The world is full of opportunities. It has a lot of things to offer.
Opportunities go hand in hand, especially for human beings. The desire and willingness to enjoy every good thing is innate with us. It is also common for people to explore and learn a lot through experiences.
As the saying goes by, “Experience is the best teacher.” It is indeed true. Our journey does not focus on a particular place. Some would tour around the world to see things more differently. Like in business, the people involved do plenty of research, inspecting every little information applicable to the target.
In this article, let’s talk about the essential steps for the registration of the business. It might sound easy, but in reality, the formation of a business venture can be very tiring. Concerning this notion, it is the reason why proper guidance from experienced people is a must.
Preparation For Business Registration
1. Imagining or Visualizing the Business.
The first move to consider is to imagine or visualize the business. As a child, we have a lot of dreams stored inside our minds. Those dreams eventually inspired us to pursue the track we have now. Therefore, start imagining the business.
Create an outline of the things you want to see in the future with regards to the business. It is somewhat related to a child having a simple dream.
For example, the company started from a small store in a secluded area. The owner imagines it to be a mall someday in the middle of the city.
For that specific vision to happen, the entity must double the effort of sustaining the business with short-term and long-term goals. It would be better to start prospecting with future investors and clients.
2. Finalizing the Ideas and Making a Formal Plan
After visualizing the business, the second one starts by finalizing the ideas into making a formal plan. It will indicate that the business venture is happening because there is a plan to enforce it.
Moreover, as the business goes according to the plan, it will be great to ask for advice from the industry’s already established persons. If training is needed, then do so for the betterment of the business.
Furthermore, business owners usually choose the structure to implement, such as the following:
- Limited Liability Company,
- General Partnership,
- Limited Partnership, and
- Other legal business structures available for use
In the United States, the Limited Liability Company is favored by many entrepreneurs because they find it less complicated when registering. The LLC structure is beneficial for the business they plan to build despite having a high starting price.
The Massachusetts LLC cost is about $500 to $520, depending upon the registration’s legal filing via postal mail or online submission. It is not advisable to some since the payment is high, but other business owners think otherwise. They can see the benefit it has, like the following matters:
- Avoiding double taxation
- An advantage to limited liability
- separate finances, and
- Less reporting requirement
Steps in Business Registration (LLC Structure)
- For starters, business owners must apply for a ‘Doing Business As’ (DBA) Certificate and,
- Afterward, proceed to the Secretary of State for the name registration to formally reserve the identity of the business,
- Followed by providing the Articles of Organization,
- Also, constructing the Operating Agreement,
- Do not forget to obtain other licenses and permits,
- Get the Employer Identification Number (EIN) to support the entity’s financial matters in sustaining the business needs.
Additional steps after successful business registration and getting the permit include:
1. Start Hiring
A business will not function without the employees. It will be great to hire effective and efficient people. Create a team that will stick together in reaching the long-term goals.
Be careful also in this matter because many employees only stay for a few months and would tend to resign immediately. It will be better to screen the employees well before hiring them to avoid sudden worker loss during important days where the business is doing good.
2. Financial Awareness
Under this step, the entity must see the financial performance of the business. The following are essential things to do to grasp an idea regarding the financial status:
- Monitor the annual reports submitted.
- Regularly or often ask for updates.
- Settle the related financial problems immediately.
- Distribute the profit properly.
- Allocate the right amount of funds for future projects.
- Seek financial assistance from the experts (accountants, financial advisors, etc.)
- Minimize expenditures as much as possible
3. Product/Services development
Developing services or products is considered one of the challenging parts of running a business. It will need a lot of meetings and product testing before finally launching it in society.
From selecting which product or service to offer until the packaging and distribution require a massive amount of effort. Therefore, a business must have good marketing and selling skills.
4. Good leadership
An entrepreneur must possess good leadership skills. It involves getting along with people inside and outside the vicinity of the business.
Honestly speaking, many people can be a leader, but only few dare to do it. Some are still contemplating themselves about the responsibilities and patience to exert to run a business.
5. Excellent Communication Skills
Being a person inclined with business, developing communication skills is very important. It will also be an advantage to speak multiple languages if the company expands internationally.
In school, students are encouraged to speak in front of many people to boost their confidence. Aside from enhancing their communication skills, the educational institution also promotes self-esteem development.
On the part of the entrepreneurs, they undergo different training and assessments to enhance their prior knowledge and socializing skills.
Some are willing to attend seminars, business parties, and other related events, which usually invite the “big fishes” in the corporate world. They converse and negotiate with them as much as possible.
Entrepreneurs should promote the business by being always prepared. Live out the mission and vision of the business. Make the future clients see the company’s goodness and how it will prosper more for the upcoming years.
Let other people be curious about the plans. Give a hint as bait. An interested person will find a way to know more about the business.
To sum it up, there are plenty of ways to follow when finalizing the business formation. The only exact thing is that everything is relevant and considered a reliable step but, the enactment will depend on the owner.
The business owner is responsible for the flow of operations. All decisions made are solely for the benefit of the business. As the owner, it is essential to have the attitude of a fighter.
Always wear the shield on as well as the weapon because business is like a war. On the battlefield, many will die, but only a few will survive. It is a matter of being brave enough to fight until the last breath just to get the victory.
A business can have an excellent reputation and outcome only if the owner is willing to learn more and improve more for the company. Apply critical thinking skills and continue manifesting a superb image to everyone. Let the business inspire future clients to trust the process and show genuine support for it.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.