Let’s face it, when you start a business, money is tight. So
where do you put your limited amount of funds to get the ball rolling?
Here are my top five places to invest whatever money you
have at the beginning, because without them your business may never fly.
1. Name Search and Incorporation
What’s in a name?
Plenty if you’re running a business. Names are more than a
way of branding your business, they are legally required for tax purposes.
Incorporating your business is a small price to pay at the beginning, rather
than personally be wiped out financially by a law suit which holds you
personally accountable for your business, instead of your incorporated
business.
On the flip side of this, I actually find it hard to start a
company without a name. I suppose it’s just my logical brain in action.
Take time to brainstorm several possible names for your new
business, and then conduct a corporate names search to ensure no one else has a
similar name. In most North American jurisdictions, it’s illegal for you to
operate a business under a name which is currently in use within the same
business sector or industry. Though it’s usually best to make sure no one
currently uses that name in any business or industry sector – I often make up
words for my company names.
Once you establish a name for your business – that isn’t
already in use – register it so no one else can use it. Then get a good
business lawyer that specializes in start-ups, and incorporate that business.
This way, you have your name, and the legal paperwork to
back everything up.
2. Logo and Slogan
Starting a business really can be a fun and creative process
– first you have to brainstorm a name – now you get to go all artsy and design
a logo and even a slogan.
Many people don’t think they need a logo for their new
venture right away. Who’s going to see it, as I’m still developing the business
plan?
However, a good logo separates you from your competition,
gives you a professional image, and both are extremely important elements in
the ultimate goal for our first five places to spend money on your new venture –
networking. If you don’t have a logo, a catchy one-line slogan that summarizes
what you do, and the rest of my top five list here, you’ll be constantly
struggling to tell people who you are, and what you do at networking events.
And when you start out, networking is really important, because real
entrepreneurs help each other.
3. Website and Email
You don’t need a fancy website with all the bells and
whistles when you’re starting out. But you do need one that at least has some
basic info – like your logo, slogan, and how to contact you.
Getting a website forces you to register your company’s name
for a domain name – which is really important. Some people I know run their
chosen company names through the WHOIS database to ensure they can secure the
matching domain name. If the domain name is already taken, they won’t name
their company that.
I’m old fashioned, and love the dot-com domain extension. To
me, that’s the one most people are going to try first on Google and the other
search engines if they don’t have it in front of them.
However, if you have the
money, it doesn’t hurt to register the most popular domains for your company –
the “dot” org, net, biz, info, and co. If you’re in Canada, you might also add .ca
to that list, or .us for American-based companies.
This protects your business from copycats, or worse,
others using your company’s names, or even ones really close to it, and just
creating a different dot-something or other using your company’s good name.
Once you have your web domain setup, and a basic website,
you can also get a professional email address. Although Google’s gmail is a
fantastic program, when I see john@gmail.com
I just know I’m dealing with an amateur. There’s no harm in looking like a big
impressive company, so use firstname.lastname@companyname.com
as your email address – or whatever your professional domain is.
Remember, an email address and domain name aren’t just for
communications – but for PROFESSIONAL COMMUNICATIONS.
4. Office Phone and PO BOX
Unless you want your customers and everyone you do business
with to call you at home, I’d get a separate phone number and a PO Box for the
mailing address. This way, you protect your family and yourself from anyone
that happens on your business contact info. A separate phone line is important,
even if you’re running your start-up from your home, because the last thing
anyone that is going to do business with you wants to hear, is your kid answer
the phone, and yell: “Dad, phone!”
5. Business Cards
Once you have your registered legally incorporated business
name, a logo and a slogan, a website, email address, phone number and a PO. Box,
you’ve got all the basics to put it on a slick business card, so you can hand
it out to potential customers, business partners, or anyone that you want to
take you seriously as a professional.
Even in start-up mode, business cards with all the correct
professional information are very important – what else are you going to give
someone at a networking function that might be able to help you get your business
off the ground?
