How to Start a New Business

Starting a new business can be scary. It can feel overwhelming. There's so much you need to do and make sure you do it right.

It's not all that scary actually as long as you break it down step by step it's easier than it seems.

Well that's where I can help. I've broken it down for you. Here is the step by step guide to starting a new business;

1. Name

Picking a name is important, it's going to follow the business forever (or at least until you rebrand). You want to pick a unique name that's going to stick out but not being too out there that people won't be able to find it easily. You want to pick something that you aren't afraid or embarrassed to tell people. Your name should make you excited about your business and you should be proud of it.

2. Product/Service

Decide where the income is going to come from. You should already have an idea of what you are going to sell but now is when you get specific. Will this be a physical product, a service of some kind, 1:1 coaching? Get clear on what and how you will sell your product or service.

3. Tax Filing

You will need to decide how you want to file taxes for the new business. There are many different types of business formations and it's important to understand them all and choose correctly. I personally always lean towards an LLC for small business' but do the research and figure out what's best for you and your business. If you do research and are still lost I also offer free consultations to help you decide.

4. Federal EIN

This stands for Employer Identification Number and if your business' social security number. You need this to keep business credit separate from personal credit. You can file for one yourself through the IRA website. It's important to make sure the website is ira.gov and nothing else. It's super easy and straightforward you don't need any third party service helping you do this.

5. Bank Account

You will need to open a business bank account to keep your business finances separate from your personal finances. This is important for when you go to file your taxes. You will also need your EIN for this so it needs to be done after you've already received the EIN.

6. Business License

You will need a business license from your local government to operate your business legally. You will need to go to your city's website to see how to apply for a business license.

7. Marketing

Decide how you want to market your products or services. Different ways you can market include social media, a website, or even paid advertisements. You need to have a clear idea of how you want to market and WHO you are marketing to. It's also important for marketing to understand SEO and different ways to improve SEO when marketing.

8. Don't Give Up

This is the most important step. Starting a business can be hard and results or even profit are not instantaneous, but be sure to be dedicated and consistent and you will succeed.

Following this guide can help you make sure your new business starts on the right foot. And as always I am available to help.