As you start planning the first steps for a new business in the US, there is a lot to consider. Among the most obvious points are having a solid business plan and financial resources. However, some less obvious points definitely require your attention, too. Here are some things your new business needs that you may not have thought of yet so you do not miss anything.
Get a Federal EIN for Tax Purposes
An FEIN or Federal EIN is a unique number for your business that is for the purposes of IRS identification during tax time. EIN stands for Employer Identification Number. Several types of businesses require this number, including any that hire employees. Some examples are non-profits, LLCs, and non-profits. The last thing you want is to break tax law unknowingly by missing getting a FEIN. Thankfully, an online ein application service makes the process easier.
Secure A Business Name (One Not Already Taken)
While you might have the best name in your head for the startup and even already have it in your email signature, there is a reason to pause. Ensure that the name is not already taken first. Do an extensive online search to see if you can find the name already in use by another organization, as it very well could be. If so, you could land yourself in some hot water, potentially getting sued, by using that name, so it is time to think of a new one. Also, check if a domain name is available for it with “.com” at the end and, if not, whether a different extension would work for your future website.
Research What Insurance You Will Need
While this topic can make for some less-than-exciting reading, the research is necessary as you want to cover the new business properly from an insurance standpoint before opening the doors. If you have employees, specific insurance is likely necessary. The same holds for some industries. Begin by getting the legally-required insurance and add what insurance will cover particular business risks. There are many types, from professional liability to home-based insurance.
Do a Reality Check
This one is perhaps the most important! A new business takes time to grow and see sales; it is not often an overnight success. Understanding this will help prevent frustration on your end, instead keeping patient and focused. It is also important to realize that there will continue to be challenges over time, especially in the first five years, so think of it as an exciting journey rather than a smooth, stress-free venture. With time and hard work, you can move from home to a new business premises and continue to grow.
Concluding Words for You as a New Owner
Your new business is about to launch, and it is an exciting time! Making sure you think through what is necessary and cover everything beforehand is important for the startup to be on the best footing. Wishing you all the best with your venture!
