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BYOB: Begin Your Own Business

By Carol Buettner

The thought of starting your own business can be daunting if you’re unfamiliar with the process. But after the business and marketing plans are finished, the rest is fairly uncomplicated.

Here are some tips to get you started:

Don’t Overthink Your Business Name

You can operate your business under a different name than your company name. This is called a DBA (‘doing business as’) account. You can work on branding, web design, and other details later.

Establish your Employer Identification Number

An EIN identifies your business with the IRS. You can set it up in just a few minutes at www.irs.gov – and it’s free.

Register Your Trade Name

You will need to do this if you’re not operating under your own name.

Obtain a Business License

Your county or city typically requires a business license. You can use your EIN here instead of your social security number if you would like to do so for privacy.

Open a Business Checking Account

This is where Superior can help! Whether you have a DBA, an LLC, a Sole Proprietorship, Partnership or Corporation, we can set up the appropriate account. The Member Service Representatives at all of our branches are happy to answer any questions regarding necessary documentation and other requirements. More information on our Small Business Center can be found here.

Start With a Simple Bookkeeping System

In the beginning, you can use a basic spreadsheet to record revenue and expenses. As long as you have a system in place, you can find a more sophisticated program at a later time.

Do Your Research

Check and see if any other permits, forms or certificates need filed. Business requirements vary depending on where you live.

From Hamilton to Lucas counties (and almost everywhere on the I-75 corridor in between), Superior can help you open your own business! Contact us today to get started: 419.879.4843.

 

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