Starting a Business: Part 2

Updated 9 months ago

Last week we discussed that there are 99.7 percent of businesses in the US are small business and they account for 64 percent of the new jobs in our country.

And we discussed several things you need to know to begin a business: a business plan, location, financing and business type, or the legal form of your business

In part two I’ve got a few more things to decide as you begin your new enterprise.

Business name – Your business name is really important. And you should see if you can get a web domain name to match. You will want to check to make sure that you are NOT infringing on any registered trademarks when you pick a name. You want the name to kind of say what your business comprises. There are experts on picking a business name, there is a lot to consider. But for now, consider some basic info.

Licenses and permits – Last week we talked about your business location and I mentioned that you may not be able to run an enterprise like yours in your town or residential neighborhood. But are you selling itmes that require permits or will the operation of the business require a permit? The State of Maine has helpful information on their web site:

http://www.maine.gov/portal/business/starting.html

Tax ID – Paying taxes is part of owning a profitable business. Your business will need a tax ID. The IRS has a information on their web site to help you understand and file for your company’s tax ID number:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business

 

Rules for employers – As your business grows and you need to hire, you will want to keep the vision and the culture of this business, your business. You will want to have folks dress a certain way, greet customers a certain way, answer the phone and take orders in a particular way. You want to excel in great service, in personal care, in doing the best job so folks come back time after time. How are you going to pass that information on to new hires?
Lots of things to think through even before you open your doors if you want to have a great business and not risk your financial future haphazardly.

I didn’t know some of these things when I started my business, even with an MBA. I hope these tips have been helpful. Follow the links for more.

Citations:

http://www.sba.gov/content/follow-these-steps-starting-business

Marion Syversen, MBA
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated. Information provided should not be construed as legal or tax advice; you should speak with an attorney or tax advisor. Opinions expressed are those of the author and not necessarily those of WSFG.(CR9841)


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