Friday, October 7, 2022

Top Things Everyone Should Do When Starting A Business

 You have an amazing idea and you are ready to move forward on ideating your plan to become a business mogul. The only thing to do is to begin - but there is so much to do that it can become overwhelming. Look at these tips for guidance on what tasks need to be accomplished.

Image Credit

Obtain an EIN

An Employer Identification Number or EIN is also known as a Tax Identification Number or TIN. It is basically a Social Security Number for your business. Regardless of which name is used, it is important to understand the importance of getting an EIN for an LLC (a Limited Liability Company). After you have established and properly registered your LLC, the next step is to apply for an EIN while you are still in the business planning stages.

An Employer Identification Number can be used for the following:

  • Business License applications

  • File a tax return

  • Opening a business bank account

  • Financial applications

  • Employing a staff

Of note, applying for an EIN from the US government is free and easy to do either online or via mail.

Have a Plan

If you are going to start your own company, it is imperative for you to have a business plan. The plan will aid you in your start-up processes and then it will continue to nurture you throughout your company’s growth and lifespan. A business plan is essentially a roadmap and instruction manual all rolled up into a well-crafted package that you can review at any time. 

Your business plan is an essential tool to wield when presenting the merits and potential of your products and services to prospective investors. In addition, it does not have to be a static document. As time passes and your company grows or changes course, you can adapt, scrap, and change the business plan as needed.

Spend time with your company’s business plan to maintain the course for scaling and productivity. Make sure you craft the plan to be challenging and goal-oriented. You want it to be demanding and visionary so that you do not become stagnant or fall flat too early and miss growth opportunities. 

Watch this informational video for a step-by-step guide to help you write a business plan.

<iframe width="560" height="315" src="" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

Open Social Media Accounts

Everyone is online, and your business will need to be, too. Before you even register your EIN, you need to secure your social media nomenclature. Of course, the name of the business will be included in the handles and hashtags, but you can be creative and register a few more domains that may be associated with your company at some time throughout its life.

Some common things to do are:

  • Register a domain name

  • Get a company email address (usually related to the domain name)

  • Open a business Twitter account

  • Create a business YouTube channel

  • Craft a company Instagram account

  • Curate a business Pinterest board to inspire

  • Make a company Facebook page

Image Credit

Starting a business takes lots of planning, abiding by government rules, and applying for the appropriate licenses and paperwork. Make a solid business plan to help you secure funding and maintain your company’s upward momentum.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...