| What an exciting feeling you must be having at | | | | open a business bank account and possibly for |
| this time. You have finally made the choice to | | | | other things.I wish to remind you that what I |
| "chuck it all" and go into business for yourself. You | | | | offer are general guidelines and information to help |
| dream of the freedom from your unreasonable | | | | get you started. It is always a good idea to |
| boss and the wonderful feeling of writing your | | | | discuss your options with an accountant or lawyer |
| own paycheck. It's a lifelong journey that has to | | | | to determine what is best for you and your |
| start at the first step - the very beginning.It is | | | | individual circumstances.5) Obtaining a Business |
| my goal to take everything all those books say | | | | AddressThis is a step that you can skip if you |
| and boil it down to a real action plan that is a | | | | simply plan to use your home address or an |
| simple as it can be. Basically making it like a recipe. | | | | existing business location as your address. But in |
| You really don't need all that filler; you just need | | | | most cases, you'll start working out of your |
| to know how to get started. A bunch of fluff isn't | | | | home and probably wish to protect your privacy |
| going to help; in fact it slows you down. Instead | | | | and create an aura of having a larger business by |
| of reading, you should be doing!This section will be | | | | getting a new business address.This process is as |
| those most difficult first steps of just getting | | | | simple as going to the post office or a private |
| started. Effectively launching your business and | | | | mail box center (PMB) such as The UPS Store. I |
| then growing it for success are their own unique | | | | suggest a PMB over the post office because you |
| steps in the future. For now, I'll have to assume | | | | can usually use a street address and list your box |
| you have an idea already and have researched it | | | | number as a "suite" to help create a more |
| enough to know that it is a good idea and has a | | | | positive image versus having your address be a |
| bunch of customers clamoring for your product | | | | P.O. Box number.6) Your Business Phone |
| or service. Please be sure you have a good | | | | NumbersLike the business address, you can skip |
| quality product and/or superior service. You are | | | | this step if you plan on using an existing phone |
| not trying to make a quick buck; you want to | | | | number. But you should consider adding a second |
| have a business that lasts.I also have to assume | | | | phone number to your home or office to be used |
| that you already have some sort of support | | | | just for your new business. You can even get |
| network in place, trusted friends, professional | | | | what is called an "overlay" and put a new phone |
| advisors like accountants and/or lawyers, and a | | | | number on top of your existing phone. It will go |
| maybe a mentor with excellent opinions. If you | | | | to the same phone as you have now, and in |
| don't have them, you can pick them up along the | | | | most cases you can assign a different ring tone |
| way. But you'll need them all at some point.You | | | | so you know it is for the business.A toll-free |
| probably want to know what qualifies me for | | | | number is also an important item to have, but |
| writing about this. Academically, I have an MBA in | | | | you don't have to have it right out of the gate. |
| Entrepreneurship and Marketing. Professionally, I | | | | But studies show that customers are more likely |
| have been a consultant for many entrepreneurs, I | | | | to contact you if you have a toll-free number. |
| worked at a home business franchise company | | | | They are not that expensive to set up and the |
| for several years, and I have a few successful | | | | charges are based on usage, so if you use it a lot |
| entrepreneurial ventures of my own. I even | | | | you should be getting more than enough business |
| helped my own family launch a very successful | | | | to cover the expense.Remember that you phone |
| online business selling premium pashmina and | | | | voice is important. Talk with a smile - the |
| cashmere products. I'm not a super rich | | | | customer can hear that smile. Be sure you have a |
| entrepreneur, but I'm successful and happy. My | | | | pleasant and professional sounding message for |
| key expertise is online ecommerce, but the | | | | your voice mail as well. And call back your |
| following ideas are relevant to starting any type | | | | customers who leave messages as fast as you |
| of business.How to Establish Your BusinessThis | | | | can. Your competition probably isn't taking care of |
| first part is really what most people don't know | | | | them fast, so you should.7) Business Banking |
| how to do. It's the fundamental process of | | | | Account FormationHaving a separate business |
| actually setting up the business. All the good ideas | | | | banking account is advised since it will help you |
| in the world have to start at the beginning. It's not | | | | keep your financial records straight. It will save |
| the fun part, but it has to be done.It may seem | | | | you a lot of time during tax season to keep your |
| elementary to you, but why haven't you done it | | | | business and personal spending separate. I |
| yet?So, let's start from the start.1) Giving Your | | | | suggest using a larger bank, such as Bank of |
| Business a NameYour business' name is important. | | | | America or Wells Fargo, which serves the |
| It is your customers' first impression and your | | | | business community. They will offer a wider range |
| public identity. You probably want to choose a | | | | of services and possibly be a good source of |
| name that is professional, but also may hold some | | | | business loans to help fund your growth.You may |
| meaning to you and your potential customers. My | | | | want to call several banks in your area to |
| personal and professional opinion is to not get too | | | | compare their small business service options and |
| elaborate with your name. Make it simple and | | | | the associated fees. Once you decide on the right |
| direct so you don't have to waste a lot of time | | | | bank for your needs, make sure you know what |
| branding or explaining to your customer just what | | | | paperwork to take when you open the account. |
| it is you do or sell.For example, for my family's | | | | In most cases they will require at least your |
| business selling pashmina products, we decided to | | | | notarized D.B.A certificate.8) Logos, Business |
| go with The Pashmina Store. There is no question | | | | Cards, Letterhead and SuchSome people may tell |
| what the business is. Simple and direct...and the | | | | you to invest lots of money upfront to develop a |
| URL was available (which is very important).Most | | | | great logo and then put it on expensive |
| people have a desire to name their business after | | | | letterhead. These people have never started a |
| themselves, using something like their family | | | | business on a budget. While you do want to |
| name, their first name, or their initials. This is a | | | | appear professional, you can do just fine with |
| perfectly acceptable; as long as you get the idea | | | | your own computer and printer while you wait to |
| across about what it is you are selling. For | | | | grow big enough to afford such materials.Most |
| example, if you are selling raincoats and your | | | | likely your word processing program or other |
| name is Smith, you may call your business Smith's | | | | such program already has a letterhead template. |
| Raincoats or even Raincoats by Smith.Take the | | | | That is fine to use for now. Choose a nice font |
| time you need to select on a business name that | | | | for your new "logo" and use some color for it, if |
| you're happy with, says what you do, and has a | | | | you wish. Do purchase some nice paper to put it |
| good URL for a website. You should run your | | | | on. Then simply print out as needed.On your |
| name choices by your friends and family to gauge | | | | letterhead, make sure you get all of your |
| their reaction and to get their thoughts.2) Register | | | | important information across in a professional |
| Your URLI know, you just decided on a name and | | | | way. In general, you'll want to include your |
| have nothing close to a legal business yet. But I | | | | business name, mailing address, phone number, |
| suggest snapping up the best available URL (or | | | | fax number and email address.The same goes for |
| web addresses) as soon as you can. In this day | | | | business cards and envelopes. You can buy nice |
| and age, your website and the URL will be a large | | | | envelopes and business card stock and use your |
| part of you business identity. It will also be the | | | | existing program templates to create professional |
| source of your email addresses, so getting a | | | | materials as needed.Having a designed logo or |
| good URL matters. We were lucky enough to get | | | | company motto on your letterhead is a personal |
| for the pashmina and cashmere business, I hope | | | | choice. Make sure it looks good and reflects the |
| you are as fortunate for your venture.It is best | | | | business. Also make sure it looks good when it is |
| to investigate available URLs even as you decide | | | | made very big or very small since it will be used |
| on a company name. Try to get the URL of your | | | | in various formats.The Next StepsOnce you finish |
| exact business name, or as close as possible. I | | | | Step 8, you're in basic business shape. It is difficult |
| suggest getting a ".com" rather than ".net" or | | | | to tell you what to do next since there are so |
| other since that is what most people know.You | | | | many types of business and different ways to go |
| can research names and register at websites | | | | about it.In general, you'll need to start letting |
| such as and There is a small fee, but it is worth it | | | | people know about your business and getting |
| if you are serious about your business. These two | | | | customers. This may mean developing a website |
| services even will help you inexpensively set up | | | | that sells products or promotes your services. It |
| and host a website and email service.3) Your | | | | can be as simple as handing out business cards to |
| Business' Legal OrganizationNext, you will have to | | | | everyone you meet. Or maybe it is "pounding the |
| determine what legal structure is best for your | | | | pavement" and meeting people to tell them what |
| new business. Early in a business' life, a sole | | | | you are doing.But there are a few things to keep |
| proprietorship is most common. However, it is | | | | in mind that relate to any business. The Nike |
| beneficial to know the different types of legal | | | | slogan has it right when they proclaim "Just Do It." |
| business structures before you decide for certain. | | | | Nobody is coming to you, so you have to reach |
| You'll need to know all about them as you grow, | | | | out to them. And it takes time and effort. Yes, |
| in any event.You'll most likely want to discuss the | | | | you do have to "work" and "sell" no matter what |
| options with your accountant and/or attorney as | | | | those advertisements may promise for their |
| well. To get you started, here are the three most | | | | wonderful business opportunity.Here's the "secret" |
| common forms of business.1. Proprietorship. As | | | | to success: You will have to work harder than |
| mentioned earlier, this is the most popular | | | | your competition, treat your customers better |
| structure when starting a new small business. It is | | | | than your competition, offer a better product and |
| also the easiest to start. In most states and | | | | or service than your competition, just plain be |
| cities, all it typically requires is a D.B.A. ("doing | | | | better than the rest. Yes, that is the secret!My |
| business as") and a tax ID number, which would | | | | first job out of college was as an executive |
| likely be your Social Security number.A | | | | recruiter, a headhunter. I was successful at this |
| proprietorship provides you the maximum amount | | | | job. In fact, I was one of the tops in the nation. It |
| of control over your business...but it also leaves | | | | wasn't because I was naturally better than |
| you the most potential liability. In short, you are | | | | anyone else, it was because I worked harder and |
| personally accountable for your business and all of | | | | I worked consistently. Have a plan for the day, |
| its debts and legal issues.2. Partnership. This form | | | | the week, the month, the year...and do it |
| of business is common if your business requires | | | | consistently. Get into a routine and stick to it. |
| you to take on a business partner for expert | | | | You'll get sidetracked along the way, of course, |
| knowledge or financial needs. A partnership is a | | | | but keeping your efforts consistent will pay off. |
| legal definition of your business relationship and | | | | You'll make you own "luck."Since you are your |
| defines which party is responsible for what aspect | | | | own boss, you do have a little luxury to make a |
| of the business venture.For example, you may be | | | | schedule that fits your lifestyle. If you want to |
| the engineering type who can make the product. | | | | start at 10:00 AM, or play golf for lunch, or work |
| Another person may be the talkative type who | | | | late at night, that is fine. But stick to the schedule |
| can sell sand in the desert. Yet another person | | | | and make it your routine. This will help you get |
| may be the main financial backer. Whatever your | | | | over the initial feelings of being scared and |
| circumstances, a partnership allows you to define | | | | overwhelmed and start getting you comfortable |
| each person's part in the business and put it down | | | | with your new professional life and on your way |
| on paper in a legal manner.3. Corporation. This is | | | | to success.Along the way, you'll start to discover |
| the most official and potentially complicated legal | | | | what your strengths and weaknesses are. You |
| form of business. This is also the most expensive | | | | don't have to be an expert at anything really; you |
| type of business entity, but it does provide | | | | just have to be average to above-average at a |
| everyone involved the least amount of liability.It is | | | | lot of things as an entrepreneur. If there are |
| very common to start as a proprietorship or | | | | glaring weaknesses in you business skills, you |
| partnership and then change to a corporation | | | | simply have to work at them. You can read a |
| after the business is established and growing.4) | | | | book, take a class, whatever...but you'll naturally |
| Business RegistrationAgain, most likely you will | | | | get better each and every day just by doing |
| start as a sole proprietorship. The process is very | | | | your business.Finally, do not get so frustrated in |
| simple and inexpensive. But the process can vary | | | | the beginning that you quit before you even get |
| a bit between states and even cities and | | | | started. Depending on what you start with and |
| counties.The goal here is to get your business | | | | what (or who) you already know it is going to |
| name registered as a D.B.A, or "doing business as". | | | | take some time. Even minimal success is probably |
| You will need this in most areas to open a | | | | going to take several months and maybe a year |
| business checking account. The fees are typically | | | | or more. Make sure you are mentally and |
| minimal, but vary on your location. Your County | | | | financially ready for at least a year.If you're not |
| Registrar is most likely to be the office you will | | | | ready now, don't worry. You now know the |
| need to contact to ask about what the process is | | | | steps and what to expect to even get started. It |
| to get your D.B.A. The methods will vary by | | | | is better to take you time and be well-prepared |
| location and in some rare instances you may not | | | | than to rush off and make a mistake that you will |
| even have to register. Just be sure to ask about | | | | regret for years to come.Launching and growing |
| all of the steps to make sure you're | | | | your business are the essential main steps 2 and |
| covered.After you have made some calls or used | | | | 3. But those are whole other beasts that are best |
| the Internet to find out the steps in your area, | | | | discussed at another time. Until then, I wish you |
| you will most likely need to go fill out paperwork | | | | the best of luck and hope that your new business |
| at the government office that handles the | | | | is an incredible success.Blair Rhodes is an |
| registration. The good news is that the paperwork | | | | entrepreneur himself and has helped several |
| is generally light and the wait is not too long. They | | | | people launch their own successful business. After |
| or you will be responsible for checking to make | | | | earning an MBA at the University of Texas at |
| sure the DBA name is not already taken, and in | | | | Austin, Blair worked as a headhunter, in the movie |
| many cases you will be able to check on the | | | | business, at several successful Internet startups, |
| Internet before you even go.After the paperwork | | | | at a franchise marketing company and as an |
| and name check, you will have to pay a fee, | | | | importer. He currently focuses on his own |
| which is generally small. Once it is all done, be sure | | | | ventures, including The Pashmina Store and is |
| they give you a notarized copy of your | | | | developing several other ecommerce businesses. |
| registration as you will need it at the bank to | | | | |