Starting a Small Business

Many people dream of owning their own business but aren't quite sure how to start. In this article, I will go over some of the basic steps required for starting a business.

 

small businessFirst, you need to decide what type of entity you want to use to run your business. Most commonly, people would run their business as a sole proprietorship. This requires no setup on your part other than opening up a checking account. On the other hand, if you want to have more limited liability, forming a corporation is the better choice. There are many types of corporations you can create, including LLCs, S corporations, and C corporations. The main issue of creating a corporation, however, is that you need to file papers with the state, and this usually requires help from a lawyer. A savvy business person, however, can create corporations on their own if they use resources such as the ones available at Nolo.com. Note that corporations are taxed differently from sole proprietorships, so it is in your best interest to educate yourself about this.

 

Once you have decided on the type of business you will run, you must next open a business checking account. Most banks will require your articles of incorporation and other supporting documents to open up a business checking account. If you are a sole proprietor and want to do business under a business name, you will need to file forms at a local newspaper advertising your DBA. The bank will require proof of this before allowing you to open an account under a different name. Either way, the banking officer should be able to guide you through the process of opening up an account. If your business uses a lot of checks, you may want to consider ordering laser checks from a checking company such as Deluxe Checks Corporation. This will allow you to print checks on your own, and the checks will be compatible with your accounting program, making it much easier to issue checks. You can purchase laser checks using Deluxe promo codes and coupons for 2017.

 

Now you are ready to open your business. A few other things you should consider doing is creating a logo and establishing a website. There are many resources that will allow you to do both things online at a relatively affordable price.