Launching a business can be challenging. After all, you want to have the perfect start and get the smallest details right.
However, it’s not uncommon for entrepreneurs to unknowingly overlook certain things in the rush to work on the “bigger picture”. How do you ensure that your launch goes as per plan without any hiccups?
In the article below we look into all those things that will help you give your business launch the finishing touches it needs…
1. Register “Doing Business As” Name
Will your company be doing business under a name that’s other than the legal name? If yes, then you need to file a “Doing Business As” or DBA name.
It refers to a fictitious or alternate name under which you can operate professionally, helping you to separate your business identity from your personal name. Once registered, your DBA name can be used to open bank accounts, advertise services, sign contracts, etc.
2. Obtain an Employer Identification Number
If you plan to hire employees like every other incorporated business then it’s a must that you obtain an EIN or Employer Identification Number.
Having an EIN will also help your business establish a credit profile, one that is different from your personal credit history. It’s also needed when opening a business bank account and applying for business credit cards.
3. Fulfill Insurance Requirements
When you form a corporation or an LLC, your business is not provided with any insurance. You need to go to an insurance provider to obtain “general business insurance”. If you are going to hire employees, then it also makes sense to get “workers compensation insurance”.
Starting a business is one thing, and making sure it runs smoothly is something else. Which makes insurance important to keep your business going, regardless of the circumstances.
4. Get Your Accounting Procedures Right
Paying your taxes is only a small part of the overall picture when launching your business. It can feel complicated if you don’t get the right advice. So whether you want clarity when completing your tax forms or have any other tax related questions, see to it that you consult with a good tax preparer.
Besides that things that we discussed above, you should try and see if there’s anything specific to your type of business that you need to take care of before starting. Giving your business launch its finishing touches ensures that you don’t make any mistakes that can slow you down.