If you've thought about starting your own business, you might have begun to look for advice. There are so many tips for starting a new business out there that choosing which ones to follow can get confusing.
In the spirit of taking things one productive piece at a time, here are ten steps we recommend for starting your own small business.
Step one: Come up with your business name
Even though it may seem like the simplest thing to do, deciding on a business name for your company or brand can be tricky. A good business name should embody the feeling of your brand. It should be memorable.
Once you have determined a name you like, do a web search on the name as well as a trademark search. When you create a unique logo for your company or a name for your company's products or services, you want to be sure that non one else uses the same logo or name elsewhere.
Step two: get a domain name
A domain is the address of your website that people type in the browser URL bar to visit your website. Example: google.com or nike.com
You will need to check availability of your desired domain name, and secure it from a registrar. Branded domain names help establish your business brand as your own, preventing competitors from buying the rights to your business's domain name either purposely or accidentally.
Step tHREE: create a professional business email address
Email is one of the most common forms of communication. A professional email address creates a sense of trust, so having the right professional email address is essential.
An unwillingness to invest in a professional email address indicates that you're not very serious about your business. Your professional email address can be an easy recognition of your company.
Step four: apply for your llc
A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities.
Each state has its own laws governing limited liability companies, so do some deep research on LLC formation's in your particular state.
Step five: apply for your ein
An employer identification number - also known as EIN or business tax ID - is a unique nine-digit number that you use when filing taxes for your business. An EIN also helps you register a business entity, obtain business loan, open a business bank account and so much more.
Having an EIN helps you separate your personal finances and personal life from your business.
Step six: Apply for your duns number
A DUNS number is a unique nine-digit identifier for a business created by credit bureau Dun & Bradstreet. Dun & Bradstreet are one of the three major business credit bureaus. DUNS numbers can help you:
- Establish business creditworthiness
- Reduce credit risk
- Qualify for financing
Step seven: create a business logo
Creating a logo may not be top of your agenda, however, it's an integral component of making your brand successful.
For a business logo to be effective, it needs to be easy to recognize both in large and small print. Customers need to recognize your company with ease, whether its displayed on a smartphone or on a huge billboard.
Step eight: open a business bank account
Opening a business bank account is essential for getting and keeping your business on track.
It's highly important to keep your business depositing and spending separate from your personal banking and it's not enough to simply keep separate records.
Step nine: make social media account for your business
Social media platforms help you connect with your customers, increase awareness about your brand, and boost your leads and sales.
The ability to create real human connections is one of the key benefits of social media for business. Introduce your followers to the YOU and showcase hoe existing customers are using and benefiting from your products.
Step ten: PRIORITIZing customer service
Developing and selling a good product or service is only half of the battle, providing your customers with amazing customer service is just as important. Customer service is important to your business because it retains customers and extracts more value from them.
The importance of customer service is not limited to just 'boosting sales'. It adds value to your brand. Amazing customer service will give your customers that 'WOW Experience' through the entire purchasing process. From pre-purchase, through their purchase and all the way to their post-purchase experience.
You have the idea, skills, and are now aware of some of the steps recommended to start you business. You got this, get started today! ✨