having employees or starting an LLC with your business, you will need to use either your social security number to file under or your employee identification number. Most people would suggest that you get your EIN and avoid using your SSN because using your SSN puts you in jeopardy of identity theft. Getting your EIN is quick and only takes a few minutes. You can apply online with the IRS and get it right away.

Get Your Paperwork Taken Care Of

There will be several different licenses and forms that you will need to get. None of them take very long and you’ll be done before you know it. You will need a business license, complete a tax form for the company, and complete any other licenses that your state requires. These are all quick to do and most states make it extremely easy to get the paperwork completed.

Start a Bank Account for the Business

You’ll need to have a bank account set up before you start up the business. It keeps your money and the business’s money separate and keeps you out of trouble with the IRS. Set it up using your business name and your EIN. Then make sure that you are using that bank account for all of your business related transactions and deposits.

Find a Location and Secure it

Now that you’re all ready to go, you need to know where you’ll be setting up. You can find a business apartment in most cities or you can do it out of your home. If you get an office space you should look into IDS vs IPS and which one (or both) you will use to protect and secure the business. You will want to be somewhere accessible where your customers will be able to see you and find your business easily.  

Set Up a Spreadsheet to Keep Track of the Finances

It’s easiest if you can have your finances tracked from the very beginning. There will be less room for error and you’ll be able to keep track of how well the business is actually doing. This will also help because you will be able to watch it and track it yourself rather than hiring someone to do it for you. Of course, if your business grows at a fast enough speed, it might be worth your time to hire someone to take care of the accounting and the finances for you.
Remember that it shouldn’t be overly daunting to set up a business. It will be well worth it by the end and you’ll find that the process is enjoyable and exciting. Having a business will open up a new and adventurous door in your life.

Latest Activity: Oct 01, 2018 at 8:02 PM

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