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Starting a business can be alarmingly simple – Few steps to go about the process
There are people who dream of starting their own business but they keep waiting for years to take the first step. The reason that keeps them waiting is unknown. Probably they think that the process of starting a business is indeed too complicated. Like many other potential entrepreneurs, they kept waiting because they felt intimidated by the intricacies of the legal tasks that are involved with starting a business.
So, how should you set yourself up for starting your own business? How should you get off square one and start with the fun stuff? Here are few steps to follow.
#1: Complete the process of naming your company
There are many who endlessly keep agonizing themselves while choosing the perfect name for their company. Don’t do this because the more you keep waiting for the right name, the longer will be you wait to start earning money. Rather, for the present moment, forget your brand image, the USP and all other business stuff. Just choose a name to set the administrative ball rolling.
#2: Obtain your EIN or Employee Identification Number
You must know what an EIN is, now that you’re planning to set up a business. An EIN is a federal tax number which is needed to recognize your business. However, you won’t require an EIN unless there are several employees in your business or when you plan to form an LLC, a partnership or a corporation. Nevertheless, you can get an EIN as it just takes few minutes and it’s free of cost.
#3: Your trade name has to be registered
If you plan to not operate under your own name, your state might demand you to register the trade name. In majority of the cases, your application will be approved then and there.
#4: Apply for a trade license
The city or county you live in will need you to have a business license. The business license form which you need to fill out will take few minutes. Make sure you use your employee identification number rather than the Social Security number to help the authorities identify your business.
#5: Enquire about other permits
Each locality will have separate requirements. There are localities which require a home occupation permit so that it can be verified whether or not a business based inside a home meets the zonal requirements. You never know your locality might need other permits. Ask experienced people of the locality and they will tell you.
#6: Get a bank account for your business
Did you know that the easiest way in which you can screw up the accounting procedure of your business is by mingling your business and personal funds? This is why you should use a business account for all your commercial transactions and this way you can avoid screwing up your business. Create an account, use the name of your business, the EIN and use only that account for withdrawals, deposits and transactions.
Setting up a business is therefore not an impossible task. For more detail on the type of business to set up, you can go through the Incfile reviews to make a better decision. Follow the above listed steps to become an entrepreneur.
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On-Campus Positions will now be posted on HandShake for WSU Students!
Handshake is Washington State University’s free online employment resource for students, alumni, and employers. Handshake is a digital platform that connects students and alumni to professional full-time, part-time, internship, and on-campus employment opportunities. Log-in with your WSU credentials to create your profile and get started on your career path today. Click here to access your HandShake account
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Starting a business can be alarmingly simple – Few steps to go about the process
There are people who dream of starting their own business but they keep waiting for years to take the first step. The reason that keeps them waiting is unknown. Probably they think that the process of starting a business is indeed too complicated. Like many other potential entrepreneurs, they kept waiting because they felt intimidated by the intricacies of the legal tasks that are involved with starting a business.
So, how should you set yourself up for starting your own business? How should you get off square one and start with the fun stuff? Here are few steps to follow.
#1: Complete the process of naming your company
There are many who endlessly keep agonizing themselves while choosing the perfect name for their company. Don’t do this because the more you keep waiting for the right name, the longer will be you wait to start earning money. Rather, for the present moment, forget your brand image, the USP and all other business stuff. Just choose a name to set the administrative ball rolling.
#2: Obtain your EIN or Employee Identification Number
You must know what an EIN is, now that you’re planning to set up a business. An EIN is a federal tax number which is needed to recognize your business. However, you won’t require an EIN unless there are several employees in your business or when you plan to form an LLC, a partnership or a corporation. Nevertheless, you can get an EIN as it just takes few minutes and it’s free of cost.
#3: Your trade name has to be registered
If you plan to not operate under your own name, your state might demand you to register the trade name. In majority of the cases, your application will be approved then and there.
#4: Apply for a trade license
The city or county you live in will need you to have a business license. The business license form which you need to fill out will take few minutes. Make sure you use your employee identification number rather than the Social Security number to help the authorities identify your business.
#5: Enquire about other permits
Each locality will have separate requirements. There are localities which require a home occupation permit so that it can be verified whether or not a business based inside a home meets the zonal requirements. You never know your locality might need other permits. Ask experienced people of the locality and they will tell you.
#6: Get a bank account for your business
Did you know that the easiest way in which you can screw up the accounting procedure of your business is by mingling your business and personal funds? This is why you should use a business account for all your commercial transactions and this way you can avoid screwing up your business. Create an account, use the name of your business, the EIN and use only that account for withdrawals, deposits and transactions.
Setting up a business is therefore not an impossible task. For more detail on the type of business to set up, you can go through the Incfile reviews to make a better decision. Follow the above listed steps to become an entrepreneur.
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