Starting Your Small Business Right

by Aleasa Word                    Copyright 2019

​It seems in today's economy more people are beginning a small business on the side. Some are fine with the side hustle while others hope to turn their side dreams into main stage realities. Regardless of what your end game is for your small business, one thing for sure is that you must START THE BUSINESS! 

Are you stuck on how to start your business? Have you started and seem unsure what to do next? Here are a few quick things to consider if you haven't already. 

• Decide on how you want to incorporate. Research so you understand the difference between business entity types. Many start out with an LLC but that may not be the right type for you. Consider your own tax situation when deciding on which type to choose.
• Research your potential business name to ensure you won't get lost in the sauce as they say. Some names are already used so much no one will stand out. You 'll want to consider website addresses for your company as you seek out just the right name and also if there are entities in your state or on a national level with the same name. 
• Don't play with the IRS! When you get your business filed with your state make sure you deal with your tax ID number so you don't end up in any trouble with the IRS. You don't need that headache. 
• Think about your logo as you will need to consider how to brand your business. One of the first things people will look for is a quick symbol of who you are. Look at soda brands. We don't even have to read names on the cans, we just know. 
• Money, money, money!   Once your have your tax-id number you will need to start a bank account so that you keep the funds from your business separate from your personal funds. Co-mingling only creates nightmares at tax time and could cause major problems.  Be careful who you allow as a signer for your account as well. People sometimes change when there is money involved. 
• Get your people in place. Select a CPA and an attorney to have on standby for your needs
• The SBA is your friend!  You can check out the Small Business Association for additional tips and even get templates for things you'll need like your BUSINESS PLAN which is super important to create as a step in the new business set up. 
• Income flows. Once you get your business plan in placec start thinking of how you will get the income in and where you will set up. Will you have a home office or a separate place of business? Know the laws in your municipality. 

There are a great deal of things to consider when you are setting up your business and having a small business coach/consultant is a great help. Don't be afraid to let us know if we can help! 
​ Email hello@awordandcompany.com 

Photo: Pixabay Rawpixel

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