Startup guide

Startup guide, helping you set up your start up

Considering starting your own business?

Starting your own business can be daunting. It takes a good amount of work to get a business off the ground. Thankfully for you we have experience with that and can guide you through the process. Whether you want to acquire an existing business or start from scratch, we can help you. Not only can we provide you financing, we can also provide you with coaching and guidance along the way. Through our own team’s experience in business operations and our network of partners and business coaches, we have you covered.

Here are a few steps you will want to consider.

1. Define your business idea

Clearly define your product or service

Understand your target market, customer needs, competition and industry trends

Research your potential competitors to understand what they are doing well and how you can differentiate your business

Define what will make you unique in the marketplace, articulate it in a few words

Make sure it is something you will enjoy doing

2. Build your business plan

Write your business plan, it will give you direction and focus

Include your executive summary, company description, market analysis, marketing and sales strategy, financial projections

Determine your business model and how you will make money (Sales, subscription, ancillary revenue, ...)

Plan your SMART (Specific, Measurable, Achievable, Relevant, Time-bound) short-term and long-term goals

3. Come up with a business name and type

Verify that your business name is available online and in your state registry

You can use sites like internic.net/whois to look up the name availability online, make sure the spelling is intuitive

Chances are if your domain name is available online, it will also be with your state registry, but still check on your secretary of state website

Decide which business structure will be best (Sole Proprietor, LLC, C-corp, S-corp, ...), each has their pros and cons

You will likely want to separate your personal assets from those of your business to protect yourself should something go wrong

There are a lot of articles on the subject, the Small Business Administration could a good place to start

5. Register your business in the state you want to incorporate in

Generally if your business will have a physical presence in a state (location, home office, ...), you have to register in that state. Be ready to pay your state registration fee

There are many registration services out there, that can provide registered agents (good to maintain a level of privacy), register your business for you, ...

Beware that the price for the same service can vary greatly from one company to another; the price range for a registered agent can be from $25 to $200 a year. Make sure to ask details about the service (# of free letters per year, price after that, ...)

Make sure to understand your state's yearly reporting criteria and licensing requirements; obtain the licenses and permits you need (if applicable).

6. File for your EIN and set up your finances

Once you are registered in your state, you will need an Employer Identification Number (EIN) to file your business taxes and open a business bank account

Registration services will generally charge you for filing and applying for an EIN, but you can also do it for free on your own directly on the IRS website .

If you are not sure how to proceed, you can always use an agent or business attorney

The IRS publication 1635 is a detailed document that explains EINs and how to apply for yours

Always beware of potential scammers and make sure that you are dealing directly with the IRS and information directly from their official website IRS.gov . Legitimate websites have their name in the first part of the website address, such as www. irs.gov/other-content

Be ready for the process to take longer than expected if for some reason their online application tool does not work; you might have to fax or mail your application in. They often will ask you to include a copy of your articles of incorporation

Few of us still use faxes nowadays, but www.faxscan24.com is a reliable service that will allow you to send faxes directly from electronic versions of documents without having to print them first

Set up your accounting to track your finances and open a business bank account as needed

Get financing. We can help you with this, contact us to get started

7. Build an online presence

Build your website and social media presence (Facebook, Instagram, X, LinkedIn, ...). You don't necessarily have to all of them but at least your website and a couple of social media pages most relevant to your audience

Create simple logo, it does not have to be fancy and you can do one for free

There are many webhosting services available, do your research and see what works best for you

Ask about and verify reviews on key things like uptime, security, tech support availability, ...

Make sure your website is simple, easy to navigate and has responsive design (easy to view and navigate on a smartphone), as 60% of traffic comes from mobile devices

Be sure to register your business on google and other platforms so that you can be found online

8. Market and promote your business

Get business cards and go to networking events

Create content for your social media pages

Consider paid advertising on relevant platforms where you can reach your target audience

Do your research first to see where your marketing budget will be best invested

9. Listen to your customers to grow and scale appropriately

Seek out and listen feedback from your customers, adapt as needed

Grow within your ability so as not to overextend your business