Helpful steps when starting a new business

When starting a new business, many questions arise. One I often hear is, "Where do I start?"

Well, start with giving yourself a pat on the back. You are braving the entrepreneur world, and that alone is a lot to be proud of! But going back to the question... where do you start?

Picking a name for your business can be not only fun, but also a way to reach the consumer. Pick a name that is direct and that appeals to the market.

If you want to be taken seriously in the business world, you will need to start with getting a tax ID number. This first step will establish the company and help guide the future of your business.

It's also important to decide what kind of business you are. This can always change as your business demands it, but think about where you are now and where you want to be in five years. Are you a sole proprietor or do you plan to partner with another person? Are you the only employee, or do you plan to hire a team?

Forming an LLC is a smart decision, regardless of the size or structure of your business. This gives the business a level of protection between your company and your personal assets. Nothing is 100% guaranteed, but it gives you a safety net.
With all of that complete, you should set up a bank account using the tax ID number and the company name. It's important to keep your business finances separate from your personal finances, and an established business checking account is a critical piece.

Also be sure to look into local laws and apply for any required licenses or permits. Commercial insurance is a good idea for most businesses as well, and a requirement for some fields.

The next logical step is everyone's favorite-bookkeeping! In reality this can be difficult and time consuming for many business owners. Quickbooks is a great software for managing business finances. With assets, liabilities, owners equity, income, and expenses being thrown at you, it's a lot to keep straight. Creating categories and sub-categories within your financial software will benefit the company in the long run. Organization is your friend!

Last, but certainly not least, find others who have ventured before you in the business world. Lean on these people, seek advice, find out what mistakes they have made, and what they did right. With an open mind, these people will guide you into the business owner you want to b

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