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5 In Startup Basics/ Startup Life

Starting Your Dream Business

You’ve been thinking about an idea for a long time, and you just can’t shake it. The thought and vision that is being produced from this idea means you are ready to start a new chapter in your life–starting a business. According to the SBA, there are over 600,000 small businesses started each year in the United States alone. So, you are not alone in starting a new venture. The real question is if you have what it takes to run a successful, lasting business.

When I started Imperfect Concepts, I truly knew nothing about running a business or how to start one, but thank goodness for Google. It has been my number one resource for finding information regarding a business. In addition to Google I went to Borders and bought many books on how to start a business, mainly that focused on retail and online businesses.

You know the business you want to run: a graphic design company, a public relation firm, or a cupcake cart. That fun and exciting stuff is great for a while, but then you have to start thinking about the legal aspect for it. This is the only way that you will accomplish your goals, and you just have to get through it.

Image via Google

Image via Google

Name It, Claim it: Your company’s name is one of the most important parts of your business. It is how people find your site, and how they identify one logo brand from another. Naming your company might take 5 seconds, especially if you base it off your name like Marie’s Bakery. If you’re not as lucky to come up with the name so easily, you can easily jot down names you like then dwindle them down to one great name! Make sure you research the name of your soon-to-be company. This is because a company in your same city might own the rights to the name and can sue you if they have a trademark. Learn more about registering your name here. Also, find out about trademarking here. Read this entrepreneur piece on mistakes to avoid when naming your business here.

Business Structure:What Business entity do you want your company to be? Sole Proprietorship, Partnership, Corporation, S-Corporation or Limited Liability Company {LLC}. All these business structures vary. Imperfect Concepts is a LLC. You can learn more about Business Structures and Tax Implications on the SBA website. They give great detail on each structure and are a great resource for small businesses and entrepreneurs.

Legal Zoom Image

Filing for your business structure: Every state is different and comes with their own rules and regulations. In the great state of Texas, you can file for your LLC online. The fee for your LLC is $300 which must be paid at the time of the application. I personally did mine myself. If you feel that it is too much information to understand, you can hire a lawyer or use a site such as Legal Zoom.

Write Your Business Plan: If you plan on seeking money from lenders or investors, a plan is essential in this process. A business plan is just your business written out so others can see your vision. I have written several business plans for my own personal use. Your plan goes in depth of your business structure, mission, location, marketing plan, fiscal goals, competitors information and much more. I will dedicate a post solely to the writing process of your plan. Until then, you can read more about it on Entrepreneur , SBA and Bplans.

You have a name for your business,  you are registered with your state, and you have started writing your business plan. These are the first steps in starting your business that you have accomplished with the help of this post. If you need even more information regarding how to start a business, one of my two favorite sources are Inc Magazine and Entrepreneur Magazine. They both have great content and links to help you along the way.

 

 

 

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