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Because they’re much more complex than other business structures, they can have costly administrative fees. The individual proprietor owns and manages the business and is responsible for all transactions, including debts and liabilities. Income and losses are taxed on the individual’s personal income tax return at ordinary rates. In addition, you are also subject to payroll taxes, or self-employment taxes, on the money you earn. It can be dramatically more difficult to raise money and get investors or loans because there’s no legal structure that promises repayment if the business fails.

This reduction in risk is what makes an LLC a very popular business structure. Limited liability companies are a type of business structure that’s more complex than sole proprietorships and partnerships, but less complex than corporations. They are called “pass-through entities” because they’re not subject to a separate level of tax.

During the name choosing process, you’ll want to envision how the name will look like as a website domain. That’s an easy way to test whether the name is short and memorable enough for someone to recite the website address off the top of their head. For instance, “Carlo’s Homemade Chocolate & Sweets” might sound like a good idea, but that translates to carloshomemadechocolate.com, and that’s not even the full name. When you’re starting a small business, getting loans from family and friends may suffice.

 

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Strategically choosing the right business name starts with a traditional brainstorming session. For some businesses, this may be a simple, straightforward process, such as simply choosing “ + ”, i.e. This is a good idea for local businesses because it will ensure you’re more visible in local search results. For example, if you’re selling bedding, you can’t just include everyone who sleeps in a bed in your target market. You need to target a smaller group of customers first, like teenagers from middle-income families. Know these details and keep them elsewhere, but exclude everything but the meat and potatoes from the business plan itself.

We do not publish articles that have already been published on our website. Starting a business online is a little different from starting a traditional business. Here are some important steps for starting and scaling your business online. Interactions with your customers are best informed by context. Keep track of all the touchpoints you’ve had with individual customers, because having a view into their experience with your company will pay dividends in the long run.

Conduct market research to understand what product or service you should offer, whom you should serve, and where you face the stiffest competition. From physical goods to digital downloads, understanding your target market and competitors will help you determine how to best position your product. When determining your niche and business idea, first identify your target audience and specify everything from their age to their interests. Then, use that information to figure out their principal need.

They’re all quick and effective, for better or for worse. There are many different types of loans, including loans with the bank, real estate loans, equipment loans, and more. To successfully get one, you’re going to need to articulate exactly how you’ll spend every single penny — so make sure you have a solid business plan in place before you apply. However, you might want to come up with a unique brand name if you’re running an innovative startup or otherwise launching a business that would benefit from a unique name. No matter what, we recommend coming up with a short, memorable name that’s easy to say and simple to write.