starting a business in 5 simple steps
The simplest way to start a business in 2018, for anyone who is unsure where to begin. Before you open a company, make sure you’ve solidified your mission and motivation.
1. Name your business. Make sure nobody has trademarked the name you want to use and make sure the domain name and social handles are available.
2. File your incorporation/formation paperwork with your state, and get an EIN from the IRS. If you’re a sole proprietor using your own legal name, skip this step. If you’re using another name file an assumed/fictitious name or DBA. Also apply for any local selling permits/licenses you need.
3. Open a separate business bank account (all major banks offer some form of introductory business account). Bring two forms of ID, your EIN, and the certified copy of the paperwork you filed with your state or proof of your DBA to your local branch and they’ll open it for you on the spot.
4. Determine an accounting method and start recordkeeping beginning with your opening business account balance. It’s best to put the first few months of overhead in your account as your initial investment.
5. Start conducting business using the 3Ms. Write out your method, and gather your means. Move slowly and intentionally.