Creating Your First Company: 6 Ways to Start Your Own Business

There is no easy way to starting your own business. It takes a great idea, a lot of time and a lot of finances. What’s more, you need to be patient while you wait for your company to take off and become the success you’re envisioning. Read the below advice on how to easily start your own business.

  • Find Funding

You cannot do anything until you have the finances in place to launch your new venture. Unless you have money in the bank, you might need to turn to a third-party to fund your business. For example, you could apply for a business loan from a bank to get your business off the ground. However, don’t despair if you have a low credit score, as you could apply for a logbook loan online at Car Cash Point. Once you’ve passed all the checks, you can start launching your brand-new business.

  • Think of a Company Name

The longer it takes to think of a company name, the longer you will wait to generate business revenue. If you are waiting to come up with the perfect business name, you might never find it. So, simply think of a short, simple and catchy brand name that represents your company. Once you have done so, you should then fill in a DBA (doing business as) application, which takes a matter of minutes.

  • Gain an Employer Identification Number

You will only need an Employer Identification Number (EIN) if you plan to hire employees, or if you plan to form an LLC, partnership or corporation. The EIN will be your federal tax number, which is used to identify your company. Even if you don’t think you’ll need an EIN, you should get one anyway, as it can keep your social security number private.

  • Register Your Trade Name

Do you want your trade name to be different from your brand name? If so, you will need to register it with your local government, and it could be approved immediately. It is, however, important to note that registering a trade name will not provide your company with protection for the name. If this is important to your company, you will need to register a trademark with the U.S. Patent and Trademark Office (USPTO).

  • Obtain a Business License

Every US county and city will require all company owners to obtain a business license. You’ll be happy to learn the form takes only a few minutes to fill out. You should also use your EIN over your social security number, so it can identify your business and keep your information private.

  • Source the Best Product Suppliers

If you plan to sell a physical product to your target demographic, you will need to find affordable inventory to launch your business. Browse the market to ensure you source the best product for the best price, and don’t be afraid to haggle with wholesalers to secure a better deal for your money, and enjoy a greater return on your investment when selling the items to your target customers.