S4 E5: First Steps In Starting A Business
On this season of the podcast, we’ve been discussing the transition from self-employment to business ownership. In today’s episode specifically, we’re moving the conversation toward the tangible steps you need to take to start your business.
Before we jump straight into the tangible steps, we discuss the importance of having a “why” prior to starting your new venture. Starting a new business is a challenge, and it’s important to have a “why” that you believe in. When things get hard, your “why” will be the thing that helps you persevere.
The first component of starting a new business is to determine which entity type you will pursue for your business. There are two primary options to consider - DBA (doing business as) or LLC (limited liability company).
DBA: When the business is conducted and presented under a name other than the legal name of the person or persons who own it. Those who are best fit for a DBA are those who have a low risk of liability and don’t have personal assets to protect.
LLC: This is the type of business entity that provides its owner the liability protection. This is an entity that is entirely separate from the person who starts it, and the government views it as such.
Once you determine which entity type is right for your business, you’ll start the second component of starting a new business - seeing if your desired business name is available. First, you’ll start by checking the Secretary of State website from your state. Next, you’ll check for name availability on the federal level through the United States Patent and Trademark Office. Finally, you’ll check for name availability on social media outlets and website domains.
In summary, we discuss the actual steps to take your business from concept to reality. By validating your business idea first, you can save yourself time and money while providing a tangible and practical business model from the very beginning. Having all of these stressors navigated and solutions provided for allows you to focus the majority of your work on clinical execution, thereby increasing patient outcomes.
