Hello! And BOSS UP!

15 Boss Steps to Starting a New Business

After filing out the entirety of this form, you will have instant access to step by step information on starting and running a successful business. In addition, you will have free access to receive coaching and guidance from a business mentor for 3 months.

Services that we assist with:

-Doing a business name search
-Selecting and registering a business name & structure (sole proprietorship, partnership, corporation, S. Corporation, or limited Liability company)
-Obtaining your federal employer Identification Number (FEIN)
-Opening a company bank account
-Picking a location (if not home based)
-Obtaining licenses and permits Federal Permits State license and permits based on products sold Sales Tax Permits Business license
-hiring employees (if applicable)
-setting up an accounting and record- keeping system
-Obtain business insurance
-Marketing /-Building clientele
-Shipping structure
-Creating a great customer experience
-Creating a Business plan

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If you don’t have a Brick-and-Mortar business, obtaining a virtual address for your business might be a little difficult but not impossible!

The IRS, your State, and DUNS prefers that you have a virtual address over a regular P.O BOX number. If you are planning on applying for a DUNS & Bradstreet number, I would highly recommend that you get the proper business virtual address. Because, if your state looks up your business address and finds out that this is in a mail type facility, they’re probably going to deny your application for a DUNN NUMBER. Also, be sure to take a physical look at the virtual business address before paying for it.

Keep in mind that a virtual business address is not the same as a virtual business office. A virtual business address is a business location where you will pay a fee for that company to rent you a mailbox to receive your mails. A virtual business office is a location that you can rent out and use as a office, conference room, etc…  Also, a Virtual Business Office, is typically more expensive. Because, oftentimes a business address, phone number, and fax number will be given to you. Virtual Business Office varies in price, depending on the company.

Click on the links below to view some of the virtual addresses that might be in your area.

1.) http://alliancevirtualoffices.com/

2)Regus.com

3)Opus.com

If you owned your own home and don’t have any problem with your home address showing up on public records, then you can use your home address as your business address. Keep in mind that if you apply for a DUNS number using your own address, when someone looks up your business address your home address will show up.

We highly recommend that all your business address matches on all documents. When you apply for DUNS, they will require two documents as proof of your address. Having the same address across the board is highly recommended.

You can register your business as an Solo entrepreneur,  LLC, corporation, partnership, or nonprofit corporation.

Not all small business registration is as simple as registering your business name with state and local government. And in some cases, you don’t need to register your business name at all. For example: If you use your legal name to conduct business, you won’t need to register your business name anywhere. But remember, registering your business name is to protect it.  If you don’t register your business, you could miss out on personal liability protection, legal benefits, and tax benefits.

So, even if you’re not required to register a DBA, you might want to anyway. Because, some of the bonuses of conducting business under a different identity from your own personal name includes getting a EIN and opening up a business bank account.

Before registering your business name, check to make sure your business name is available. You’ll want to choose a business name that reflects your brand identity and doesn’t clash with the types of goods and services you offer. Also, determine your location and business structure  before you register your business name. Most small businesses try to use the same name for each kind of registration, but you’re not normally required to.

You can check to see if you’re business name is available by visiting the link below or checking with your state.

https://www.northwestregisteredagent.com/start-a-business/secretary-of-state

A lot is in a name and your business name might be worth protecting. There are four different ways to register your business name. Each of these name registrations are legally independent. Each way of registering your name serves a different purpose, and some may be legally required depending on your business structure and location.

  • Doing business as (DBA) also known as a trade name, fictitious name, or assumed name — The state, county, or city that your business is in doesn’t give legal protection to a DBA. But it might be legally required by your state.
  • Entity name protects you at a state level- Your entity name is how the state identifies your business. And in some cases, prevent others from operating under the same entity name.
  • Trademark protects you at a federal level- A trademark can protect the name of your business, goods, and services at a national level. Also, It will prevent other industry in the United States from using your trademarked name(s).
  • Domain name also known as your website address, or URL- Your domain name doesn’t need to be the same as your legal business name, trademark, or DBA. A Website creates and protects your business online presence . However, you’ll need to renew your domain registration on a regular basis.

Some states allow you to register online, and some states make you file paper documents in person or through the mail. Most states require you to register with the Secretary of State’s office, a Business Bureau, or a Business Agency.

The information you’ll typically need to register your business includes:

  • Business name
  • Business location
  • Ownership, management structure, or directors
  • Registered agent information
  • Number and value of shares (if you’re a corporation)

Check with state offices to find out foreign qualification requirements and fees.

Check with your local tax office or franchise tax board, to see if you will need to provide reports soon after registering your business. You may need to file additional documentation with your state tax board or franchise tax board. Stay up to date with registration requirements. Some of these filings are typically referred to as Initial Reports or Tax Board registration, and most often need to be filed within 30-90 days after you register with the state.

If you want to trademark your business, brand or product name, file with the United States Patent and Trademark office once you’ve formed your business.

If you want tax-exempt status for a nonprofit corporation, register your business as a tax-exempt entity with the IRS.

To create an S Corp, you’ll need to file form 2553 with the IRS.

After securing your business name and location, you are ready to apply for an EIN. Having an EIN is like having a Social Security number for your business. However, it allows you to separate your social security number from your business’ credit profile for tax and credit purposes. If you don’t have an EIN, you can get one from the IRS.

To apply for an EIN, go to the IRS website or click on the link below.

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online?fbclid=IwAR1F_vNorth2g3oWI7Cd8qcIgWE6Y97VD29BDGj5mTsrTMS6VsZi3jnjbDg

If applicable, get federal and state tax IDs and Apply for a business license and permits. To learn more about federal licenses and permits, visit sba.gov website.

If you are planning on reselling goods/products, be sure to apply for your Sales & Used Tax Permit. Normally when you apply for a Sales & Use Tax Permit, a copy will be email and a copy will be mail to you.

To apply access the link below
https://blog.taxjar.com/how-to-register-for-sales-tax-permits/

Building business credit by obtaining your DUNS NUMBER. Establish a Duns number by visiting (www.dnb.com). If the DUNS website is not cooperating with you and not allowing you to submit your application, call  1866-990-5845

Call or visit the bank of your choice to see if a business bank acct can be established there. Then, set an online or app account for easy bank account access. Make sure to have the EIN available when applying, more documents may be required but call first to confirm.

Do your research to see what bank best fits your banking needs. Such as: daily/monthly limits and restrictions.

List of some of the best banks for small businesses:

 

Blue vine

North one

Lili

Novo

Lance

Chase

NBKC

AXOS

If you plan to ship any of your products, you are going to need shipping packaging. Uline.com offers boxes and containers that you can buy to ship products to your customers.

To create an account, go to Uline.com and register with your business name, email, etc.

After you place at least 5 orders with Uline Call Uline (1-800-295-5510) to let them know you would like to set up a Net 30 acct with your Duns number. With this account you will have the option to pay up to 30 calendar days after each purchase. YES! You can still set up a Uline Account and then set up net 30 later once you have your Duns number.

After your net 30 acct is set up you can start ordering supplies immediately and establishing business credit. Call Uline (1-800-295-5510) and advised them that you have a sales tax permit and would like to be tax exempt on all purchases. If you have already placed an order they might provide you credit since you didn’t know. Once you have a sales tax certificate all of your Uline items can be TAX FREE. However, you will still be resonsible to paying taxes at the end of the year.

Also, on Uline.com you can use your business physical address instead of the business Virtual address.

Shipping

Pirateships.com is a shipping company that gives you discounted rates on shipping. There are a lot of other companies out there that offers really great shipping discounts. Pick a company that best fit your business needs.

If you are operating a business that carries products more than likely you will be needing storage for your products. Consider renting storage space or buying a warehouse.

 

Public Storage is very populator in many states. However, do your research to see what storage space is available near you.

Most businesses will require having a shipping label, labels, and a product scale. Listed below are a few suggestion links. You can arrange for shipping pickup with your shipping carrier. Such as:  Ups or USPS to have the items picked up from your home or storefront.

1.Label printer https://www.amazon.com/Arkscan-2054A-Shipping-Software-Contents/dp/B072N3S7LV/ref=sr_1_3?dchild=1&keywords=arkscan&qid=1610736566&s=electronics&sr=1-3

  1. Label Rolls https://www.amazon.com/Thermal-Shipping-Arkscan-Compatible-Printers/dp/B07YQNTMCY/ref=sr_1_5?dchild=1&keywords=arkscan&qid=1610736471&s=electronics&sr=1-5
  2. Scale https://www.amazon.com/Weighmax-Durable-Stainless-Digital-Shipping/dp/B01MT86A1I/ref=sr_1_10?dchild=1&keywords=shipping+scale&qid=1610736663&sr=8-10

As an entrepreneur, having a POS system can be very beneficial to your businesses. Especially if your business deals with inventory.  There are a lot of POS and inventory software out there. Do your due diligence and research to find the best sofeware for your business needs.

 

The most commonly use small business software is QuickBooks. However, there are a lot of other software that might be inexpensive or free that can fit your business needs. Including CIN7 software.

In this step you will learn how to use the Four Step Process to pricing and profit to get the most for your buck.

Step 1: Deciding on the product or service of your business

Step 2: Compare your products/service to other businesses and vendors

Step 3: Compare your prices to the prices of other businesses and vendors

Step 4: Selling Your Product using Pricing Strategies

 

How to calculate prices?

If you are a retailer business company that buys and sells products without adding anything extra to the products that you buy, you can price the item by doubling what you paid for the original item. For example: if you buy a pair of shoes for $7 (without adding anything to the design or look of the shoes), you can sell it for $14 dollars.

 

  • Retailer Product Unit Cost = Manufacturer Product Unit Cost x 2

 

Other formulas that businesses can use to price their products:

  • Product Cost Formula = Direct Labor + Direct Material + Factory Overheads
  • Factory OH = Indirect Labor + Indirect Material + Other Factory OH

In this step you will learn how to use the Four Step Process to pricing and profit to get the most for your buck.

Step 1: Deciding on the product or service of your business

Step 2: Compare your products/service to other businesses and vendors

Step 3: Compare your prices to the prices of other businesses and vendors

Step 4: Selling Your Product using Pricing Strategies

 

How to calculate prices?

If you are a retailer business company that buys and sells products without adding anything extra to the products that you buy, you can price the item by doubling what you paid for the original item. For example: if you buy a pair of shoes for $7 (without adding anything to the design or look of the shoes), you can sell it for $14 dollars.

 

  • Retailer Product Unit Cost = Manufacturer Product Unit Cost x 2

 

Other formulas that businesses can use to price their products:

  • Product Cost Formula = Direct Labor + Direct Material + Factory Overheads
  • Factory OH = Indirect Labor + Indirect Material + Other Factory OH

Social media has become a way of life for so many people. No wonder social media  has significantly grown in popularity among individuals and businesses. Not to mentioned, it’s free to use and you can also share your contents for free with a wide audience. The opposite is true for websites. There’s a fee for website development and maintenance. Don’t get me wrong, businesses have to pay for certain types of advertisement on social media but it’s optional.

 

On the flip side, having an website as an online platform does have its advantages. A website is setup for anyone to find upon searching for it. If you do SEO properly, your website can rank high in search engines like google and reach billions of people. Plus, you have more control of  the setup and overall look of your website.

 

Grab your domain from (Godaddy.com, Domains.google.com, Etc…).

Having a business plan takes time  to complete and serves as a guide for every aspect of your new business — a road map that takes you from a simple inspiring idea to a successful company.  You  can always adjust your business plan as your business expand. A Business plan can be as short as one page or up to 50 pages or longer. Depending on if you will be seeking funding from outside sources or not.

 

Start by evaluating your business goals. Weigh out the pros and cons. Then, be sure to have the answers to the following questions below. Ask yourself the WHAT? WHY? WHO? WHERE? HOW? And WHEN questions.

  • What? What type of product or service will you be offering? What needs will it fill?
  • Why? Why do you want to start a business? (Be clear enough about why you’re starting your business so that you can describe its purpose in one sentence.)
  • Who? Who is your customer base audience? Be specific in describing demographic characteristics, such as age, gender, income level, location and other factors. Also, who will be the owner (s) of the company? Is starting a business really for me?
  • WHERE? Where do you plan to deliver that product or service to your customers or client? Where will your company be based? How do you plan to deliver that product or service to your customers or client? Online? Over the phone? Or at a physical location?
  • How? How do you plan to develop your product or service?
  • When? When would you like for that product or service to be available to the public (target clients/customers).

 

click on this file to download the business plan outline (The Business Plan Outline document will be here)

 

“If you are interested CB Yardie Style can Provide Business mentorship for an additional fee to walk you through the processes step-by-step. If you would like to schedule a one-on-one consultation, send us an email at: [email protected] or click on the link (BUSINESS MENTORSHIP) to hire a mentor to help guide you through this process.