{"id":2304,"date":"2023-10-31T05:38:13","date_gmt":"2023-10-31T05:38:13","guid":{"rendered":"https:\/\/lawmato.com\/?p=2304"},"modified":"2024-04-07T19:28:37","modified_gmt":"2024-04-08T02:28:37","slug":"how-to-start-a-business-in-2023-15-steps","status":"publish","type":"post","link":"https:\/\/lawmato.com\/2023\/10\/31\/how-to-start-a-business-in-2023-15-steps\/","title":{"rendered":"How to start a business in 2023 &#8211; 15 steps"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2304\" class=\"elementor elementor-2304\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5b1b844 e-flex e-con-boxed e-con e-parent\" data-id=\"5b1b844\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2158216 e-con-full e-flex e-con e-child\" data-id=\"2158216\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8a8d87a elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-heading\" data-id=\"8a8d87a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 20-03-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Starting your own business can be exciting, as well as daunting. It can give you the independence you crave, but there\u2019s a lot of uncertainty involved and decisions to make.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f3f623 elementor-widget elementor-widget-heading\" data-id=\"9f3f623\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">How to start a business in 2023 \u2013 15 steps<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8a83c7 elementor-widget elementor-widget-heading\" data-id=\"a8a83c7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Starting your own business can be exciting, as well as daunting. It can give you the independence you crave, but there\u2019s a lot of uncertainty involved and decisions to make.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9127f06 elementor-widget elementor-widget-image\" data-id=\"9127f06\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 20-03-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/pexels-fauxels-3184649-1024x682.jpg\" class=\"attachment-large size-large wp-image-2847\" alt=\"how_to_start_a_business_in_2023_-_15_steps\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/pexels-fauxels-3184649-1024x682.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/pexels-fauxels-3184649-300x200.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/pexels-fauxels-3184649-768x512.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/pexels-fauxels-3184649.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-294f7c0 elementor-widget elementor-widget-heading\" data-id=\"294f7c0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1. Come up with a business concept<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12b2420 elementor-widget elementor-widget-image\" data-id=\"12b2420\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/hand-doodle-business-icon-set-idea-design-on-crumpled-paper-1589994510yPV.jpg\" class=\"attachment-full size-full wp-image-2306\" alt=\"\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/hand-doodle-business-icon-set-idea-design-on-crumpled-paper-1589994510yPV.jpg 1200w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/hand-doodle-business-icon-set-idea-design-on-crumpled-paper-1589994510yPV-300x200.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/hand-doodle-business-icon-set-idea-design-on-crumpled-paper-1589994510yPV-1024x683.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/hand-doodle-business-icon-set-idea-design-on-crumpled-paper-1589994510yPV-768x512.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/hand-doodle-business-icon-set-idea-design-on-crumpled-paper-1589994510yPV-1536x1024.jpg 1536w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b8afac elementor-widget elementor-widget-text-editor\" data-id=\"8b8afac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 20-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">The first step in starting a business is deciding what it will sell. Ideally, it should be something you\u2019re passionate about. But what\u2019s more important is that people will actually buy from you.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">It\u2019s crucial to do market research to see if there\u2019s demand for your ideas of products or services. You also need to analyze your target audience and see what kind of competition you\u2019re up against. <\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Once you\u2019ve done your research, you can settle upon a business concept you\u2019re comfortable with.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29f4e05 elementor-widget elementor-widget-heading\" data-id=\"29f4e05\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2. Create a business plan<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80b2ae6 elementor-widget elementor-widget-image\" data-id=\"80b2ae6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1200\" height=\"787\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/writing-1516440488vKR.jpg\" class=\"attachment-full size-full wp-image-2311\" alt=\"Illustration of a man typing on a laptop\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/writing-1516440488vKR.jpg 1200w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/writing-1516440488vKR-300x197.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/writing-1516440488vKR-1024x671.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/writing-1516440488vKR-768x504.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/writing-1516440488vKR-1536x1007.jpg 1536w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d90d14 elementor-widget elementor-widget-text-editor\" data-id=\"3d90d14\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You should know that 20% of small businesses fail within the first year, 30% fail within their second year, and 50% fail after five years, according to <\/span><span style=\"font-weight: 400;\">Fundera<\/span><span style=\"font-weight: 400;\">. With this in mind, you shouldn\u2019t start a business without a plan; it can make the difference between success and failure.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The U.S. Small Business Administration outlines <\/span><span style=\"font-weight: 400;\">how to create<\/span><span style=\"font-weight: 400;\"> a business plan so you can have a clear idea of what to do and what milestones to aim for.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01eb3b2 elementor-widget elementor-widget-heading\" data-id=\"01eb3b2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3. Choose a legal structure<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d84d3d6 elementor-widget elementor-widget-image\" data-id=\"d84d3d6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"741\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/cartoon-business-woman.jpg\" class=\"attachment-full size-full wp-image-2312\" alt=\"\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/cartoon-business-woman.jpg 1200w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/cartoon-business-woman-300x185.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/cartoon-business-woman-1024x633.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/cartoon-business-woman-768x474.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/cartoon-business-woman-1536x949.jpg 1536w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad1c62f elementor-widget elementor-widget-heading\" data-id=\"ad1c62f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4. Choose a business name<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d374818 elementor-widget elementor-widget-text-editor\" data-id=\"d374818\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The next stage is where Lawmato<span style=\"font-weight: 400;\"> can come in handy \u2013 choosing the legal structure of your business. Before starting or forming a business, you want to choose the structure that is best for you.<\/span><\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">You have the option of choosing a business entity type, which is a way of doing business that is recognized by the law as a separate (not natural) person, with its legal duties and obligations (e.g. paying taxes, complying with regulations, etc.). <\/span><span style=\"font-weight: 400;\">Sole proprietorship and joint ventures are not business entity types, although they are valid ways of business.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To help you make your legal structure decision, talk with a lawyer and a good tax advisor. If you already know and understand the tax and liability consequences of the different business entity types, then you will need to file with the Secretary of State (hereinafter \u201cSOS\u201d) or equivalent agency in the state you have chosen to file the entity type.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>What are the business entity types?<\/b><\/p><p><span style=\"font-weight: 400;\">Some of the common business entity types include:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Corporation\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited liability company (LLC)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">General partnership (GP)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited partnership (LP)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited liability partnership (LLP)\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited liability limited partnership (LLLP)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nonprofit corporation\u00a0<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">There are some less common types, such as:\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Blockchain-based limited liability company (BBLLC)\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Low-profit limited liability company (L3C)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Benefit corporation (B corp)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Benefit LLC (B LLC)<\/span><\/li><\/ul><p><b>What is a sole proprietorship?<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/s\/soleproprietorship.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">sole proprietorship<\/span><\/a><span style=\"font-weight: 400;\"> is an unincorporated business with one owner. The owner pays personal income taxes on the profits they earn from their business. It is common, although not required for sole proprietors to run businesses under their personal names, as they aren\u2019t legally required to come up with business names. To do business under a different name, you will need to file a voluntary assumed name (aka \u201cdoing business as\u201d or \u201cDBA\u201d) with the county or state agency, depending which applies in your state.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">This type of business is relatively easy to set up. Beware, however, that if you set up a sole proprietorship, all liabilities from your business will extend to you.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>What is a partnership?<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A general <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/p\/partnership.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">partnership<\/span><\/a><span style=\"font-weight: 400;\"> is when at least two parties agree to operate a business and share in its profits. This is similar to a sole proprietorship, but instead of one owner, there are two. Some states allow a general partnership to file with the SOS.\u00a0\u00a0<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>What is a limited liability company (LLC)?<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/l\/llc.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">limited liability company (LLC)<\/span><\/a><span style=\"font-weight: 400;\"> is a business structure that protects its owner or owners from personal responsibility for the business\u2019s liabilities with certain exceptions.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">LLCs are typically taxed differently from corporations \u2013 the LLCs themselves are not taxed separately from the owner or owners but could choose different tax options under the Internal Revenue Code (\u201cIRC\u201d). Owners personally pay taxes on the profits they earn from the business.\u00a0<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>What is a corporation?<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">corporation is a separate, legal person from its owners (aka shareholders) and can have some of the same rights as people, such as being able to agree to contracts, pay taxes, sue or be sued, own assets, hire people, and loan or borrow money.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A corporation has limited liability. Its shareholders profit by buying stocks and receiving dividends from the company, but they are not personally liable for its debts.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>What is a C corporation?<\/b><\/p><p><b>\u00a0<\/b><\/p><p><a href=\"https:\/\/www.investopedia.com\/terms\/c\/c-corporation.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">C corporations<\/span><\/a><span style=\"font-weight: 400;\"> are the most common types of corporations and the default classification under the IRC. A C corporation is a business structure in which shareholders are taxed separately from the corporation. It creates a double tax situation \u2013 the corporation pays its <\/span><span style=\"font-weight: 400;\">income tax<\/span><span style=\"font-weight: 400;\">, and then shareholders pay taxes on personal income they gained from dividends.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>What is an S corporation?<\/b><\/p><p><b>\u00a0<\/b><\/p><p><span style=\"font-weight: 400;\">It\u2019s a corporation that has chosen to be taxed differently from the default taxation under the Internal Revenue Code. Businesses with 100 or fewer shareholders can choose to be S corporations. Basically, an <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/s\/subchapters.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">S corporation<\/span><\/a><span style=\"font-weight: 400;\"> is a business structure that can pass its taxable income, losses, credits and deductions to its owners. Either a corporation or an LLC can choose to be taxed as an S corporation.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">S corporation owners report income and losses on their personal <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/s-corporations\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tax returns<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93fe725 elementor-widget elementor-widget-image\" data-id=\"93fe725\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"609\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/old-quotgeneral-storequot-wooden-sign.jpg\" class=\"attachment-full size-full wp-image-2313\" alt=\"\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/old-quotgeneral-storequot-wooden-sign.jpg 1200w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/old-quotgeneral-storequot-wooden-sign-300x152.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/old-quotgeneral-storequot-wooden-sign-1024x520.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/old-quotgeneral-storequot-wooden-sign-768x390.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/old-quotgeneral-storequot-wooden-sign-1536x780.jpg 1536w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-005b06a elementor-widget elementor-widget-text-editor\" data-id=\"005b06a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Choosing a business name can be as simple as using your first and last name, an option popular with sole proprietors and general partnerships. But you can be more creative than that. Have fun brainstorming a unique name that summarizes what your business will sell.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-704ece2 elementor-widget elementor-widget-heading\" data-id=\"704ece2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5. Register your business name (if applicable)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df1d49a elementor-widget elementor-widget-image\" data-id=\"df1d49a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"810\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/laborlawlawyerlegaltechnology.jpg\" class=\"attachment-full size-full wp-image-2314\" alt=\"\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/laborlawlawyerlegaltechnology.jpg 1200w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/laborlawlawyerlegaltechnology-300x203.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/laborlawlawyerlegaltechnology-1024x691.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/laborlawlawyerlegaltechnology-768x518.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/laborlawlawyerlegaltechnology-1536x1037.jpg 1536w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f38bc8c elementor-widget elementor-widget-text-editor\" data-id=\"f38bc8c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">How you should <\/span><a href=\"https:\/\/www.sba.gov\/business-guide\/launch-your-business\/register-your-business\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">register your business<\/span><\/a><span style=\"font-weight: 400;\"> depends on its location and business structure. Most small businesses only need to register their business names with their local and state governments. If you conduct business as a sole proprietor using your legal name, you don\u2019t have to register your business name. However, registering your business can give you tax benefits, legal benefits and liability protection.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">You can trademark your business, brand name or product name by filing with the United States Patent and Trademark office.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To ensure the name you want is available with the SOS, you can run a search on the SOS website. You will also want to search the internet, federal and state trademark filing databases and maybe even a phone book (paper or online).<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f283b8 elementor-widget elementor-widget-heading\" data-id=\"4f283b8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">6. Get any necessary permits or licenses<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84d9d9b elementor-widget elementor-widget-text-editor\" data-id=\"84d9d9b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Most small businesses need to acquire licenses and permits from state and federal agencies, according to the U.S. Small Business Administration. They provide <\/span><a href=\"https:\/\/www.sba.gov\/business-guide\/launch-your-business\/apply-licenses-permits\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">this handy guide<\/span><\/a><span style=\"font-weight: 400;\"> to determine which licenses and permits you need to apply for.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c8ff63 elementor-widget elementor-widget-heading\" data-id=\"7c8ff63\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">7 . Get an Employer Identification Number (EIN) from the IRS (if applicable)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7aa7b7 elementor-widget elementor-widget-image\" data-id=\"c7aa7b7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/sign-for-internal-revenue-service.jpg\" class=\"attachment-full size-full wp-image-2315\" alt=\"\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/sign-for-internal-revenue-service.jpg 1200w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/sign-for-internal-revenue-service-300x200.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/sign-for-internal-revenue-service-1024x683.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/sign-for-internal-revenue-service-768x512.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/sign-for-internal-revenue-service-1536x1024.jpg 1536w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b6d98b elementor-widget elementor-widget-text-editor\" data-id=\"6b6d98b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Not all businesses need employer identification numbers (aka \u201cEIN\u201d). You need to apply for an EIN if you answer yes to one of the following questions listed by <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/do-you-need-an-ein\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the IRS<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p><ul><li><span style=\"font-weight: 400;\">Do you have employees?<\/span><\/li><li><span style=\"font-weight: 400;\">Do you operate your business as a corporation or a partnership?<\/span><\/li><li><span style=\"font-weight: 400;\">Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?<\/span><\/li><li><span style=\"font-weight: 400;\">Do you withhold taxes on income, other than wages, paid to a non-resident alien?<\/span><\/li><li><span style=\"font-weight: 400;\">Do you have a Keogh plan?<\/span><\/li><li><span style=\"font-weight: 400;\">Are you involved with any of the following types of organizations?<\/span><ul><li><span style=\"font-weight: 400;\">Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns<\/span><\/li><li><span style=\"font-weight: 400;\">Estates<\/span><\/li><li><span style=\"font-weight: 400;\">Real estate mortgage investment conduits<\/span><\/li><li><span style=\"font-weight: 400;\">Non-profit organizations<\/span><\/li><li><span style=\"font-weight: 400;\">Farmers&#8217; cooperatives<\/span><\/li><li><span style=\"font-weight: 400;\">Plan administrators<\/span><\/li><\/ul><\/li><\/ul><p><span style=\"font-weight: 400;\">Applying for an EIN <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/apply-for-an-employer-identification-number-ein-online\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">online<\/span><\/a><span style=\"font-weight: 400;\"> is fast and easy. You can also apply by <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/how-to-apply-for-an-ein\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fax or mail<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-809475f elementor-widget elementor-widget-heading\" data-id=\"809475f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">8. Create a budget<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bbf0ad elementor-widget elementor-widget-image\" data-id=\"6bbf0ad\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"708\" src=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/house-money-budget-business-de.jpg\" class=\"attachment-full size-full wp-image-2316\" alt=\"\" srcset=\"https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/house-money-budget-business-de.jpg 1200w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/house-money-budget-business-de-300x177.jpg 300w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/house-money-budget-business-de-1024x604.jpg 1024w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/house-money-budget-business-de-768x453.jpg 768w, https:\/\/lawmato.com\/wp-content\/uploads\/2023\/10\/house-money-budget-business-de-1536x906.jpg 1536w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdacfba elementor-widget elementor-widget-text-editor\" data-id=\"fdacfba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">If your business plan involves making a lot of investments and other purchases, it is wise to create a budget to help you manage your money wisely.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0764778 elementor-widget elementor-widget-heading\" data-id=\"0764778\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">9. Set up a business bank account<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b06fbc elementor-widget elementor-widget-text-editor\" data-id=\"3b06fbc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">No matter what type of business you\u2019re running, setting up a business bank account is a great idea. Sole proprietors and freelancers <\/span><a href=\"https:\/\/wise.com\/us\/blog\/do-i-need-a-business-bank-account\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">don\u2019t have to<\/span><\/a><span style=\"font-weight: 400;\"> create business accounts, but doing so makes it easier to keep track of money and file taxes.<\/span><\/p><p><b>\u00a0<\/b><\/p><p>Any business run as a separate legal entity from its owner must have a business checking account. <b><span style=\"font-weight: 400;\">The U.S. Small Business Administration provides <\/span><a href=\"https:\/\/www.sba.gov\/business-guide\/launch-your-business\/open-business-bank-account\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">a guide<\/span><\/a><span style=\"font-weight: 400;\"> on how to open a business bank account.<\/span><\/b><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-063d278 elementor-widget elementor-widget-heading\" data-id=\"063d278\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">10. Find funding (if applicable)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-713f39b elementor-widget elementor-widget-text-editor\" data-id=\"713f39b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Not everyone has to complete this step; for example, if you want to be a freelance writer and already have a laptop with internet access, you\u2019re good to go. But if you\u2019re setting up a business that takes money to run, such as a restaurant, you\u2019re going to need a source of funding.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><b>Of course, you have to figure out how much money you need before you find a way to get it.<\/b><span style=\"font-weight: 400;\"> After you\u2019ve done that, here are a few ways to fund your new business:<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Self-funding\/bootstrapping<\/b><\/p><p><b>\u00a0<\/b><\/p><p><span style=\"font-weight: 400;\">It can be risky to use <\/span><a href=\"https:\/\/www.sba.gov\/business-guide\/plan-your-business\/fund-your-business\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">your own financial resources<\/span><\/a><span style=\"font-weight: 400;\"> to fund your business, but it\u2019s an option. Make sure you don\u2019t spend more than you can afford. If you take this route, it would be wise to talk to a financial advisor first.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Venture capital<\/b><\/p><p><b>\u00a0<\/b><\/p><p><span style=\"font-weight: 400;\">Some investors may be willing to give you venture capital, typically on the condition that they get to have an ownership share of your business and play an active role in your company.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Venture capital is different from traditional financing in a few ways. In the words of the Small Business Administration, venture capital:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Focuses on high-growth companies<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Invests capital in return for equity, rather than debt (it\u2019s not a loan)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Takes higher risks in exchange for potential higher returns<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Has a longer investment horizon than traditional financing<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Most venture capitalists will at least want to be on your board of directors, so you\u2019ll have to give up some control of your company to receive their funding.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Angel investors<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Investopedia <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/a\/angelinvestor.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">defines<\/span><\/a><span style=\"font-weight: 400;\"> \u201cangel investor\u201d as \u201ca high-net-worth individual who provides financial backing for small startups or entrepreneurs, typically in exchange for ownership equity in the company.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Angel investors give money to businesses they like, only expecting rewards if and when the businesses are successful.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Crowdfunding<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Crowdfunding is a relatively low-risk way to secure funding. It involves raising funds from a large number of people; these people are not investors, as they don\u2019t expect to receive more money back from you or share ownership of your business.<\/span><\/p><p><span style=\"font-weight: 400;\">What crowdfunders want back from your company is some sort of gift or perk such as the product you\u2019re going to sell. There are various platforms for crowdfunding.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Small business loans<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">With small business loans, you can get the funding you need without sacrificing control of your business. However, you have to convince an organization such as a bank or credit union to give you the loan. You\u2019re more likely to succeed if you impress them with a business plan, a sheet of expenses and your financial projections for the next five years, says the U.S. Small Business Administration.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Small business grants<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">It\u2019s possible to get free money for your startup with no strings attached, but it will take some effort. Small business grants are available from federal, state and regional governments as well as companies. You will have to do some research to find the right grantor and convince them to fund your business.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">NerdWallet provides a fleshed out <\/span><a href=\"https:\/\/www.nerdwallet.com\/article\/small-business\/small-business-grants\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">guide<\/span><\/a><span style=\"font-weight: 400;\"> to small business grants.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab786fd elementor-widget elementor-widget-heading\" data-id=\"ab786fd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">11. Research laws and regulations<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82c549b elementor-widget elementor-widget-text-editor\" data-id=\"82c549b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">One<\/span><span style=\"font-weight: 400;\"> of the biggest mistakes you can make in starting and running a business is to accidentally violate a law or regulation. You also need to know how laws work in your favor, such as protecting your intellectual property. It\u2019s a good idea to find a lawyer who can help you navigate this step. You may need to consult with them regularly, depending on the complexity of your business.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05f1cfa elementor-widget elementor-widget-heading\" data-id=\"05f1cfa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">12.\u00a0Set up operations<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb573dc elementor-widget elementor-widget-text-editor\" data-id=\"bb573dc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This step can be more or less difficult, depending on what kind of business you want to run. You might only need to set up a home office, or you might need to lease an office or building. You might need to buy equipment. At this stage, you can also decide how you\u2019re going to run your business.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e99ed6 elementor-widget elementor-widget-heading\" data-id=\"1e99ed6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">13. Buy business insurance<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-614f469 elementor-widget elementor-widget-text-editor\" data-id=\"614f469\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">No matter what kind of business you run, it will carry some form of risk. You could get sued. An employee could crash a company vehicle. Your store could catch on fire. Who knows what will happen? It\u2019s wise to get one or more forms of business insurance.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">There are many <\/span><a href=\"https:\/\/www.investopedia.com\/types-of-business-insurance-plans-how-to-decide-which-is-right-for-you-7485484\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">types<\/span><\/a><span style=\"font-weight: 400;\"> to choose from, including but not limited to:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>General Liability Insurance \u2013<\/b><span style=\"font-weight: 400;\"> For lawsuits from people outside of your company<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Professional liability insurance \u2013<\/b><span style=\"font-weight: 400;\"> For lawsuits based on claims of mistakes, negligence, or malpractice<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Commercial property insurance \u2013<\/b><span style=\"font-weight: 400;\"> For damage to your business property<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Workers\u2019 compensation insurance \u2013 <\/b><span style=\"font-weight: 400;\">For on-the-job injuries<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business income insurance \u2013<\/b><span style=\"font-weight: 400;\"> For loss of income when you can\u2019t operate your business for covered reasons\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Commercial auto Insurance \u2013<\/b><span style=\"font-weight: 400;\"> For vehicles used for business purposes<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cybersecurity insurance \u2013<\/b><span style=\"font-weight: 400;\"> For cyberattacks such as hacking and data breaches<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Employment practices liability insurance \u2013<\/b><span style=\"font-weight: 400;\"> For lawsuits about unfair employment or hiring practices<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Product liability insurance \u2013 <\/b><span style=\"font-weight: 400;\">For bodily harm caused by defective products<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Commercial umbrella insurance \u2013<\/b><span style=\"font-weight: 400;\"> For costs that <\/span><a href=\"https:\/\/www.nationwide.com\/lc\/resources\/small-business\/articles\/what-is-commercial-umbrella-insurance\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">exceed<\/span><\/a><span style=\"font-weight: 400;\"> your other liability coverage limits.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">To choose business insurance, you need to know what your risks are, understand what is covered by the insurance you\u2019re considering, and compare different insurance quotes.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0f61d9 elementor-widget elementor-widget-heading\" data-id=\"d0f61d9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">14. Create a team (if applicable)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6657ea elementor-widget elementor-widget-text-editor\" data-id=\"a6657ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">If you\u2019re not going to run your business alone, you\u2019ll need a team. Before you hire anyone, you\u2019ll need to examine your business to identify where you need help.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">When you\u2019ve identified the necessary roles for your business, you\u2019ll need to determine whether you want to hire employees or independent contractors<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To recruit workers, you\u2019ll need to write effective job descriptions. An Indeed survey found that <\/span><span style=\"font-weight: 400;\">52% of people<\/span><span style=\"font-weight: 400;\"> seeking jobs say the quality of a job description is \u201cvery or extremely influential\u201d towards their decision to apply for the job.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Finally, you\u2019ll need to interview job seekers who have applied for your positions.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3848a71 elementor-widget elementor-widget-heading\" data-id=\"3848a71\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">15.\u00a0Market your business<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22f98d7 elementor-widget elementor-widget-text-editor\" data-id=\"22f98d7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You can\u2019t sell anything if people don\u2019t know you exist. You have to either market it yourself or hire someone to do your marketing.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Step 1 \u2013 Branding<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The first step to marketing your business is developing your brand. Branding agency Ignyte provides this insightful <\/span><a href=\"https:\/\/www.ignytebrands.com\/what-is-a-brand\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">definition<\/span><\/a><span style=\"font-weight: 400;\"> of the word:<\/span><\/p><blockquote><p><i><span style=\"font-weight: 400;\">A brand is the sum of how a product or business is perceived by those who experience it\u2014including customers, investors, employees, the media, and more. Branding is the process of shaping these perceptions.<\/span><\/i><\/p><p><i><span style=\"font-weight: 400;\">\u00a0<\/span><\/i><\/p><p><i><span style=\"font-weight: 400;\">A brand, then, is more than just a company\u2019s name, logo, product, or price tag. It\u2019s more than the marketing and advertising around these things. A brand is the consistent and recognizable feeling that all of these things evoke.<\/span><\/i><\/p><\/blockquote><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A relatively simple first step to developing your brand is to pay someone to design your logo. A harder step is giving your brand a personality. How do you want your business to come across? Casual? Formal? Friendly? Authoritative? You can communicate your brand\u2019s personality in all sorts of ways such as in advertising copy, video ads, your brand\u2019s official colors, choosing a mascot, etc. You can get really creative with this.\u00a0<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Step 2 \u2013 Establish your online presence<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Depending on what kind of business you run, an online presence may not be absolutely necessary. In 2021, 28% of small businesses in the U.S. still didn\u2019t have <\/span><a href=\"https:\/\/topdesignfirms.com\/web-design\/blog\/online-presence-management\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">websites<\/span><\/a><span style=\"font-weight: 400;\">, according to data from Top Design Firms. Still, even if your business is a brick and mortar store, you could benefit from having a website and social media pages.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Having an online presence allows more potential customers to learn about your business. If you actually do business online in addition to your physical store, you can make more money. And interacting with your audience on social media can cause more people to like your brand.\u00a0<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b style=\"font-style: inherit; color: var( --e-global-color-text ); text-align: var(--text-align);\">Step 3 \u2013 Advertise your business<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">People might find you on their own, but you\u2019ll reach more potential customers if you advertise your business. You can buy ads online for mediums such as social media or search engines results pages, or you can buy ads offline for mediums such as newspapers, radio stations and television channels. If you feel intimidated by this step, you can hire someone to help.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>Step 4 \u2013 Employ other marketing tactics<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">There are other methods you can use to promote your business, such as search engine optimization (SEO), content marketing, email marketing, and more. Again, if you\u2019re not confident you can market your business on your own, consider hiring a professional or company.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e46a09 elementor-widget elementor-widget-heading\" data-id=\"6e46a09\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently Asked Questions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef15113 elementor-widget elementor-widget-text-editor\" data-id=\"ef15113\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Which state is best for anonymous ownership?<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">There is no true anonymous ownership. Even if the record owner on the document transfers funds to someone else (a beneficial owner), many states require annual filing of directors, officers, and beneficial owners; each entity is responsible for designating someone for when the government wants to know who the beneficial owners are. The closest state is Wyoming, which does allow a shareholder of a corporation to be identified by a blockchain key or private network key. (However, the SEC is requiring disclosure of private network keys on the OFAC Sanctions List.)\u00a0 Beginning in 2024, the <\/span><a href=\"https:\/\/www.fincen.gov\/beneficial-ownership-information-reporting-rule-fact-sheet\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Corporate Transparency Act<\/span><\/a><span style=\"font-weight: 400;\"> will require certain non-exempt businesses to make annual filings.\u00a0\u00a0<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>When do securities laws apply to companies?<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Securities laws apply when a business is preparing or offering to sell ownership interests in its business to investors.<\/span><\/p><p><b>\u00a0<\/b><\/p><p><b>What is the difference between a limited liability company (LLC) and a limited liability partnership?<\/b><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">LLCs are for any type of business purpose, while LLPs are limited to certain professional services. They are also different entity types, with LLCs having more limited exposure.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-006c7af e-con-full e-flex e-con e-child\" data-id=\"006c7af\" data-element_type=\"container\">\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Starting your own business can be exciting, as well as daunting. It can give you the independence you crave, but there\u2019s a lot of uncertainty involved and decisions to make. How to start a business in 2023 \u2013 15 steps Starting your own business can be exciting, as well as daunting. It can give you [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_canvas","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/posts\/2304"}],"collection":[{"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/comments?post=2304"}],"version-history":[{"count":44,"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/posts\/2304\/revisions"}],"predecessor-version":[{"id":3371,"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/posts\/2304\/revisions\/3371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/media\/2847"}],"wp:attachment":[{"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/media?parent=2304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/categories?post=2304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lawmato.com\/wp-json\/wp\/v2\/tags?post=2304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}