What's In A Name?
Once you decide to start your own business you need to give it a
name. Your business name should describe what you do. If this is
not possible, for example, the one you come up with is already
taken; you can use your own name with a tag line. For example,
DeFiore Enterprises, Lease Purchase Consultants.
Our best advise is to come up with several names, test them out
on friends and family before you even do a name search. Once you
have narrowed it down to 1 to 3 names then do your name search.
Remember, if you decide to become a corporation you will need to
search corporate records also. Check with your local County
Clerk's office.
Zoning and Licensing
Unlike many years ago when starting a home-based business was
very novel, and in many areas of the country there were many
restrictions; today is different. However, depending on the kind
of business you are going to operate you should check your local
zoning and licensing requirements. The county section of your
yellow pages is the place to start.
Sole Proprietorship, Incorporation or LLC
You want to choose a legal framework that best suits your
business needs. What this means is are you going into business
alone or with others, and in what capacity. There is no
universal right choice. Check out all options and then decide
which best suits your needs.
One of the biggest concerns will be who will be held liable for
any financial obligations the business incurs. Owners of sole
proprietorships and partnerships, for example, are personally
liable for all debts of the company. This means that if the
business has financial problems or if a lawsuit is filed against
it, the owner's personal assets - including home, car, and bank
accounts, may be in jeopardy. In contrast, corporations and
limited liability companies provide the most protection for
their owners, only the money invested in the business is lost,
not the personal property of the owners.
Still, for many new businesses, the ideal initial choice is the
sole proprietorship or partnership, because the structures are
the simplest and least expensive to establish. Limited Liability
corporations are very popular and affordable.
In the end, your choice of the appropriate legal structure for
your venture will depend largely on your individual
circumstances, preferences, goals and needs.
Your Identity Package
Once you have decided on your business name, how you are going
to set up your business, and have your license and zoning all
covered, the next step is your identity package. Getting your
letterhead, fax sheets and business card done is a must. Our
Partnering For Your Success students have all of our promotional
materials, and are free to duplicate what we use. However, for
those that do not the main rule of thumb is to keep it simple,
and to keep costs low. Don't go overboard with your business
card, and keep your letterhead borders to a minimum. Everything
about you does not need to be on your letterhead.
If you are not adept at designing these kind of items be sure
you get professional help. Don't laugh or act like it doesn't
matter. IT DOES! Your business card, letterhead and fax sheet,
at times are going to be the first contact you have with an
individual, MAKE SURE IT IS A GOOD FIRST IMPRESSION.
Copyright DeFiore Enterprises 2002