Starting a business can be an exciting endeavor that allows you to use your skills and abilities in a unique way. If you’re thinking of starting a business, there are several things you’ll need to think through before launching.
Conduct market research
Whether you’ll be selling a product or offering a service, it’s important to get a sense of who you’ll be competing with in your area. Learning more about the needs of your area along with the competition may give you valuable information about positioning your product or service for success.
Write a business plan
At the root of every business is a business plan. Writing a business plan allows you to create a strategy for how to run and grow your business. It also provides a way to outline your goals so you can measure success down the line.
Select your location
If you are opening a brick-and-mortar business, finding the right location will be a very important piece of the puzzle. For example, if your business is a shop that requires a lot of foot traffic to draw in new customers, you may want to look for a space in a bustling city where lots of people will walk by regularly.
Businesses need cash to get started. Having your business plan in order can help you raise or borrow capital by getting others on board with investing in or supporting your endeavor.
Choose a business structure
Some common types of business structures include sole proprietorship, partnership, limited liability company (LLC), corporation (C Corp, S Corp, or B Corp), or Nonprofit just to name a few. Each type of business structure offers various benefits and legal protections. The taxes you are required to pay may vary too, so it may be helpful to speak with a business counselor, attorney and accountant to weigh the pros and cons of each option.
Select your businesses name
This step is easier said than done. Whether you already have a name in mind, or you have no idea what you want to pick, it’s important to be thoughtful about it because changing the name down the line may be a hassle. Consider your future company’s brand and what type of culture and vibe you want to give off. Maybe your brand is going to be fun and whimsical. Maybe it will take a serious, professional tone. It’s important to consider this when picking the name. Next, make sure to google the potential name, and check for it on social media. If it is already being used, or if it has a negative connotation for any reason, you may want to go back to the drawing board.
Register your business name
Once you have picked a name, it’s time to set it in stone by making it legal. Make sure to register the name to protect it. There are several ways to protect your name. Entity name protects you at state level. Trademark protects you at a federal level. Then, secure the domain name for your business website address and secure the social media handles for any social media platforms that may be relevant like Facebook, Twitter, Instagram or LinkedIn.
Get federal and state tax IDs
Your employer identification number (EIN) will help you in the process of growing your business because you’ll need it to open a bank account or to pay taxes. It’s similar to a social security number for your business.
Apply for licenses and permits
Depending on the industry you are operating in and the product or service you’re offering, you may need to apply for licenses and permits to operate legally. Be sure to check your specific state’s requirements for your specific product or service.
Open a business bank account
No matter what type of business you are operating, you will need a way to manage your money. At Guaranty Bank, we have several different types of business accounts that could work for you depending on your business’ specific needs.
Our checking accounts include Guaranty Edge Checking, Business Analysis Checking, Civic Checking and Business Checking with Interest. All of our accounts offer free Online Banking and Bill Pay, free Online Statements with Images, and Cash Management services.
We also offer business savings accounts including a Guaranty Prime Investment Account and Commercial Money Market account.
Plus, we offer business loans and lines of credit to help with day-to-day costs, inventory, equipment, real estate and development.
Contact a member of our team to learn more about which of our accounts suit your business and your goals the best.