If you love the idea of starting your own company, you’re not alone. There are currently 28.8 million small businesses in the United States, with more companies being launched every day. If you have an idea about a service or product you want to sell, these steps can get you started on the road to success.
Choose a Name for Your New Business
One of the earliest decisions you will face as an entrepreneur is what to name your company. It’s best to look for names that are memorable, attract potential clients, and help you stand out from your competitors.
There are a few objectives to keep in mind when trying to find the best name for your venture:
- Use something that conveys the essence of your product or service.
- Stick with short, snappy names that are easy to remember.
- Make sure the name is still legally available and not already trademarked.
Many businesses decide to get extra help from online business name generators such as Namify.tech. This company can utilize keywords related to your product or service to generate a list of business name ideas. As an added bonus, they will only suggest names that are not already trademarked, so you can rest easy knowing that your company’s new name is legally available to you and not infringing on any laws.
Consider Using Your Home as Your Office
Many entrepreneurs choose to launch their companies from their homes. Running your business out of your house can save you money on overhead costs, but it offers additional benefits, as well, such as:
- More flexibility in your schedule
- No wasted time on commuting
- Lower start-up costs
- Increased ability to scale up or down
- More deductions on your taxes
- Better home/work balance
- Lower start-up risk
If this is the route you choose to go, it’s best to establish a set workspace in your home. While you don’t necessarily need a large, formal room to do your new job, you do want a designated space that is both quiet and private. This can increase your productivity because it reduces distractions and allows you to focus all of your energy on your work.
Decide on a Business Structure
Once you’ve figured out a company name and where to set up shop, it’s time to consider what type of business structure works best for your new company. Common options include Corporation, S-Corporation, Partnership, Sole Proprietorship, and Limited Liability Company (LLC).
Many small business owners elect to go with an LLC structure. It’s simple to file for LLC status without an attorney, and it provides you with more flexibility than other business structures. More importantly, LLC status can shield your personal assets from liability and save you money on taxes by allowing you to categorize company profits as personal income.
Starting your own business is an exciting time filled with many important decisions that can impact the future success of your company. By following a few simple steps at the beginning of the process, you can reduce your risk and make the path to success both smooth and enjoyable.