So you broke out of your constraining cubicle in order to experience the wide open spaces of running your own business. Even more than that, you’ve made the business savvy choice to incorporate. Welcome to the big leagues, buddy.
Incorporating or forming an LLC protects your assets and saves on taxes, plus gives your business an air of legitimacy. Adding an ‘Inc.’ or an ‘LLC’ after your business’ title does a lot in terms of authority.
Keep your business from running wild with these 5 tips that will get you going in the right direction.
1. Consult a tax professional. In the beginning stages of incorporating it can at times be unclear as to which type of business entity you should form. If there are any doubts in your mind, if you are even a bit unsure which route you’re going to take, consult a tax professional. They will provide you with the answers and send you in the right direction.
2. Protect your intellectual property. The best way to go about doing this is to invest in a trademark. With an official trademark your business is fully your own. You can go about doing this by utilizing a company like (yours truly) MyCorporation. We will help claim your own trademark and take care of the legal matters along the way.
3. Talk to other successful business owners. People love to speak about how they made it to the top. Why not take advantage of some of that information? There is lots you can learn from those whose position you are striving to be in; what worked for them along the way-what didn’t.
4. Utilize Social Networking. Sites like Facebook, Twitter, and even your own company blog are a means of little to no cost advertising. This is a great tool, but if you’re going to be a savvy social networking company you need to walk the walk as well as talk the talk. If you get yourself a Facebook page, twitter account, and blog, you must dedicate time to all three. Letting all or just one go looks sloppy, so if you’re going to do social media do social media.
5. Don’t Overspend. Being newly incorporated, just getting going, is exciting. It’s easy to want to spend all invested funds into getting your business to its full potential right away. However, be cautious. Start out slow and once you start experiencing success, then and only then, is it safe to splurge on that new mini-fridge for the office.
As you feel out the new world of running your own business, keep these in mind and enjoy yourself. Stretch your arms—notice the absence of cubicle walls.
As The Dixie Chicks once sang out: “She needs wide open spaces/Room to make her big mistakes/She needs new faces/She knows the high stakes.”
Who knew they were so business-minded?
*Post provided by Heather Taylor, Social Media Manager at MyCorporation, a leading provider of online document filing services for clients who wish to form a corporation or limited liability company.