How To Start Your Company​

Step 1: Determine your business idea

A lot of times, people have tons of ideas of things they want to do with their business and end up creating an unorganized mess. It is extremely important for your business idea to suit your interests, goals and natural abilities primarily. Since a business takes up most of your time, it should be something that challenges you but also keeps you motivated. 

Step 2: Planning and Research 

Nevada has the second-highest rate of new business owners in the country and the only way to set your business apart will be through careful planning and meticulous research. 

    2a) Naming your business

The name of your business is the identity of your business. It’s not meant to be chosen on a whim as it needs to be unforgettable to your customers. When choosing a name, it is always best to choose one that follows Nevada’s LLC or corporation naming rules. It is also extremely important to check for an available domain name before you register the company. 

    2b) Location and Market Research 

Are you planning to start a home-based business? Will your shop “location” be on social media platforms like Facebook or Instagram? Or are you going to set up shop on a more concrete surrounding? Understanding the location is important as it helps narrow down the grants you will be applying for. 

The market research is easily in the top 3 mistakes that entrepreneurs make when they first start out. Good market research goes a long way. It helps narrow down your target customers, help differentiate your business from your existing competitors, conduct product research and perfect it further. Market research can be done via extensive Google research, networking with potential customers, conducting surveys, doing search engine optimization (SEO) and hosting focus groups. 

    2c) What is your business plan? 

A business plan is both a roadmap to your business milestones as well as a track record of the money you will be needed to invest and when. Of course, a business plan is handy when pitching to potential investors and banks for loans; but its primary responsibility is defining your business strategy. A good business plan has information about the product development, the sales and marketing plans, people and partnerships that are key to the business and the financial funding requirements. 

Step 3: Decide on your business structure 

Registering your business as a legal entity in Nevada, whether as an LLC or otherwise, has advantages in reference to your credibility and protection from personal liability. This is a highly sensitive step and not one that you would want to get wrong. Work with your legal advisor and understand which business formation suits best for your business. 

Step 4: LLC formation in Nevada 

While there are several business formations to choose from, LLC or limited liability company is one of the most opted among the business formations in Nevada. They are not only the simplest form of business formation, but they also require less paperwork comparatively. 

    4a) How to set up an LLC in Nevada? 

Setting up an LLC in Nevada is as easy as getting your favorite Starbucks order to go. It requires five easy steps : 

1. Christen Your LLC 
2. Choose a Registered Representative
3. File Your LLC With the State
4. Create an LLC Operating Agreement
5. Get an EIN (Employer Identification Number) 

Easy! 

    4b) How much does it cost to set up an LLC in Nevada? 

To file the Articles of Organization for an LLC in Nevada, you need to draft formation documents and submit them to the Secretary of State. You can submit them online, via mail, via email or fax. You can also submit them in person. You will need to submit the documents along with a $75 filing fee, $150 Initial List of Members filing fee, and $200 Business License Application filing fee.

Step 5: Set up a business banking account and get insured

The primary reason for opening a business bank account is personal asset protection. In case of mixing of accounts, your personal assets like your house, car and other valuables are at risk if your business gets sued. This also makes accounting and tax filing a lot easier and faster. Acquiring a business credit card in the process will not only help you build a credit history that can be used to raise capital and apply for loans later but also helps you separate personal and professional expenses. 

Getting business insurance lends a hand to managing risks and keeping your focus on the growth of your business. Research about the insurance’s best fit for your business and its employees. Under the state law of Nevada, employees are required to have worker’s compensation insurance if the business has one or more employees. This stands true for both LLC and corporate business formations. 

Step 6: Marketing and Promotions 

Now that your business is under process and is ready to be introduced to the world, it is time to market and promote it. Your business might have a completely original, out of the box idea but not succeed because the word of its existence didn’t reach enough people.  Good marketing and promotions will get you the customers and users it needs to achieve all the milestones in your business plan. There are several ways to market your business, some of which are : 

    6a) Press Release 

Press releases are a cost-effective strategy to lure in customers. They provide the much-needed publicity, help establish your brand on the Internet, drive more customers to your website, hiking your website’s SEO, are a one-time investment but long term result kind of strategy. 

  6b) Facebook and Instagram

Social media has been a boon to entrepreneurs around the world. Setting up pages on Facebook and Instagram is a great way to have a direct connection with your customers. It is free, effective and gives a personal touch to your business. While the results of social media marketing only showcase if the effort is ongoing and consistent, it is extremely useful in establishing your local business presence in the community, it helps provide visual authenticity of your products and services. Since the interaction is two-way, it is easier to get reviews and customer feedback. One way to attract more customers to your social media pages is to use Facebook Ads or Instagram Ads, it may not always be suitable to opt for. 

   6c) Google My Business 

Google My Business is an extremely popular and user-friendly tool that helps businesses manage their websites and how they show up on Google search results page ( SERP) and Google maps. Google My Business helps in linking key information about your business such as your website, physical address, hours of operation, phone number, and customer reviews. It also increases brand awareness as it improves the local SEO and drives traffic to your website. It also engages with customers and increases credibility. 

While there is a lot more that goes into starting and maintaining a business, these steps will help you declutter your mind and start. As Plato once said: “The beginning is the most important part of the work.”

Best of luck!