How You Can Effortlessly Start a Business in 8 Hours
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Everyone starts a business to make sales and grow their brand. Growth is a process that one should embark upon with hard work and determination, and it doesn’t just happen overnight.
However, did you know you can start and run a successful business within just 8 hours? Well, here’s how to make that happen, courtesy of VectorLogos.net.
1st hour – Enhance your idea
You already know you want to start a business, but what kind of a business do you want to launch? Explore your market, identify gaps that need to be filled, and be sure the idea you initially had in mind can fill the void in the market.
2nd hour – The company names
Many people waste a lot of time overthinking suitable names for their startups. Instead, contact a professional who knows about branding and marketing to help you make the right choice. After all, the company name will be everyone’s first impression. Next, register that business name since it will help you identify your business for security purposes. In most cases, approval is done on the spot while registering for a trading name.
3rd and 4th hours – Business licenses
Do your due diligence and research the business permits and licenses needed for your location and in general. Check in with your local government, and if you’re working from home, your HOA or landlord might restrict what can and cannot be done on the premises. Bear in mind that you can always appeal any limitations that keep you from operating; be ready to point out the positive benefits you’re bringing to the community, and shine the best light on your plans.
5th hour – Business personal property form
Businesses pay taxes on property and income; however, this is not necessary for all locations. It’s advisable to determine what is mandatory in your locality and list all the property you bought before launching the business.
Don’t list those items you owned prior to your launch but still use at your business, such as cameras and computers you’ll need for your startup. Since you can still use the items when not working, it’s unnecessary to include them on this form.
Lastly, ensure that you pick a favorable business entity; consider an LLC so that your personal assets will not be seized in the event of a lawsuit.
6th hour – Get a business bank account
Of course, you will need a bank account for accounts payable and receivable. It is best to use separate bank accounts for your business use and personal use. This makes it far easier to avoid mingling your monies, which can create a nightmare come tax time, or if you should decide to apply for a loan or grant.
7th hour – Get your Employer Identification Number
A federal tax number called an Employer Identification Number (EIN) is used to identify your business but is not necessary from the start unless you plan to have employees immediately.
It is advisable to keep track of your business on your own before bringing in the employees. And even if you choose to get an EIN, it’s free and easy. Apply online at the Small Business Association website, and this way, and you will have your EIN in minutes.
8th hour – Accounting
You could create a simple spreadsheet to monitor the flow of money in your business. Unfortunately, unless you’re a trained accountant, you’ll quickly find that using only a spreadsheet for all your necessary functions is inadequate. Instead invest early in cloud accounting software for your business. You’ll have all the tools you need at your fingertips, so you won’t have to worry about creating accounting tools from scratch.
One reason solid bookkeeping is a must is your records can play a big role in helping you qualify for a loan or grant. Keep in mind that lenders and grantors will look at your personal finances as well as those of your business. Consider using free online tools to do simple tasks like calculating your debt to income ratio to make sure you can get the funding you need if and when the time comes.
If you follow these simple tasks and work through the appropriate steps, you can have your new business rolling in just 8 hours. All it takes is proper planning and self-organization.
VectorLogos.net offers high quality ready-made vector logos download, for your personal and business purposes, as digital files for sale. These vector logos save your time and money, and keep you focused on your own business. Just choose the right vector logos and these are ready for an instant download, after your confirmed payment.
For more information, please visit our website or contact us today!
Text credit: Elena Stewart
Photo credit: Pexels