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III
BUSINESS MATTERS TO ATTEND TO FIRST

For those of you just starting from scratch on your own, there are a few business matters that will need to be addressed. It’s a good idea to take care of these matters relatively early in your business venture so you can concentrate on the heart of your business plan; that is, actually making money. I won’t go into too much detail, but I would like to touch briefly on a few of the more important issues.

The first issue to concern yourself with is licensing and registration. There are many companies in existence today that have not taken the time to concern themselves with these “details” and, therefore, are not operating legally. Don’t let your company become one of these “under the table” operations. You should strive to make your own company become something you can be proud to own and operate, and, therefore, keep it above-board and legal. Not only are there many tax benefits when operating legally, but the feeling of clear conscience alone can be just as important.

Just think, you’ll never have to worry about the tax man knocking on your door to collect his fair share (plus interest) of profits make over the last four years, or however long your company has been profitable. That reason alone can be enough to make you want to stay on the up-and-up. Although it may seem easier now to just move on with your business and let the petty details fall by the wayside, believe me, it will be a lot harder later to keep this "under the table” business operating out of view of the powers that be.

So, the first step in the licensing and registration of your business is to call or stop by your local town hall and tell them you are interested in starting your own business. Ask them if you need to register this business and if there are any special requirements or licenses for a home-based business in your area. More than likely, you will not need any special permits or licenses to operate a business out of your home; however, you may need to register this business at a local and/or state level. This is so that the public will be informed of your new business venture.

The next issue you may run into when checking into these business matters is zoning. Many of the zoning laws in the U.S. have been on the books for a long time and are largely ignored by home business owners. I do recommend, however, that you become aware of the zoning laws in your area, even though the type of business you’ll be operating is usually not subject to zoning problems. Most of the zoning laws on the books are there to protect your neighbors’ rights. Many officials realize that home businesses are on the increase, everywhere, and they tend to look the other way, unless requested to do otherwise by angry neighbors of a zoning violator.

DBA

The next business matter at had is to choose a good name for your new business. You should put some thought into this, as it is the name that will represent your company for the life of its existence. At the time of registering your business, you will be asked what your DBA (Doing Business As) name will be.

The first rule of thumb in picking a name is to keep it fairly simple. Many people simply use their name followed by the word “Company” or “Associates.” Keep in mind, you cannot use the word “Incorporated” or “Inc.” unless you are incorporated. Some people prefer to use their initials or a combination of initials that represent something to them. Whatever it is you decide to use, it should sound professional, since the name, is often the first thing people will see about your company.

If you plan to use a name that describes the nature of your company, instead of one that uses your name, you’ll need to do some checking. It is important to be sure that the name isn’t already taken by, someone else in your area. This search can be conducted by an attorney, or you can do it yourself. If you decide to do it yourself, you should start by checking the Secretary of State business listing, as well as your county business listing. Also, to be safe, you should check with the Federal Trademark Registry for any companies that do business in your area that may already be using this name. You don’t want to use a name (knowingly or unknowingly) that is already being used and set yourself up for a possible lawsuit.

No Man Plans…To Fail! He Just Fails…To Plan”