Do you run a small business and need to build on a solid foundation? You need a plan, a business plan! You need to address the questions your potential clients may have:
- Are you officially registered as a business in your country of domicile?
- Do you have easily identifiable and verifiable credentials – website, official email address, web presence, and tax identification number?
- Do you intend to grow by injecting more funds into the business?
- Do you have a business plan presentation ready?
- Do you have a financial plan to help you raise the capital for expansion.
These are components of what I have aptly called “The Process”. And so, every Monday morning, I will be giving you more detailed information on how to obtain these foundational credentials here: https://kdeleadership.com/blog/. You can also access this information by joining my Facebook page through this link: https://www.facebook.com/groups/197466761682728
Monday Sept 20, 2020
This week we look at business registrations.
To begin with, your business name should be non-specific, short, and searchable. By non-specific, I mean that it should not be too narrow, otherwise, if you decide to expand your services in the future, you may be constrained. For example, an electrical engineer should select a name that says: “John Doe Engineering Services”, and not “John Doe Electrical Engineering Services”. This allows him the liberty of inviting partners in other fields of engineering to buy into the business in the future. Making it short and generic also enables you to be flexible and perform in many sectors/industries without having to register new entities. Make sure you perform a search in your country’s (or state’s) corporate database to confirm your selected business name does not already exist.
Register an LLC , Partnership, Corporation, or whichever entity type you decide on with the SOS office at your state of residence. It is important to be a different entity from your business. This protects your personal property from the risks brought on by your business.
Business registrations can be performed online in nearly every country in the world; the ongoing global pandemic makes it imperative. So, go to your Corporate Affairs Commission online (or your Secretary of State Office online), and begin the process. The costs and time required are often low in most countries; this encourages aspiring small business owners to begin the process.
Tell me how things go!