Starting your first business can be quite a whirlwind. You feel immediately overwhelmed and not sure where to start. Trust me on that I’ve been there. So, after going through this forest fire a few times, I felt it would be necessary to provide a roadmap on where to start. It should save you quite a bit of time and stress starting out. So, below are the 3 things you need to do to start your business.
Start Your LLC/Bank Account
The first thing you should do (after you pick your name) is get an LLC. An LLC, in summary, is a business entity that shields your personal finances from your business finances. The easiest way to do that, and my favorite, is to go to LegalZoom. They make it super easy and seamless to get an LLC. Just click on get an LLC and follow the steps. It’s that easy. Another quick note is you’ll need your EIN number. You can either pay for it on LegalZoom or get it here. It’ll take a few minutes max. It’s that easy.
I also added open up a bank account with this section because they usually go hand in hand. I will say this once here, do not use your own personal bank account for your business. If you have to buy anything or collect payments use a business bank account. Getting a business bank account usually goes in tandem with opening up your bank account. So, this should be a relatively easy task. Most business banks require a minimum balance. But if you are on a budget and can’t put down the minimum balances I have a few options for you. I wrote an article on this so check that out as well. But I recommend starting with BlueVine!
Create your Operating Agreement
After you open up that LLC and bank account it’s time to get that operating agreement. This also can go in tandem with opening up your LLC thanks to LegalZoom. You are probably wondering why you need an operating agreement. Think about it like this, an operating agreement is used to protect the business’ limited liability status.
Operating agreements provide member(s) protection from personal liability to the LLC. Without this document, your LLC can and will closely resemble a sole proprietorship or partnership, jeopardizing your personal liability. Now that we have defined the boring stuff. So, get that operating agreement. LegalZoom can work one up for you for about $50. Which is not bad just to check something off a box to be a real business.
Create your Logo/Start Social Media
Now that you have your Operating Agreement and LLC, it’s time for the fun stuff. Creating your logo and opening up your social media accounts. Again if you are on a budget and starting out, take a look at Canva. They have a pro subscription for about $12/month. I recommend getting it and spending the $12 to get a quick logo made. Once you get that logo made open up that social media page. I recommend starting with one (the one you are most familiar with). Because starting out with too many will get overwhelming very quickly.
Those were the 3 things you need to do to start your business. I hope it was helpful and provided you with a roadmap. This is just the start so keep learning and seek to make your business better. Most importantly have fun with your business. Have fun, and keep learning!
If you enjoyed this article check out my other wealth articles!