How to start a business and establish business credit.
This is a guide to show you how to start a business and how to establish business credit so you can get business loans and business credit cards for your business.
Starting Your Business
Step 1: Picking a Business Name
When picking a business name I try to pick something that is short simple and kinda explains what the company does if possible. You want it to be simple enough so if you was to tell someone the name of the business that they can easily put it into Google without you asking you how to spell it.
But there are a lot of other things to take in consideration when picking a business name.
Can you get the domain name?
Can you get the name on social media?
When I’m deciding on a name for a business I use a site called NameCheckr.com.
This will allow you to search a name and see if you can get the domain name, the twitter name, Instagram, and more.
If possible, you want to have everything available in your new business name so you can sign up to all of them and it will be consistent across all platforms.
You can also use sites like NameMesh.com and DomainsBot.com for more ideas.
Step 2: Do a Business Name Search in your State
Once you have picked a name for your business. You need to search to see if there are any other businesses with the same name in the state you will be registering the business in.
You don’t want to register the business yet. Just do a business name search.
Just because you live in a state doesn’t necessarily mean you have to register the business in that state. But that is a question for your lawyer or accountant.
You do want to know what is required for your state to register you business. In NC where I reside it’s pretty straight forward. But you can do this on your own or pay a service like IncFile.com to register your business.
I don’t know which business structure you will need, LLC or S Corp. This will be something you will have to talk to your accountant or lawyer about.
If you want to register with your state by yourself here are links to Secretary of State website for every state so you can get started.
STEP 3: Get a Business Address
Before you register the business you want to get a business address. There are a few options to do this without having to lease a store front or office space. You use what is called a virtual office. Basically it’s a company that has space in a business area that let’s business owners use their address. Some virtual office spaces will sign for your packages, take calls for you or even let you use the conference room spaces.
Here are a few options for a Virtual Office Space.
Use your business name when you are registering your virtual office.
Step 4: Register your Business
Now that you have the business name and the business address. You now have everything you need so you can register you new business.
Here is the list of all the states so you can register the business yourself. If you like you can also use IncFile.com to register your business and they will do a name search as well.
Congrats! You Now Have A Real Business!!!
Now that you have a real business, it’s time to get your business “credit ready”. You already started this by getting a business address and using that to register your business. Now, you must add a few more things to make you look more creditworthy to companies and lenders.