Many people looking for a more meaningful career decide to stop working for someone else, and start working for themselves. Starting your own business can be scary, but it also means that you can decide what you prioritize and what you don’t, and it also means that you can build your work around your life rather than the other way around.
If being your own boss appeals to you, there are a few things that you will need to make sure you do before you get started.
Name your business
Before you can do anything, you will need to name your business. When naming your business it’s a good idea to consider the following:
- Avoid names that are difficult to spell – people won’t be able to find you easily.
- Don’t pick a name that will limit you too much as your business grows.
- Conduct a thorough internet search to see if anyone else is already using the name. It’s not a disaster if they are, but it will help to inform your decision.
- Get the .com domain name. People tend to trust a .com domain over others.
Get your Federal Tax ID number
Your Federal Tax ID number, also known as an Employer Identification Number (EIN), is used to identify your business by the IRS. You’ll need it to allow you to open a business bank account, file taxes, get financing and handle employee payroll.
You can apply for your EIN online.
Register your business with the state
Before you can begin trading, you will need to file your business with the Secretary of State. This process has to be conducted online, and will cost between $20 and $50 depending on the type of business you are registering. It can be a good idea to engage with a corporate lawyer at this stage to ensure that you are choosing the correct business type for your needs, if you aren’t sure.
Once your business is formed you will also need to register with the Colorado Department of Revenue to ensure that you are paying the right amount of tax from the start. This can be tricky to get right, but it’s incredibly important, so it can be a good idea to get professional help with this step too, in the form of a CPA or accountant.
Build an online presence
Once you have your business set up, you need to let people know that you exist! The most effective way to do this is through an online presence.
You can build a website yourself using tools like WordPress or Squarespace relatively easily. The important, and tricky, part is getting people to see it! A lot of people engage with an agency like www.clickintelligence.co to help them promote their website by building an SEO strategy. Click Intelligence will help you to refine the content on your page, as well as help you to build a backlinking strategy (meaning to get your site mentioned on the sites of other relevant businesses), which will help your page to appear higher up in Google rankings and get you more visitors.
Licenses and permits
Depending on what type of business you are starting, you may need to file for licenses and permits. To ascertain what, if any, permits you will need, you can check with the Colorado Small Business Navigator.
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