Tips On Starting Your Business The Right Way

Have you been a sole proprietor, sole trader, freelancer or self-employed for a while? You probably know how tough it is to make the right impression on a supplier or client. This is why more and more entrepreneurs are keen to make the leap toward a formal business structure like an LLC. An entrepreneur can reduce the risk of personal liability by registering formally. So how can you make sure that your new company gets going in the right direction? 

Find Your Brand 

To create a formal organization, you need a company name. This is likely to be a big part of how your business is identified. It becomes, in essence, your brand. You might already have one. If this is the case, consider keeping it. Of course, if you’re ready to start afresh, changing it might help boost your brand. Don’t forget, all changes will require changes to your bank account. And if you have regular customers, a name change may be confusing and even off-putting. Photo credit 

Find Your Structure 

Your incorporation can be quite a lengthy process. It’s important you know before you start which kind of business you want or need to be. Each has benefits and disadvantages, but an LLC is the most common type. You’ll probably need to find registered agents who can manage your articles of incorporation correctly. This is usually the best approach because there are lots of documents to complete and different fees to pay. Once it is done, you are committing to certain responsibilities as a company owner. You are also limiting your liability so it is unlikely you can be personally sued for your work. 

New Marketing 

Anything that worked before will probably work again under your new brand or company name. However, as a company, you might be in danger of losing that personal touch or persona many of your customers have liked. Stay engaged by using social media a little more. Offer your loyal customers plenty of promotions and incentives to stay with you now you’re a formal company. Of course, as a formal company, suppliers and clients may expect a more professional approach. Check your website copy reflects the business you aspire to be a part of. 

Additional Expenses 

Incorporation involves a few costs and fees. But there are also plenty of other costs you might not have considered. Changing your bank account might incur a fee. If you have loans or funding, the terms might need checking to confirm you’re able to transfer that credit to your company name. Then all of your branding and letter heads need changing too - a big print fee! Plan ahead to ensure you’re meeting legal requirements but not having to spend a lot all at once. 

Launch? Again? 

Some people like to launch their business (again) once they’ve made it official. This can be good PR, and it shows your work has reaped good results. However, you’re not really starting again. You may need to assure your clients that you’re still the person behind the company name and that there will be continuity. Congratulations!

I hope you enjoyed this article about how to start your business right from the beginning and getting off to a good financial start. 

Interested in more articles about starting a business?

Read My Related Posts:

- First Impressions Count In The Business World 

- 5 Must Have Tips For Aspiring  Entrepreneurs

Published by Michael J Schiemer
Owner of the Bootstrap Business Blog
Media - Money - Marketing - Motivation
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