Starting a business can be daunting if you don’t know what to do. If you don’t set it up properly in the beginning you could suffer setbacks overtime with the government, customers, and even suppliers. I have helped over 150 entrepreneur’s startup with success. In today’s episode, I am going to give you some business basics to get you started. Here are some facts and figures to think about:
- There are approximately 30 million small businesses in the US
- Women of color account for 89% (1,625) of the new businesses opened every day over the past year.
- Statistics show us that the new generation of entrepreneurs is more likely to side-hustle. In fact, Millennials and Gen Z’ers are 188 percent more likely to have the aim of creating a side business, compared to Baby Boomers or traditionalists
When you are starting a business, the name is everything. Before you form your business entity, you need to make sure you have a catchy and unique name. A few tips: use acronyms, use your name, pick a word from the dictionary, get inspiration through surfing the web or you could take a look at a map. If you think about it, Amazon is named after the largest river in the world. I am just saying it works! Those are just a few ways to come up with a catchy name. Once you have your name, you can start to form and develop your business. Here are some tasks you need to do after you have your name secured:
- Form your business
- Get your Tax identification number (EIN)
- Set up your business bank account
- Secure your domain name
- Research your industry
- Protect your intellectual property
You can form your business in one of four ways: S-Corp, Sole Proprietor, LLC, or Partnership. Each of them has different tax benefits, annual filings, and financial implications so it is important to do your research. Other things you need to do: Reach out to your local and state governments for grants and assistance. Apply for any certifications you may qualify for such as woman-owned, minority-owned, or veteran-owned I wish someone would have told me about these things when I started and check with your local government regarding licenses and certificates needed because each city is different. Eventually, you will need a Duns number and a business credit card. You cannot make moves as a business owner without leveraging your credit.
For more information on starting your business, watch my IGTV series on CLEO TV’s Instagram.
Remember, there is no success without sacrifice. To learn more about getting started with entrepreneurship go to www.SBA.gov for government resources or you can check out www.MonetizeYourBrands.com for help pursuing your purpose.
Until next time,
To watch The Startup series, tune in to CLEO TV’s IGTV page. Follow CLEO TV on Instagram and turn on our notifications button. We’ll see you at home with Dr. Syleecia.