Starting Your New Business
Key Steps To Starting Your New Business:
- Pick a corporation name. If you are purchasing a franchise, you will trade under the franchise name.
- Research the availability of the URL with a .com address. Purchase the website to initially launch your business.
- Get EIN # from IRS website https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein
- Consider professional guidance from attorney and/accountant to register your corporate on your state’s SOS website
- Only list partners with good personal credit (700+ FICO score)
- Select a local credit union or community bank and open a business account with no minimum monthly fees and open business debit or credit card
- Separate business and personal expenses. Business expenses include cell phones, internet, vehicle, business related travel such as attending Franchise Expo South
Franchising, it’s a Partnership
To be successful in franchising, it’s a partnership between the franchisor and franchisees that must be based on much more than a series of legal phrases contained in a Franchise Agreement.