Isn’t it amazing that you often call an old phone number for a process server who you used in the past only to discover that the number has been disconnected? The relief was extended to companies that started trading in 2012, 2013, 2014 or 2015 and, in the Finance Act 2015, to companies that start trading in 2016, 2017 or 2018. You can use the SBA’s database to search for licensing requirements by state and business type. It’s really easy to set up a free business checking account with your local credit union or bank. Most likely you have already identified a business idea , so now it’s time to balance it with a little reality.
Depending on the complexity of your business, it may be worth investing in a consultation from an attorney or CPA to ensure you are making the right structure choice for your business. A lot of people get started in business because it’s a dream they have always had and then realize they don’t have what it takes.
People are more willing to try a new business if they do not have to risk their own money to try it. But use the plan you’ve created to consistently work on your business, and you will increase your chances of success. In order for a business to ‘last’ and be profitable, good communication between vendors, customers and you as the business owner will be vital.
Note: If you’re using an online legal service to set up an LLC or corporation, don’t use it to get your EIN. While you don’t need a 40-page business plan in order to get your business up and running, if you’re seeking funding, banks and investors may ask for one.
Do what startups do and create a minimum viable product – the smallest version of your business idea that you can put out into the world and prove people like it. If you’ve worked through your business plan and have a sound handle on your financials, pitching for funding should be a breeze.