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Steps to Starting Your Own Business

From Jean Murray,
Your Guide to US Business Law / Taxes.
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Select and Register Your Business Name

The name you create for your new business is important. Here are some things to think about as you consider a business name:

  • What is Your Business Mission?
    The name you choose should be in line with the mission of your business. If your name doesn't communicate your mission, you need a new name.

  • What are you Selling?
    Your business name should express the essential elements you are selling - products and services.

  • What are Your Competitors' Names?
    Consider the names of your competitors. You don't want to be accused of taking someone else's name and you also don't want to confuse customers.

  • How Does Your Name Sound and Look?
    Your name should be easy to remember, easy to pronounce, and easy to read on a sign or on stationery and brochures.

  • What Images Does Your Name Bring to Mind?
    Ask people who don't know your business about your name. You may be surprised to find out what they think it means. You might need to change your name to remove these images.
  1. Select and Register Your Business Name
  2. Select Your Business Organization Form
  3. Select Your Business Location
  4. Apply for an Employer ID Number
  5. File a "Fictitious Name" or DBA Statement for a Sole Proprietorship
  6. Select Your Tax Year and Accounting Method
  7. Create a Startup Budget
  8. Estimate Sales and Expenses
  9. Create a Marketing Plan
  10. Create a Business Plan for Your New Business

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