Organic Business Growth: Legitimize Your Business With the Basics
People often tell me that I dream and take way too many chances. What does that exactly mean? Through my early adult life, working for someone else has never appealed to me. Building something for myself, something to leave my family, in essence a legacy as been my goal from the beginning. Yes I AM a dreamer, a chance taker, but also a doer. I am an Entrepreneur – Serrieh
Believing in what you do is the most important step when creating a successful start-up business. But sometimes your great idea comes with little to no money to get it off the ground. Great credit for a business loan or a huge amount of money in savings is not always needed if you are able to start thinking outside of the box. Holding a drive and sense of creativity by using resources and networking ability you already have can tremendously impact the deduction in cost when legitimizing your business.
As a fellow Entrepreneur, I am personally speaking from recent experience as my husband (who is also my business partner) have begun not only legitimizing our business but we have also built an incredible team, along with a growing internet presence with little to no cost.
By using available resources and doing things ourselves instead of hiring someone else, starting our business has been much more cost effective then we expected. It did take more research and time, but we have been able to build a presence through social media and internet resources.
Building a strong internet presence is key to growing a start-up when you do not have the cash flow needed. Some say it is impossible to build a business without a steady cash flow, but I say it can be done. We are living proof that it can. Of course, as time goes on, new ways to generate income will be formulated, but the initial set up phase can be done with minimal cash flow. Here are some basic steps to legitimize your business at little to no cost.
Obtain your EIN ( Employee Identification Number) from the federal government. It only takes a week or so to receive it and it is completely free. Before you file for your EIN you will need to know how to file your business, LLC, Corporation, etc.
Incorporate your business through the Sectary of State’s Office. Most banks and businesses require or encourage this from any business they deal with. There is a fee and it ranges from $40-$300 depending what state, but it is worth every penny. Why Should I Incorporate is a great read.
Always get a P.O. Box until you are able to get a storefront or business address. This keeps your personal information, personal. For some government paperwork, you will have to use a physical address (which can be your home) but dealing with team members and/or customers, a P.O. Box is recommend. They are very reasonable priced and the USPS usually has plenty available.
Check licensing and zoning within your county and state.
Check with the United States Patent and Trademark Office to make sure your company’s name is available for trademark.
Trademark your company’s name. Application fees start at $225.
Make sure your domain name is available, if it is buy it ASAP. This is usually fairly cheap as long as you keep it simple. Do not let the hosting company sell you extra products you don’t need. Please just research each product yourself before making the final decision. Remember, you can always call back and add more to your plan as your business grows.
Once the EIN and State Incorporation has been received, it is great to get a retail or wholesale license as well depending on the needs of your business. Some offices depending on the state have an online version. Once application is submitted, the license should be issued generally within 14 business days.
Make sure a thorough search of licensing required to operate your business and/or to sell products, food, merchandise, etc is completed. This is usually done with in the state department in which you or your business is located.