FIND WHAT TYPE OF BUSINESS ENTITY YOU WANT
Whether it’s a sole proprietorship, partnership, LLC, corporation, etc., figure out what entity you want to enlist as your business. Most start-up’s and generally businesses, register under LLC as it is the easiest, most cost effective and protective entity type out of the rest.
- Once you have decided on the entity type, you must now register it with the Internal Revenue Service (IRS) for tax purposes. You will receive an employer identification number (EIN). This is how they will identify your business.
- After registering and receiving an EIN number, you must open a business bank account.
HIRE PROFESSIONAL FINANCIAL EXPERTS
Whether it’s an accountant, or a CPA, or a tax advisor. No matter how big or small your business is – you need to have a proper financial expert . They advise you in important financial decisions and help prevent negative cash flow. Sorting your numbers is extremely important as 82% of business failures are due to poor money management.
Financial professionals make sure everything is in order. Bookkeepers, for example, are responsible for recording ALL transactions made by the business. They produce reports, financial statements, and keep track of them.
CREATE A PRESENCE ON SOCIAL MEDIA
Possibly one of the best marketing strategies out there. Social media puts your business on a pedestal which helps it connect with clients, investors and people who are interested in your company. It helps you stay relevant and have attention directed towards you. Being active on platforms such as Twitter, Facebook, Instagram gives you an advantage of reaching your target audience with ease.
HAVE A BUSINESS WEBSITE
Having a social media account does not equate to having a personal website for your business. You have to house your services in an area where people can find more information about your business. Your website does not have to be top-notch. A simple web design will suffice. You do not need to hire an expensive web developer/designer in the beginning, you can build your own site by using templates through web development sites such as Squarespace or Ionos.