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What are some things to know about starting a business?

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Quick Answer

Some things to know about starting a business include the importance of the name and branding, and how best to start the business legally. Local zoning laws, licenses and paying taxes are all important aspects of starting a business.

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Full Answer

When starting a business, don’t just search for the dot.com address of the a possible business name and see it isn’t being used, then choose it. It goes beyond someone having a website with that name or the name coming up in the first couple pages of a search. Go beyond that when choosing a business name by looking to see if there is a trademark available. This could be beneficial down the line.

Focusing on the legalities of starting a business is a very important part of the process. It can be tempting to go right into the creative aspect and start working on marketing, but there are some legal things to consider first. This includes looking into local zoning laws when renting space or having a home-based business, getting a business license and applying for a tax identification number. Filing taxes is an important part of running a business, so that needs to be worked out first. When looking into the legal considerations, also decide if it should be a sole proprietorship, partnership, corporation or limited liability corporation, or LLC.

Figuring out expenses is also something to think about. It might take more than one realizes to start a business, even a small one. There might be inventory to purchase, office equipment and materials, employees to pay and advertising to pay for.

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