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Business Basics
Do you need Business License? How do you obtain a Fictitious Name Statement? What makes a good Company Name? Whom should you ask these questions? Well that's why this page is here. |
Business License
The first place to check is your local phone book. Look under City (Local) Government for Licenses & Permits. If they can not help you, they can certainly tell you who can. Questions you may want to ask include: Do I need a Home Business License? (If you live on a military base, you won’t. Unincorporated areas may not require one.) Can I get a Home Business License? (Some zoning ordinances won’t allow it.) How much does it cost? What type of business license would I need? (Retail?) What papers will I need to bring? (ID?, Proof of address?) What restrictions are there? (No customers at house?) Where are you located? (Cross streets?) Do you take personal checks? (Cash?) |
Fictitious Name Statement
A Fictitious Name Statement is also something you may need. An example would be: Milton Hershey Esquire does not; Hershey’s Food U.S.A. does. The person at the Permits Office can be most helpful in this area also. Not only can they tell you if you need one (which you in all likelihood will), but also how you get one. They may even be able to tell you the approximate cost of one in your area. They may not know. However it never hurts to ask. The cost varies (as does the license) from city to city, and paper to paper. Obtaining a Fictitious Name Statement usually involves the following four simple steps: Check Name, Register Name, Announce Name, Prove You Did It. First you go to the License Office and check in their huge books, to see if the name you want is already being used. If it is, then you will have to pick another. The suggestion here is; Have at least three choices on hand. Once you have a name, you will need to register the name. This is nothing more than filling in the blanks on a form and paying any fee. Next is putting a notice in two or (more likely) three newspapers from a certain list, which the people in the permit office will hand you. After your ads are printed, you show the License Office you’re Doing Business As (D.B.A.), and you're done. |
Company Name
Personally, I think the hardest part of this job is coming up with a name. You need something that will tell people all about you, and your company. You must do so in very few words; one, two, or three are best. The suggestion here is; try to find something that starts with the first three letters in the alphabet. If you decide to place a Yellow Pages Ad, (more on this later) people will look at your ad first. Some search engines also list names alphabetically. Albert’s Autos would be seen, and chosen, before Zimmerman's Zephyrs would. So if your name is Albert Zimmerman, and you sell cars, go with the "A". You may use all capital letters, as a standard for your company name. Milton Hershey did this. It will help the name stand out more. You could even add symbols to you name. Think of M*A*S*H. These types of lettering would help set your company's name apart. However, they also may prove a problem with your web site url, so think about it carefully. If you decide to use either of these, you need to do so when you file your Fictitious Name Statement. A clever, eye catching name could be helpful too. I still remember the name of the little deli that I saw in Arizona, "Leftovers Unlimited." |
Small Business Administration
Small Business Administration is in the business of helping business. The SBA has many resources available to help you start up your company. This is another resource that few people think to use. They can provide information on business plans, help with obtaining grants, or loans, and answer questions that you might have. For more information, click on the link. www.sba.gov |
Post Office Box
There are a few other things that you may want to consider. While you can wait on these, the sooner you take care of them, the less hassle you will have in making changes when you do. One thing you will need to consider is renting a Post Office Box. Getting a P. O. Box may well be worth the while. You may not want to give out your home address to every one you meet, but you may want them to have your business address. This is especially true for women. Would you want every "Tom, Dick, and Harry" knowing were you live? Another advantage is this. If you move your home residence, your business address will not have to be changed also. This is nice if you want to make up business cards, address labels, or sales material, whatever. (Americans move on the average of once every two years or so, whether across the street, across town, or across the county. When you consider this fact, a separate business address makes sense.) A Post Office Box cost $20.00 per month, as of this writing. This is one certainty I can give you. Since this is a branch of the federal government, the cost is the same everywhere in the country. |
Business Bank Account
A Business Bank Account is another thing you will need to consider. Why? You will need to keep records of your income and expenses meticulously, for tax time. This will be much easier if you have a separate account. It is also important to keep business money separate from household money. A business account is money from your business, for your business. Putting money from your business account into your household account is "Pay." Putting money from your household account into your business account is "Investing." (For information on tax write offs, consult your accountant or tax attorney.) Shop around your local banks for the best deal, and don’t forget the "DETAILS" that will make doing business easier. I have been to banks that have insisted that ALL coins be rolled. (They don’t want to have to count them by hand.) Other banks have insisted that the coins NOT be rolled. (They have a machine to ensure an accurate count.) Still others will not accept coins at all. They have a voucher machine that charged 2%, then you deposited the voucher. (I decided not to do business with a bank that refused to deal in legal tender.) If you don’t care one way or the other, fine, but if you do, you may want to check on this. You will need to know the services that fit YOUR COMPANY’S needs, and look for the bank that will provide those services. Many banks will no longer send you your canceled personal checks. You may want to ask if they return canceled business account checks. If there is a charge for this service, perhaps another bank will not. A canceled check will stand up in any dispute of payment, and many places still require a copy of it. As with everything else, the more you research you do, the better you can make this business decision. Remember, research can be done before you actually start your business. Call on several local banks, and tell them that you are considering THEIR bank for your business account. They would be more than happy to tell you why you should bank with them. Then you can tell them that you need to discuss the matter with your partner. You will get back with them. Your "partner" may be your spouse, a real partner, your accountant, your father, mother, or no one at all. I always like a second opinion. |
Merchant Account
Do you really need one? If you plan to sell your own products on line, then the answer is yes. You need to be able to accept credit cards over the internet. Very few people will be willing to "snail mail" you a paper check. They will go somewhere else. I have seen many SPAM e-mails on line for a merchant account. I would never encourage SPAMmers by purchasing one of their products. If only one in a hundred e-mails result in a purchase from them, it's enough to make it worth their while. Well, that one won't be me! Accept all major credit cards with a free application fee! |
Bravenet
Here is a site that has Free Links For All, a Site Search, and Site Rings that you can add your site to. If you find all of the Pop-Ups to be too annoying, you can pay for the professional version. Bravenet.com - Free Web Tools for Webmasters. |
Home Based Business Income Tax Information
Income Tax is one of the most challenging topics for home business owners today. To help you get back every honest deduction, we have found an excellent resource. To order the best book I have found on home business tax savings, Click Here. |
