A Brief Guide to Starting Your Own Business

By James Kim

If you have decided to take the plunge into the wild world of business, you are probably wondering what exactly you need to do to get things up and running. Here are five steps to help you along the way. From establishing a web presence to getting an online fax service, we’ll help get you started on the right track to success.

1. Give Your Business a Name

The name you choose for your business will follow you around for quite some time. So, put a decent amount of thought into it. You don’t have to spend hours upon hours thinking about it, though. A simple name with a nice ring to it will do. Make sure it’s easy for people to spell and pronounce. And make sure it’s original. You always have the option of changing your company’s name if you decide it’s not the best one later on.

2. Establish a Web Presence

To put yourself on the map, you have to create a website. Creating social media accounts on Facebook and Twitter is a good idea too. To create your website, you have to register a domain name. You can register a domain name by logging on to GoDaddy.com. Once you’re there, you can make sure the domain name you want is available. If it is, you’re all set to purchase bandwidth, domain variations, and other customizations you might find useful.

3. Create a Business Space

Creating a business space simply means establishing a business address, phone number, fax number, and business email address. You could use your own personal address and phone number at first. Unfortunately, doing this could cause trouble later on if your business grows. You might have to reprint materials, edit formation documents, and possibly even lose clients who don’t have your new contract information.

4.  Classify your Business

Your business should be classified for tax and other purposes. The most common types of businesses are: corporations, limited liability companies (LLCs), sole proprietorships, and partnerships. Many startup CEOs classify their companies as LLCs. An LLC gets the best of both worlds. Like a corporation, it has limited liability. This means that if a company goes into debt or is sued for some reason, business owners and investors only have a limited amount of financial liability. Similar to a partnership, an LLC gets treated pretty well when it’s time to pay taxes. An LLC benefits from something called “flow-through taxation.” Flow-through taxation allows a business owner to pay the company’s taxes and his or her taxes on the same return. This prevents a CEO from being taxed twice, once as an individual and once as a company.

You should do some research on the other business types before you decide which one is best for your company’s needs. Once you’ve decided, you need to submit articles of organization to your state’s Secretary of State. If you decide to categorize your business as an LLC, you’ll be assigned an Employer Identification Number (EIN). This number will enable you to do important things like acquire company insurance, open a company bank account, and take out loans.

5. Focus on Relationships with Clients

As you start out, you’ll want to proactively seek out clients. One way to do this is to launch an email marketing campaign. This will get your company’s name right in the inboxes of potential clients. Online companies like GetResponse and Benchmark Email can help you with your email marketing efforts.

You should also think about using simple marketing tools like business cards. Business cards are a great way to network.  They are professional looking and impressive, which helps you establish credibility for your company. And they allow you to keep in touch with clients and other professionals.

After following the five steps in this guide, you’ll hopefully be on your way to creating the successful business of your dreams. If you need more information to help you as you establish your new company, you should look at http://www.choosewhat.com.

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