If you’ve always dreamed about starting your own business, today may be the perfect time to take the big step. With 582 million entrepreneurs paving the way for you, the landscape of today’s business world could not be better.
So, what should you do if you have a great idea but don’t know exactly how to begin? The best answer is to plan carefully and put thought into your early business decisions, such as where to run your company, what name to use, and what business structure to choose.
Choosing To Launch From Home
One of the first things you’ll need to decide is where to launch and run your business. Many new entrepreneurs choose to work from home. A home-based arrangement can save you quite a bit of money because you don’t have to buy or rent additional space. You also avoid incurring all the expenses that go along with a separate location, including utilities, building fees, extra maintenance, extra furniture and commuting costs.
Working from home also reduces your start-up risks because if things don’t work out, you don’t have an extra property to sell or a lease to uphold. Instead, you have the flexibility to shift focus and pursue something else.
Finally, at-home businesses are really convenient for today’s busy entrepreneurs. If you are like most business owners, you are juggling work and family. If you are at home all day, it’s easier to find a healthy balance because you can toggle between responsibilities and shape your schedule to meet the needs of both your loved ones and your company.
Putting Thought Into Your Name
The name of your company can impact your level of success. You need a catchy, unique, memorable name that consumers can easily pronounce and remember. Also, the title of your business should give potential clients a clear idea about the service or product your company sells.
Because it can be difficult to come up with a great name off the top of your head, you should use an online business name generator like Namify to help you. After you select the particular industry you are in and input a few keywords, Namify delivers a curated list with hundreds of options. Each name is legally available and ready for you to use.
As a bonus, Namify allows you to streamline your business by offering suggestions regarding your possible domain names, social media handles and even logos. In the end, Namify provides you with the tools you need to have a coordinated and consistent digital presence that customers can understand and navigate.
Picking the Best Business Structure
When you launch a new company, you will need to register your business and select an appropriate business structure. For entrepreneurs starting small businesses, the optimal move is to file as a limited liability company. LLC status can be especially helpful for small operations because:
- Your personal assets are shielded from liability.
- Your business profits can be claimed as personal income.
- LLC status involves less paperwork than other business structures.
- There is a lot of built-in flexibility with the arrangement.
- You can file for LLC status yourself rather than pay for an expensive attorney.
Starting a business is a dream for many people because there’s nothing more exciting than watching your creation become a reality. If you are hoping to experience this by becoming an entrepreneur, you can make it happen by planning carefully and putting thought into early business decisions. Launch your operation from the comfort of your home, use Namify to help you find an optimal name for your business, and file for LLC status. With these three foundational decisions behind you, your company will be firmly on the road to success.
