{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Starting Your Business The Right Way","description":"In this special episode, host Brian Thompson shares how to build a proper foundation for your business to ensure it can support long-standing success. He outlines eight essential tasks to check off when starting a company that can help minimize risk and give you a solid foundation. Episode Highlights Starting a business can be daunting and setting up a solid foundation to grow from is critical for future success. Here are eight first steps to start your business on solid ground. Step 1: Pick your company name. As new parents know, picking a name isn\u2019t as easy as it may sound. A business name can ultimately help -- or hinder -- your success.  A good business name not only communicates who you are and what you do but also drives branding and marketing efforts. When thinking of business names, it helps to clarify your vision and purpose, know your ideal clients, and how you\u2019ll add value. Creating a one-page business plan can also help you think clearly. \u201cRemember that a name doesn\u2019t have to be perfect. You can change it as you need to.\u201d Step 2: Pick a business structure. Your business structure is the legal framework of the company you\u2019re building. Common small business organizational structures include limited liability companies (LLC), partnerships, and S corporations. The type of business structure you choose will impact numerous aspects of your business, from the paperwork you need to file to how you pay taxes. \u201cWhile taxes shouldn\u2019t be the only concern when picking a business structure, you\u2019ll want to consult with a tax professional to make sure you\u2019re making the best choice for your situation.\u201d Step 3: Register your business. Once you have a business name and structure, it\u2019s time to register your business. In most states, you can register with the Secretary of State\u2019s office. However, if you want to protect your name on a national level, consider registering with the United States Patent and Trademark Office. Also, don\u2019t forget to make sure your company can be found on the web! Before registering, check website domain registrars like GoDaddy and Google Domains to ensure your domain is still available. Step 4: Apply for your Employer Identification Number. Similar to a Social Security number, your Employer Identification Number (EIN) is a federal tax number used to identify your business. You can use it to get a business license, open bank accounts, obtain credit lines, and pay taxes. Technically, you don\u2019t need an EIN unless you have employees or plan to form a partnership, LLC, or corporation. But even if you don\u2019t need an EIN, it doesn\u2019t hurt to have one. It can keep your personal Social Security number private. \u201cYou can apply online in just a couple of minutes and reduce the chance of identity theft.\u201d Step 5: Get a business license and permits. All sorts of complex rules exist with different licensures. Depending on what type of industry you\u2019re in, a federal, state, or local agency may regulate your business. You\u2019ll likely need a state, county, or city license, and you may need permits or state registrations to do business across state lines. \u201cMake sure to research your state, county, and city regarding regulations for your particular type of business.\u201d Step 6: Open bank accounts and set up a cash flow system. With the regulatory hurdles out of the way, it\u2019s time to look at the operational side of your business. It\u2019s essential to get a business account and set up your cash flow system. Opening separate bank accounts will keep your business and personal assets separate, which is critical for tax and legal purposes. It also establishes your company as a separate entity should you need a loan and allow you to set up merchant accounts for faster payment. Having an account is one thing, but successfully managing your cash flow is another. Mike Michalowicz\u2019s Profit First System is a great way to ensure that your business is profitable, that you\u2019re ready for your quarterly tax bill, and that you\u2019re paying yourself a reasonable wage. Step 7: Get an accounting system. While you\u2019re addressing operations, it\u2019s a great time to set up an accounting system like QuickBooks or Wave. These systems allow you to start tracking your business income and expenses right away. They also help you take advantage of tax deductions. \u201cAs a tax attorney, I represented clients who didn\u2019t keep good records before the IRS and it was brutal. It\u2019s much easier to start the habit early.\u201d Step 8: Find the proper insurance. Now that you have a business, you\u2019re going to want to protect it. One way to do that is by getting the appropriate type of insurance. Common types of business insurance include general liability insurance, professional liability insurance, and home-based business insurance. \u201cWhile your business structure will protect you from personal lawsuits, you\u2019ll want to make sure your business is protected as well.\u201d Resources + Links Articles \u201cThe Lean Startup: How Today\u2019s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses.\u201d Eric Ries. \u201cOne-Page Business Plan Templates.\u201d Susan Ward, The Balance Small Business. Websites Fizzle U.S. Small Business Administration United States Patent and Trademark Office \u201cApply for an Employer Identification Number (EIN) Online.\u201d IRS Tools The Profit First system by Mike Michalowicz Relay Quickbooks Wave More From Brian \u201cPurpose And Profit: 4 Keys To Creating A Profitable Mission-Driven Business.\u201d Forbes. \u201cCan I Deduct That As A Business Expense?\u201d Forbes. \u201cShould I make an S-Corp Election?\u201d BT Financial. Episode 7: Being Profit First with Mike Michalowcz Brian\u2019s Social Media: Twitter, Instagram, Facebook About Brian and the Mission Driven Business Podcast  Brian Thompson, JD\/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too. ","author_name":"Mission Driven Business","author_url":"https:\/\/btfinancial.com\/podcast","html":"