These days, the idea of being your own boss is as appealing as ever to many people. Earning money while doing something you love may be ideal and possible.
Here are a few tips that can help in starting small businesses that hopefully lead you to success and bigger ventures.
Back to Basics
Before anything else, start with the smallest details. Getting a business permit from your state is one of the first things a potential company needs to do. Government approved documents seal the deal for all aspects of the legality of your business.
Look for an office location close to your target market. Research or ask around. You never know what great office spaces you’re missing out on if you don’t do your homework.
Know the Purpose
Do you form a corporation or file LLC instead? If you do not know what kind of business entity you intend to be, think of the company’s purpose.
On one hand, there are companies with a simple management structure, also known as a flat structure. Smaller business settings normally have this type of organization. There is a flexible set of employees and the authority is generally focused on a single person, usually the owner. If you are in a small business setting, then Limited Liability Company (LLC) is most likely your best bet. This company type allows limited liability, meaning LLC members’ personal assets are not at risk. Inversely, their personal creditors cannot chase the company for a member’s personal debts as well.
On the other hand, consider setting up a corporation if you want a more formal management structure such as a large professional organization. This is best for bigger companies with a large number of employees and multiple leaders, or small companies expanding and moving to a more complex structure. Becoming a corporation also means having potentially taxable extra benefits and the ability to increase investments through stocks.
Be Uniquely You
Make sure you prepare a set of possible company names. The government takes copyright infringement on intellectual property very seriously. Try to brainstorm names that are not only unique but also reflect the purpose of your company. Make sure it’s easy to remember, but unique enough that you will not be in conflict especially against well-established industry names.
The late British businessman Vidal Sassoon once said, “The only place where success comes before work is in the dictionary.” Creating a business is always a risk. It’s the perseverance that determines whether you are successful or not.
There are companies that provide online document filing services to parties interested in forming a corporation or LLC. Visit their websites to get help and information as you create your startup company.