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Business To-Do List when Starting a
Gift Basket Business
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When starting a new business whether
it's going to be a small business or a home business,
there's a progression of steps you should follow.
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If you're a small business
and will be applying for a business loan, these steps
need to be taken to place you in the best possible
position for obtaining a business loan. |
Business To-Do List
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» Establish a Business Location and
Business Identity
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Decide on what address you'll use for your business
location. Your business address will be used in public
documents, so many home businesses use a mailbox rental
location, as this gives you a street address to use as a
home business location. Make sure the address you decide
to designate as your business address, is used on
everything associated with your business - business
documents, applications, bank accounts, business cards,
billing address, magazine subscriptions, catalogs, etc. |
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» Decide on Your Business Legal
Structure
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A business accountant or CPA can advise you on the best
legal structure for your particular business, as your
choice in business entity can have significant tax
implications. A business entity will clearly separate
your personal assets, credit and debt from your personal
credit. Most businesses will establish themselves as a
Corporation or a Limited Liability Company (LLC). |
The most common business structures are:
- C Corporation
- S Corporation
- Limited Liability Company (LLC)
- Limited Partnership (LP)
- Limited Liability Partnership (LLP)
- Professional Corporation or PLLC
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BizFilings is an online incorporation provider of
choice for more than 500,000 small businesses across the
United States. BizFilings' expert staff, step-by-step
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business owners to form a corporation, limited liability
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Registered Agent services in all 50 states equipped with
knowledgeable staff and tools to help businesses remain
in compliance with state regulations. You can
visit BizFilings online or contact their Customer
Care team at
800-981-7183. |
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» Get Your Tax ID Number
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Just as each individual has a social security number,
each business has a Tax ID number or EIN. The EIN is a
nine digit number the IRS uses to identify your
business. You’ll use this number to open your business
bank account and build your business credit profile.
Apply for a business EIN online through the IRS site,
the process is quick and simple. To establish business
credit without a personal guarantee you must have an EIN.
Business credit is tracked using your business name,
business address and employer identification number.
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» Establish a Business Telephone
Number
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Set up a dedicated phone number for your business. If
you use a cell phone (either a phone plan such as Sprint
or Verizon or a prepaid phone) be sure you enter into an
arrangement where you'll always be able to keep that
phone number. You don't want to have to change your
business phone number in a couple of years ... it should
stay with you always. Be sure the phone billing address
is under your business name with your business address.
There's one
virtual phone system
that's super affordable, gives you an 800 number,
and allows you to take your business to the next level.
You come across as a professional company -
even though you might be a home business. Be sure and
read their FAQ and Features. |
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» Open a Business Bank Account
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Open a business checking account
using your exact legal business name and
address. Consider opening a business bank
account with an online bank. Online banking
offers quite a few perks, so be sure to compare
rates and benefits with each. If you find an
online bank you want to go with - check to see
if they have a brick-and-mortar business as
well. A local bank is important in relationship
establishing and getting information that can't
be obtained online. If it's important to you to
know there's a real person you can sit down with
if you need to, then an online-only bank may not
be the best choice for you.
After opening a business bank account,
contact the bank customer service department two
to three business days after opening the
account. Call them during traditional business
hours to confirm the account was properly opened
and everything is in order. |
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» Apply For and Obtain Required Local and Permits
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Depending on the address of your
business, you may be required to obtain city,
county and/or state business licenses. In
addition, certain business types will also
require a permit. You'll want to check your
states' Department of Revenue and determine if
your business type requires a specific license
or permit. |
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» Establish Your Internet
Presence
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For any business, it doesn't
matter whether you're selling a product or
service, you should have an initial Internet
website. Start small, and expand it as your
business grows. For a service business (such as
a daycare or dog-walking) a one or two page
website is perfectly OK as a start. A service
business website at the minimum, should include
this information: About the Company, Services
and Rates, Contact Info. If you'll be selling a
product, then more thought will need to go into
it. The most important element of your website
will be the ecommerce piece - what method you'll
use to accept credit card payments, and using a
dependable shopping cart program.
HostingCT.com is a woman-owned company
offering web hosting, domain name
registration, website design and SEO services.
Established for over ten years, they will give
you fair pricing and personal customer service.
You may want to
visit HostingCT.com online or contact them
directly via phone at
888-288-7162,
ask for Paula. |
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» Get a Dun & Bradstreet
Number and Establish a Business Credit Profile
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D&B (NYSE: DNB) is the world’s
leading source of commercial information and
insight on businesses. They help small business
owners position their companies as financially
stable and creditworthy. A strong D&B business
credit file can help your business when
negotiating payment terms or seeking sources of
financing. Dun & Bradstreet is the largest
tracker of business credit. You'll want to apply
for a D-U-N-S number which is a nine-digit
identification for your business. You can
apply for a D-U-N-S number online, and in
most cases it will be issued within five
business days.
Your D-U-N-S number can definitely be a
valuable asset to your business as it enables
customers, suppliers and lenders to find you and
learn about your company. Keep in mind, that all
information you give D&B may end up in your
credit profile. All information reported to D&B
will be public information. You don't have to
reveal 'everything' to D&B, because any
financial information you list with them will be
available to your business competitors to view.
You'll want to have your business entity
established and have your EIN. The D-U-N-S
number is how lenders will determine your
business credit worthiness (most business credit
card and loan & grant companies will ask for
your D&B number during the application process).
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» Apply for and Establish
Business Credit
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A logical place to start is with
your local or trade vendors such as office
supply stores. If you have a business that
orders supplies of parts from companies on a
regular basis, check with them and ask if
they're reporting your payment history to one of
the credit bureaus, and specifically Dun &
Bradstreet. If they don't report to D&N, ask
them if they will. If they won't / don't report
your payment history to D&B, then you should
create a trade reference sheet with at least
three references. Include their name, contact
information and credit limits. Use to augment
your official business credit report. Open a
business credit card in the name of your
business, keep your balance low and pay always
before the due date.
When you apply for business credit - use your
EIN and D-U-N-S numbers only. Don't use your
social security number as you want to build your
business credit under your business EIN number.
It's best to apply for new business credit
sparingly, don't apply for several accounts at
one time.
Once you have business accounts, in good
standing, be sure to add them to your Dun &
Bradstreet business credit profile. |
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