Economic Empowerment - Starting a business and Establishing business credit from A to Z
Step 1. Think of the name of your business. Can you include the word Professional or Management in your name? Once you have settled on a name write it down.
Step 2. Will your business be home based or will you have a physical location? Is your proposed business location located in a HUBZone? Enter your proposed address here SBA HUBZone Map.
Step 3. What is your business phone number? Will you be using your cell phone or will you get a dedicated business line. Which ever you decide make sure that number is always available and you answer with a professional greeting.
Step 4. What is your primary business and what is the associated NAICS CODE? What are the codes for the other services your company provides?
Now that you have that information compiled and written down on a piece of paper in front of you, let's take the next steps.
Step 5. Visit the IRS website and create an Employer Identification Number on their website. Be sure to enter the name of your company exactly as you want it to be listed. When you finish be sure to print three copies of your IRS EIN Letter.
Step 6. Visit the Secretary of State website for the state in which you want to establish your business. You can register your business online or go down there in person, the website will have a list of the fees you will pay. For example click a state Georgia New York Virginia
Step 7. Obtain a free DUNS You must have a DUNS number for each physical location of your business. This number is used to establish your business credit.
Step 7a. Open a Business Checking Account.
Step 7b. Register your business to conduct business with the United States Government. Registering to do business with the government is free. If you have a problem completing the forms or questions the government provides a free help desk support system to walk you through each step. Register at sam.gov
Step 8. Create Business Trade Lines visit the following websites and create accounts using your EIN and DUNS number. Place a minimum order of $150 - $200 at checkout choose the invoice me option. Be sure to pay within 20 days of receiving invoice. Staples Grainger ULine Quill NewEgg
Step 9. Get a Secured or NonSecured Business Credit Card. Try Wells Fargo for a secured card.
Step 10. Establish a way to provide easy financing for your product(s). Try Snap Finance Klarna QuadPay Sezzle Accept Cryptocurrency UTRUST
Be patient with me as I will continuously update this post.