For example, Andrea Smith might name her company “Wedding Wishes” if she specializes in wedding photography. Think of words that are associated with your business. For example, a massage is relaxing and therapeutic. Accordingly, a good business name might be “Touch Therapy. ” Pick a name that matches your brand so that clients can discover you more easily. [2] X Expert Source Madison BoehmBusiness Advisor, Jaxson Maximus Expert Interview. 29 September 2021.

Also check to see if the name has been trademarked. [3] X Expert Source Madison BoehmBusiness Advisor, Jaxson Maximus Expert Interview. 29 September 2021. You can look up names at the United States Patent and Trademark Office (USPTO) database. [4] X Research source If you want to trademark your business name, then file with the USPTO website.

The process will differ depending on where you live. For example, in some places, you’ll need to publish your fictitious name in the newspaper to give the public notice.

Reserve the name by registering it, even if you aren’t prepared to create a website immediately.

For example, you might need a health department permit if you prepare food as part of your business. [9] X Research source Some businesses also need federal licenses. For example, if you are involved in the transportation or importation of animals, you may need a license from the U. S. Department of Agriculture. [10] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source The SBDC can help you identify required licenses.

Visit https://www. irs. gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online to apply for your EIN.

Remember to keep your business and personal finances separate. To this end, you might want to open your business accounts at a different bank than the one you use for your personal finances.

If you use your car, then make sure your automobile insurance covers your business use. Obtain property and liability insurance if people are visiting your home. Your homeowner’s policy might not cover business injuries. There may be other insurance specific to your profession. For example, writers can get media liability insurance. [15] X Research source

Business description. In this section, identify your business’ purpose. For example, you might be dedicated to bringing massage therapy to rural Wisconsin. Also provide an overview of your products and services. Market analysis. Describe your industry: its size and health, as well as any trends. Also identify your target market. Create a typical consumer profile in terms of location, age, gender, income, and education. Competitive assessment. Identify businesses you will be competing with, whether local or global. Critically analyze them and explain their weaknesses and strengths. Marketing plan. Go into greater detail about your products or services. Identify any problems you need to address. As part of your marketing plan, discuss the costs of providing your service or product and build a pricing strategy around those costs. Finally, discuss your promotion efforts, which can include paid advertising or social media. Operating plan. List who will manage the business (other than yourself) and identify what resources you need to run your business. Financial plan. Create current financial statements and estimate your income, cash flows, and balance sheet for the next two to four years. If you need financing, then calculate the amount you need as well as the type (e. g. , a small business loan).

Business lawyer. A business lawyer can answer any legal questions you have and advise you about how to hire employees the right way. If you need to negotiate a contract, then a lawyer is helpful as well. [17] X Research source Accountant. An accountant helps at tax time, but they can also help you draft your business plan and offer advice about when it’s time to transition your sole proprietorship to an LLC or other form. [18] X Research source Bookkeeper. A bookkeeper records your daily business transactions. You can use software at first, but your business might grow large enough that you need to hire someone.

Income taxes Self-employment tax Estimated tax Withholding taxes for employees Federal unemployment tax Excise taxes