Five Internet Business Start-Up Steps

Starting a new business can be very fun. For some, this is the best part of the business' life. The uncertainty and optimism of a brand-new business can be intoxicating. For others, just getting to this stage is a challenge. Today, I will present you with ten steps you need to take to get your small business off the ground right. Just because you are starting up an Internet business doesn't mean you should jump in without thinking first.

Let's get right into the steps.

Step One: Set up a business entity—preferably a corporation or LLC. If you are going to run a business, you should set it up as a corporation or LLC to limit your personal liability.

Step Two: Get a business phone number. Yes, I'm aware that you probably have a phone number already, but you should give your new business its own phone number—even if it's just a virtual number tied to your home phone.

Step Three: Set up a business address. If an office or virtual office is too expensive or just not possible, set up an address at your closest mailbox place (not the post office). Your business needs a place—that's not your home—to receive mail and look a little more professional.

Step Four: If you are in the USA, get an EIN number. You can visit the website for the IRS to do this online. Your EIN number is like a SS# for your business. You will use it for tax purposes.

Step Five: It's time to get a bank account. Take your business entity paperwork, EIN number and other information down to the bank of your choice and setup a business checking account. Your bank will be happy to help, and you shouldn't need much money to open one. Some banks allow as little as $100 for the required first deposit.

After completing these five steps, you will have a legitimate business that's ready for the future. In other articles, I'll talk about where to go from here. Look out for my next article "Five More Internet Business Start-Up Tips," which was released with this one.

Many new business owners are tempted to skip these steps—especially those doing business on the Internet. The purpose of these steps goes beyond limiting personal liability and setting up a proper business. It also puts you in the mindset of a real business. If you were going to build a mansion, you wouldn't buy a piece of land that could only fit a mobile home on it would you? Building a successful business is not just about results, it's about the state of mind that helps produce those results.