Starting a New Business

Want to start a new business and control your own destiny?  Have a great idea but not sure what to do next?  Here are some tips to get you from the “maybe some day to today is the day”.

Write it down

Have a name in mind for your business?  Write it down, sketch a logo even using your favorite colors.  Think of who you want your target market to be and come up with something people can visualize and relate to.

Make it legal

When you start a new business, it’s important that you record your business with the proper state and local authorities.  You will need to decide on the type of entity you want to be; a corporation, sole proprietor, partnership, etc.  You may wish to consult a professional tax planner or attorney to learn and know the advantages that best suit you.

Make sure you are tax wise

Before opening your doors you will need to file for an Employer Identification Number (EIN).  You can begin this process on-line or visit your local IRS office.  Once completed you will be issued a number that you will use for all your administrative filings.

Find a good bank

Now that you have your company structure, name and EIN number you’re ready to set up your business banking.  Look for a bank that is a good fit for your long term goals.  Establish yourself with a bank that has multiple products for growing companies such as online banking, remote deposit capture, and merchant services for credit card payment processing.  Make sure you work with a bank that has the ability to grow with you, not one that you will outgrow.

Make your mark

Now that you have laid the foundation for your business it’s time to let people know who you are.   Register your domain name with a reputable web hosting site, build a website and set up your social media accounts.

You will also want to design and print company stationery, business cards, and brochures.  Many print shops offer design services for a minimal charge to assist you in the planning.

Ask for advice

Most communities have workshops and classes through the Chamber of Commerce, Small Business Development Center or community college.  They offer free advice counseling and mentoring programs for small business owners, and individuals considering starting a new business, on topics ranging from current business trends to how to grow your business the right way.

By Anne Capps
Executive Vice President – American Receivable