However, consider getting a business name if you’ll be advertising. For example, which is more memorable—“Carmen Lopez, tutor” or “Emergency Tutors”?
Also check whether the name has been trademarked. Search the federal trademark registry at https://www. uspto. gov/trademarks-application-process/search-trademark-database. If you want a website, check whether the URL is available. Businesses usually have their name in their URL.
Consider trademarking your business name, which will cost a few hundred dollars. However, you’ll get important rights, such as the ability to sue anyone who uses your trademark without permission.
You can also check with your nearest Small Business Development Center (SBDC), which can advise you about what you’ll need. Find your nearest SBDC at https://www. sba. gov/tools/local-assistance/sbdc.
Obtain your EIN at https://www. irs. gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online.
You also must pay unemployment tax for employees. Contact the Texas Workforce Commission. Check if you need to buy workers’ compensation insurance. Most employers don’t need to, but you might if you work on public projects. [9] X Research source
It’s probably a good idea to keep business and personal banking separate. This way, you can easily track your business expenses.
If you want to rent, find commercial space available online or in your local newspaper. Commercial rents are usually calculated by the square foot. [11] X Research source
If you work from home, you shouldn’t assume your homeowner’s insurance will cover you. Many policies don’t cover business injuries that occur in your home.
Business Purpose. This is the problem your business was created to address. For example, you might think there are not enough tutoring services in northwest Texas. Market analysis. Identify and assess your competitors. What do you do better than them? What are their strengths? Then identify your target consumer based on age, race, gender, location, education, etc. Marketing plan. Describe how you will reach your target audience. For example, you might do paid advertising in newspapers, magazines, or on television or radio. Also discuss how your pricing strategy is designed to reach your potential clients. Operations and management. Discuss your business and educational experience. If you are selling products, identify who will manufacture them. Financial information. If you need start-up funds, identify the amount and what you will spend the money on. Also create financial projections for at least three years: balance sheet, cash flow analysis, and income statements.
Bookkeeper. Someone needs to keep track of your daily business transactions: money coming in and money going out. You can use software to start, such as QuickBooks. However, you might want to hire someone once the paperwork becomes overwhelming. Accountant. Your accountant can help you file taxes at the end of the year. They can also help you create financial records and presentations to show investors. Business lawyer. A good business lawyer can represent you in court and serve as an advocate outside of court. For example, your lawyer can negotiate key contracts to protect your rights. Get a referral to a business lawyer by contacting the Texas Bar Association at 800-252-9690, Monday through Friday, 8:30 am to 4:30 pm. [14] X Research source
