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Starting your own business from scratch is a long involved process. It includes developing a solid business plan, writing proposals, getting funding, and finding the right location in addition to dozens of other considerations. However, once you have these resources lined up, the actual launching of your business won’t take long at all.
Pick a Company Name
Spend as little time as possible doing this, because dwelling on it can hold up your entire project. You can always change the name of your business later if you come up with a better name. To get started, just pick something simple and go with it.
Get an Employer Identification Number
This is something you will have to do before you can hire employees or build a partnership. However, you may want to do this even if you don’t plan on hiring employees right away. By obtaining an EIN, you can keep your personal tax number (social security number) private.
Get Registered Under a Trade Name
Depending on your situation, you may want to operate your business under a pseudonym. Registering a trade name can often be done easily and getting approval is fairly easy.
Get Your Business License
Both city and county governments require business owners to be licensed. Obtaining your license is as simple as filling out a form, which takes just minutes. While completing the application, be sure to use the EIN instead of your SSN when asked for your business’ tax identification number.
Find Out About Other Business Permits
You may need to file a personal property tax form on items used for your business or you may need to get a home occupancy license if you plan to operate your business out of your home. You may be able to find out what other permits you will need by consulting local and county offices or by visiting government websites.
Separate Your Business’ Finances
Finally, you will want to divide your business financials from your personal accounts. This means opening a bank account to be strictly used for your business and starting a simple accounting spreadsheet. You may upgrade these services in the future, but set them up as simply as possible to start.
These steps are necessary for launching your business, but they can also be done simply and in a short period of time. As you reach a stage at which you have everything you need in terms of resources, taking care of these legalities is the next step. While these details may be tedious, you can get them done in just a few short hours.