5 Things You MUST DO Before Starting Your Business (LLC? Bank Accounts? Trademarks?)
Here are the 5 administrative things you must do before starting your business like: How to start your business LLC, trademarks, business bank accounts, EIN and more! Before you sell anything please consider setting up your business legally so that you can do things like get business funding, business credit cards and separate yourself from your business finances. Please seek help from a CPA/accountant + lawyer for professional guidance and use this video only as a thought-starter for how to start your business the right way.
Hey guys, it's Joi here, and today we're talking about five must-haves you need as a new business owner. These are things that you'll need to set up to protect your business. I had to go through these things when I started my product-based business Joiful Bee last year. I want to make sure you guys do these five things to make before starting your business.
If you're excited about seeing content about lifestyle, branding, and beauty, make sure you subscribe to this channel. And make sure you hit the thumbs up for more videos like this. I wanted to start this video off with a disclaimer. I am not an accountant, lawyer, nor financial or business advisor. Make sure you talk to professionals to figure out the proper ways to set up your business. Do your own research, then hire professionals. Now that the disclaimer is out of the way, let's get into the five must-have things for your new business.
The first thing is setting up your entity structure. And by this, I mean are you going to be a sole proprietor, LLC, or corporation. Figure out what type of business you will have and set this up with your state in the business filing section of their website. Say you want to be an LLC, you will type all your business info and register your LLC in your state. When you seek professional help, they will decide whether you want to be a sole proprietor, which means the business is you, an LLC, which separates the entity from yourself or wants to go and be a corporation. I have an LLC taxed as an S Corp, and my accountant, my professional, helped me make that decision. Just because I'm doing something doesn't mean that's what fits for you. Find an accountant, put it into work, and figure things out.
After you have your entity structure all squared away, you need to get your federal EIN, the social security number for your business. This number is used when filling out your taxes, getting a business credit card, and most importantly, getting a business bank account. After you have your EIN, it's time to establish your business bank account. Work with an accountant or bookkeeper to make sure that you're keeping your business and personal expenses separate because you do not want them together. And that is a case of commingling. The IRS does not want to see your business and personal expenses mix. Get a business checking account and work with your accountant to see which bank might be the best for your business needs. You will start to have so many transactions, especially at the start of your business. Things like paying for supplies and inventory need to be charged to your business bank account, not your personal.
The fourth thing I recommend is protecting your business name legally. Make sure that you work with a lawyer to get trademarks for your business. Some things you need to trademark include: your business name, signature product, types of phrases, or unique words to your business. SIde note: some words and quotes are not eligible to be trademarked because someone might already own them. Work with a trademark lawyer to get your trademarks in because they can take months. Mine took almost 10 months for my trademarks to be finalized. That's something you want to start at the beginning because the process is lengthy. Start getting your business protected as early as possible.
The fifth and final is securing your name online and on social, which is essentially your domain name. Go on Google domains or GoDaddy, whatever you want to use, and get your domain name for your business name. Then get your social media handles on all the platforms even if you don't plan on using all the platforms and secure it now. That way, no one can take your name later down the road.
I hope you guys enjoyed this quick video on five things you should consider having when you start your business. Once again, make sure you get that professional help to expand on any of the topics discussed today. And I hope you guys enjoy these videos about small business and branding, and I'll talk to you guys next time. Bye.
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