BUSINESS FOUNDATION

We started out with mindset work (see previous blog on 8 Mindset Books & Podcasts) and now the next stage is the foundational work for your business. See our 5 pillars for foundational work the foundation of your business below: 

1. ORGANIZATIONAL FOUNDATION 

• Start with having a place to organize all of your files for your business. Before you start the formation process, you want to make sure you have a central location where all of your business files can be accessed online at any time and not just limited to one device. 
• We recommend Google Workspace but you can use any storage/file sharing service. Use this code for 10% off the first year of the Business Starter Plan N34T9CFN9KYURJT and use this code for 10% off the first year of the Business Standard Plan D9D4WGMYVR4P7YW. 

2. NAMING FOUNDATION 

• Decide on your business name and do a Google and USPTO (United States Patent and Trademark Office) search to see if it is in use. If you have a Trademark Attorney, they can do a more extensive name search as well. 
• Check to see if your domain name is available and secure it. 
• Secure your chosen name in advance on the social media channels you plan to use. 

3. CONTACT FOUNDATION 

• ADDRESS 
• Decide on the primary address you will use for your business BEFORE filing any legal documents. If you use your home address, it will be searchable and public information. If your business does not have a storefront address, you can use a virtual business address. You cannot use a PO BOX as your business address and need to use a reputable company at an actual office building for your virtual business address. We recommend Anytime Mailbox.
• You will also need an address to use for your businesses’ Registered Agent. There are companies you can use for this and we recommend Northwest Registered Agent. 
• EMAIL 
• Set up an official email address with your company name as the domain. We recommend using Google Workspace for this.
• PHONE 
• Sign up for a business phone number, preferably with a service that gives you the ability to do SMS messaging  for business should you choose to market that way down the line. We recommend Twilio. 

4. STRUCTURAL FOUNDATION

• File for your legal entity with your Secretary of State as either a Sole Proprietor, LLC, Partnership, S Corp, C Corp, B Corp or non-Profit. Filing can be done on your own or with the assistance of an attorney or CPA who handles Business Formation. 
• Have your company’s Operating Agreement prepared, which you will need for your business bank account.

5. FINANCIAL FOUNDATION 

• Get your EIN, which is like the social security number for your business. 
• Get a business bank account to separate your personal and business finances. 
• Set up an accounting system to manage your business financials. We recommend Quickbooks. 
• Set up a payment processor for the ability to accept credit card payments. We recommend Stripe for online transactions but Square and Paypal are also options. 

We hope this information helps you with the foundations of your business. Join our newsletter to be the first on the list to get the full SOULESTA Solutions Business Starter Checklist!