Just like your name identifies you as a person, your brand will allow your customers to identify your product or service. Your brand should be much more than just a name; it should tell a story of the “why”. The why of your product or service is even more important than the name. Your brand allows customers to recognize and relate to, making it the identity of your business. Here are a few starting points when beginning to think about branding.
During your journey of starting your own business, you may have read or heard the suggestion of incorporating your business. Incorporating your business means turning your business into a company that is recognized by the state of incorporation. When this happens, the company becomes its own legal structure that is independent of its owner(s).
Part of the beginning phases of launching your startup includes registering your business with the proper governmental agencies. Local, state and federal registration may be required depending on the size, legality, and taxation of your small business. Getting your business registered requires several steps.
Licensing & Permitting
Business licenses and permits are important and necessary for two reasons: revenue tracking and public protection. If your business deals with activities that are regulated and monitored by a federal agency (like radio broadcasting, selling of alcohol or firearms) then you will be required to obtain a federal license or permit.
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Before your business starts accepting payments, it is especially important to set up a business bank account. Some may think that a personal account can do the job, but in fact, it can become a financial and legal mess if one account is used for both. There are several reasons to keep your business banking separate.
Finding a Location
The location of your business can be instrumental in the success of your business. And just like your company’s name and brand tell the story, your location can play an important role of shaping your business. Whether you’re opening a casual lunch spot or car detailing shop, your location matters more than you think. There are several main aspects to think about when choosing your business’s location.
Most small business owners pour their heart, soul and a lot money into their dreams, which is why it is important to protect your investment with small business insurance. The type of business insurance that is necessary for you depends on the type of business that you own. There are several types available.