Business Basics Checklist
There’s a lot to think about when naming and branding your business.
Let’s start with a list of do’s and don’ts for your business name.
- Make it easy to spell
- Make sure it’s not already taken on Facebook
- Make sure the website and domain is available
- Make sure it’s a name that could grow WITH you and doesn’t keep you stuck in one industry, EX: Jennifer’s Painting, because what if you decide to stop painting?
- Make sure that it’s easy for people to remember
- Words like designs, creations, boutique will fit a variety of industries
- Don’t use special characters or numbers
- Don’t use a spin on something trying to be cute
- Don’t use words that no one can spell or misspell words on purpose
- Don’t use words that lock you into ONE industry
- Don’t pick a name and then add your location, because what if you move? Ie: Jennifer’s Painting – Missouri
- Don’t pick a name that a bunch of others already use
- Have a brain dump of ALL your ideas.
- Start eliminating the ones you don’t like by scratching them out.
- Eliminate more based on the do’s and don’ts above.
- Ask for thoughts of trusted friends if you want feedback.
- Give yourself a deadline to pick a name.
There are so many different ways to legally structure your business.
Always remember to consult an attorney or trusted accountant when determining which business structure is best for you. This list is not all-encompassing, just a few of the most common for small business owners like you.
- Costs less and is much easier to set up
- No need to separate personal and business finances (although still a good idea)
- Taxed as self-employed
- You are responsible for debts and liabilities of the business (you can personally be sued)
- More difficult and costly to set up. may require a lawyer
- Must separate business and personal finances
- Taxed as either sole proprietorship, partnership, or corporation.
- Annual filing fees and more regulations
- You are sheltered from all debts and liabilities of the business
- Set aside one hour to research these two options and their requirements for your state.
- Just Google sole proprietor in (your state) or LLC in (your state).
- Make a decision on which one will be best.
- Talk with a lawyer or accountant if you want to confirm your choice.
Now is the time to actually get your business registered. Don't put this off. It is better to start legit than have to do this later. However, if you have already started your business and skipped this step, there is no time like the present to get it registered.
Online legal help.
Can help with filings.
Will cost more than doing it yourself.
Local offices that can help.
Lots of helpful information and links (but may be a little overwhelming).
- Get a DBA. For whichever business structure you choose, a DBA (doing business as) is a good idea. Here is a website that has the the directions and requirements for all states.
- Give yourself a deadline to file and make a plan to get it done (either on your own or with the help of a professional).
- Now is also the time to get a sales tax permit for your state. Because these directions are once again state specific, just Google sales tax permit (your state).
- You may also see some information about an EIN when you are registering your business. It is an Employer Identification Number given by the federal government. You will for sure need one if you choose to be a LLC or have employees. You may also need it to open a bank account. It is free and you can go here on the IRS website to register.
- Sleep well at night knowing your business is legit!
Copyright 2020 | Jennifer Allwood