New Business? What to do first?
You’ve finally decided on starting that new detailing business that you’ve been dreaming of for the last year. In fact, you actually have money put aside. So what’s next?
One of the first things when starting a new business that often requires some great thought is your business name. This decision is considered, by many, to be one of the most important business decisions you must make. Will it be a, “your name here” type business? (for example: Don’s Detailing) Will it be a stature type name? (for example: The Detail Authority) It is best to involve your friends and family in this decision. You will be surprised how a family member or friend who knows nothing of the type of business you will be starting, comes up with the best name. Sometimes entrepreneurs are too closely involved and think too hard about certain things. Along comes someone who says, “what about, xyz?” And we think to ourselves, “why didn’t I think of that?”
Once you have decided on a great business name, it is time to register your company name. The easiest way to do this is to visit the “clerk of the county” in which you live. There, you will be able look up and make sure no one has taken the name you want. You will then file a “fictitious business name” or DBA (doing business as) with the clerk. The fees associated for registering are usually between $5 – $60. Depending on your State’s law, you may be required to publish your statement and then submit proof the ad ran for a period of time. States require this for many reasons, all of which are geared towards protecting you and the consumer.
Once this is complete, it is time to open a business checking account at your local bank. Banks will require your DBA or Fictitious Statement to open the account. Most banks can open accounts for as little as $1.00. It is good business practice to utilize a business checking account to keep your business separate from your personal accounts.
It is also advised to get good accounting software to aid in the running of your business. Check with your account for a good recommendation.