Last week we left off with discussing eight mistakes to avoid in order to have a successful business, as well as some basics of small business operation. Go here to read last week’s post.
This week we will continue to look at some more small business operation basics you should take care of before opening your doors for business.
Type of Business Structure
Most of online entrepreneurs choose to operate as Sole Proprietorship due to the fact it is the simplest and cheapest business structure. Other business structures include LLC, Cooperative, Corporation, Partnership, and S Corporation. Visit United States Small Business Administration for an in-depth look at these various business structures by going here.
Also, get an EIN (Employee Identification Number) even if you don’t need one. When asked for your social security number for business purposes, use your EIN instead. According to an article, “How to Start a Small Business in a Few Hours” by Jeff Haden at Inc.com, you’ll need an EIN if you plan on hiring employees or operate your business as a LLC, Corporation or Partnership. You can read Jeff’s article by going here.
Your Business Name
Now that you’ve decided what you’re going to sell online, it’s time to choose a business name. Choose a name that will say who you are or what you sell or do.
When registering a domain, choose your name, service or product to create your domain. For example, my domain name is rjsinternetmarketing.com. I included part of my business name in the domain. It also says what I do. This is all part of creating your identity.
Your business bank account that we discussed last week is also part of your identity. Be sure to include your name and contact info on your website in a prominent location.
We will cover more basics of small business operation in our upcoming webinar, which is scheduled for Thursday, October 25th at 2:00 – 3:00 pm PST. We are presenting our second module in a series of four modules on the subject of Start and Grow Your Own Business. The topic is Planning Your Ideal Business. Go here to register today. Hurry! Seating is limited!!
We are not publishing a blog post next week in order to host our webinar. Â Please join us. As always, thanks for reading!
