Beginner’s Guide: 4 Steps to Follow if You’re Ready to Register Your First Ever BusinessJan 21, 2022
Many entrepreneurs start their business careers with side-hustles or monetized hobbies. And when things start going well, formally registering a company will be the next logical step. While it’s tempting to think that getting an official license is a simple process, registering a company actually involves some juggling. There are various preparations to take care of, in the right order, before following through with a literal application.
Don’t Put the Cart Before the Horse:
Business Writer/Teacher Jean Marray explains, “One of the first tasks for any new business is to obtain licenses and permits. Yes, even an existing and an ongoing business may make changes that require new licenses or permits. Some licenses and permits are federal, some state, and some local. If you are starting a business, there are several licenses or permits you may need.” Here are a few quick tips on how to successfully license a small business:
1. Gather the Licensing Fees/Capital Before Doing Anything:
Registering a company is going to cost money. A lot more money than is represented in a listed filing fee. The combined steps it takes to become eligible for a business license can cost thousands (or even tens of thousands) depending on the business model being registered.
2. Set Up an Infrastructure of Banking and Contact Information:
Licensing forms always request an ID and contact information. But in order to avoid mingling personal finances with professional finances, it’s advisable to have unique credentials for your intended enterprise. Before going to the trouble of filling out a licensing form, make sure your business already has its own:
- Phone Number.
- Address (or P.O. Box).
- Bank Account(s).
- Email address(es).
3. Consult with a Legal Expert:
Never assume that you can guess all of the stipulations necessary to license an intended business. Because in addition to getting the main license, it could be necessary to apply for a series of accompanying permits. The only way to cover all the legal bases is by consulting with a reputable business lawyer for basic guidance.
4. Research the Filing Procedures and Timelines:
Some licensing procedures are time-sensitive, especially for businesses that pose risks to public health and safety. If applicants are expected to meet logistical demands within a short period of time, it’s important to be aware of the average time it takes to process licensing.
Assuming you happen to be ready to make things official with a business idea, bear in mind that registering a company is an ordeal. Not only are there gatekeepers to consult with, but there are also rules and regulations to adhere to. Knowledge is power when it comes to structuring a newly-licensed enterprise, so be patient when getting things off to a good start. If you like what you just read from our blog, you’ll love the various informative courses, workshops, and events listed on our websites and social media. Whether you’re interested in personal development, health and wellness, bettering your relationships, or the overall improvement of your business, give us a call at 1 (800) 913-0222 to find out how Richard Martinez can help you break past your daily struggles and start soaring in success.
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