There is never a right time to start a business. Just start it. The stars don’t have to align, your bank loan doesn’t need approval, and your business plan can be incomplete. If you have an idea about a business, let’s get moving on it today.
“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.” Nolan Bushnell
The naming process is perhaps the most important step in getting your venture off the ground. Before starting my next big idea I usually take a few days to figure out the perfect name for it. Once you decide on the ultimate name, secure all the social media for it. You now have something real, something tangible, something to share with others, and something to believe in.
Now you need to visit your favorite web hosting and domain registrar companies to secure your digital footprint. Register your name once for the year (or multiple years for a discount). Now head over to your preferred web hosting firm so that your new website has somewhere to live. Set up a quick one page site and contact email (no personal Gmail accounts just firstname.lastname@example.org) and you’re ready for the next step.
Depending on what type of enterprise you are starting, you may need a phone line. Vanity numbers can get pricey, but are well worth it. Those are the (800) My-Mover type of numbers. They are easy for your customers to remember, and set your firm head and shoulders above your competition.
Secure a free EIN number. Think of it as a social security number for your business. It operates the same way, and makes separating you and your debts from your company’s debts a whole lot easier.
Next call your local city business office and inquire about business license requirements. Every industry and every city is different. It is always best to confirm what your legal responsibility is sooner than later.
Got that done? OK, let’s figure out what type of business formation you will set up. Will you set up a partnership, LLC, corporation, or something else? It may be beneficial to consult a professional regarding this decision due to the different tax and legalities for each, but you will need to decide on one of them.
Congratulations! You’re now ready to start your business. Yes, of course there will be lots more that you will need to do—checking accounts, logos, uniforms, accounting software, employees, equipment, etc. And you will encounter your share of roadblocks, but with sheer determination and a lot of hard work your future will be bright!