Do you have a new business idea, but you’re just not sure if 2021 is the best year to start it? Or, are you ready to start your own business but need to know what steps to take to start it? 2021 has been identified as an optimal year to start a business because of the unique opportunities that come during a recession. A recent article in Entrepreneur.com, identified 2021 as being perhaps one of the best times to start a business. The reasons cited are: 1. The consumption of online content is higher than ever 2. More time spent being introspective has given you more clarity and perspective, and 3. a recession can expand the available workforce, which means that you may find an easier time finding the help you need to start with a bang.
So, take that idea that you’ve had extra time to think about this year, leverage the high online demand and potential workforce available to help you, and get going in 2021! You can’t grow if you don’t start!
4 Steps to Start Your Own Business
Once you have your new business idea, you will want to set a strong foundation by formalizing the business and then following certain steps for setting yourself up for success. It includes making sure that you have a credible business address, as well as state registration so that all legal, financial, operational, and transactional activities fall under your legal business name. It is also important when looking to create business accounts, such as banking, online payment gateways, and more.
Here are the 4 simple steps to start your own business.
Step 1: Set Up a Business Address and a Registered Agent
One of the most important very first steps to starting your business is setting up a professional business address. This is addressed will be used to file your business registration, open bank accounts, and of course go on any marketing materials. Your business address should be a professional address, separate from your home address. It is not recommended to use a PO Address for this as there are limitations.
A Registered Agent is required to file your company with the Department of State. It is an individual or entity formally responsible for receiving legal and State correspondence for your company. As such, this is a secondary address that needs to be provided. Certain Virtual Office providers, such as Starhub, offer you Registered Agent services. The benefit is that your Business Address and your Registered Agent address are one in the same. This makes things much easier for you!
Step 2: Register your company and business name
Registering your business means choosing a business structure and filing your business under that structure with your state. The first step is filing, but there is also ongoing compliance to ensure that your business stays within state regulations. Registration of your business not only legitimizes it, but also gives you privacy and liability protection.
The business structure that you choose will determine how your company operates. It will also determine your legal liability, certain taxes, and what rules and regulations you must adhere to. Choosing the right structure is therefore extremely important. There are many different types of business structures. Click Here to learn more about the different types of business structures.
Once you have your business name, address, structure, and registered agent, it’s time to register. This is not necessarily a difficult process, but it can be a bit confusing. Therefore, turning to experts, such as Incfile.com can be a huge help to ensure that registration is done correctly and in a timely manner. But then they can also work with you to ensure ongoing annual compliance.
Step 3: Open your business bank account with an EIN and Business address
After you register your business, you will get an Employer Identification Number (EIN), which is an unique 9-digit number used for business taxation purposes. This number is required to open a business bank account or conduct any tax-related or financial operations. A social security number, or ITIN if you are not a U.S. resident, is required to complete the application for an EIN.
With a bank account, you can begin to collect payment from customers for goods or services. If you are selling online, you will want to set up Payment Gateways. The requirement for this can be reviewed in this article, but are essentially the same as what is you need to register your business, plus a bank account.
Step 4: Start Your Own Business & Set Yourself Up for Success
This last step is really a series of tasks and actions that help you get up and running after the formal registration of your business. These are steps that you will want to tackle early on, but not necessarily in this order.
Build your business website. This is an essential step whether you are an online or physical store business, a product or service. Customers will search for you online before going to your store or calling you to find out more about what you offer, and look for customer reviews, which leads to the next action item…
Set your business up on Google My Business. As mentioned, customers will look for you online first. Make sure you are there and that you have your best foot forward! Your Google business listing may very well be your first customer impression.
Set up a Payment Gateway. If you are selling your products or services online through a website or other portal, then you will need to set up your Payment Gateway. This allows you to accept payments and have those go to your business bank account.
Build a Marketing Strategy and implement marketing essentials. It is not always true that if you build it, they will come. You have to also scream it from the rooftops. Take the time to identify your top marketing strategies and tactics. This will keep your business efforts focused and on task to meet key metrics, such as email subscribers, new customer inquiries, social media followers, and ultimately purchases (units and sales).
Effectively build and manage virtual teams. Once your business is set up to start selling (or before) you may be ready to start building your business team. At first, or perhaps for the long haul, it will make sense to work virtually. This is both an efficient and an economical way to start out.
Implement processes for efficient and productive working. This is an important action to start early and make a habit. With every new activity, put processes in place so that you can easily delegate and or teach others on your team to take it on. You cannot do everything, so leaning on others is key to growing your business.
Try Starthub Virtual Offices Risk-Free Today!
At Starthub, we offer comprehensive virtual office solutions. We’ll even give you your first month FREE. Just click here to get started. You’ll receive a prestigious mailing address in downtown Miami, dedicated mail handling services from a talented team, and an innovative digital platform to receive and direct your mail. Plus, 24/7 customer support. For more information on why Starthub is the best choice for your virtual mailbox, click here.