6 easy-to-follow tips to starting a business in this year

As of January, 2015, there are about 28 small businesses in U.S including 22 million self-employeds. If you want to be a part of this mounting figure, here are some exciting but simple steps designed just for you.

  1. Take the correct move – Write down your innovative ideas on a paper. Think a name for your business. Envision a logo and the colors that you’ll love to use. Who will become your customers? Think about your prospects and the need that your business can meet. It won’t take more than a pen and a piece of paper to kick off the process.
  2. Make it formal – The next step is to registering online resources your company with local secretary of your state office. The registration fee may range between $40 and $500 depending on your location. Now you need to choose an entity type and name for your business. You may register your company as a partnership, a limited corporation, a non-profit organisation or just a corporation – it all depends on you and your capacity. You may talk to an attorney before getting into it for the best and the wisest decision. You can also find a number of in this regard with just a few click of the mouse. Do thorough research, prepare articles and make it formal.
  3. Get your number – Now you have to visit the official website of Internal Revenue Service or IRS. The site features an easy online application process to ensure you get an Employer Identification Number or EIN. Once done, you can download a copy to print or save for your own record. EIN number is very important for tax administration; it allows you to build your business credit. It is also required to move on to the subsequent step.
  4. Open a bank account – You have to open up a bank account as the next step. If you’re serious about the new venture, you must have to have a proper method of accepting payments from the customers. With business banking you can separate your personal and business expenses. Banks usually ask for a copy of business registration and EIN documents. Spend some time on such requirements and select a bank that suits your need. Within next 7 to 10 business days, you will be getting your business card through mail displaying your business’ name and you’re one step closer to meeting your goal.
  5. Market your brand – Once the foundation is laid down, now it’s time to get your brand out there. Register a domain name with a reputed web hosting site and create your website. Set up accounts in social media sites. Starting a blog and updating at least weekly can be another good move. There are a number of online companies that could help you design your site for promotion for free. You can also find companies that could help you by offering less expensive business cards and other important marketing materials. You can always hire a graphic designer to do all of them mentioned above, if your pocket permits.

These are just a few of many steps that you have to go through in order to start up a new business. For example, you have to establish a credit file or applying for a license depending on the services or products you intend to sell. No matter whether you have rooms for rent in Coimbatore, or you’re operating from the United States, these steps are inevitable.

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