Starting a Business:  The 3-Part Series

by Jesse Smith

Part 3:  Set Up Shop

This is the conclusion of our riveting three-part series. See also Part 1 and Part 2.

Once your company is official, open a separate bank account in your company’s name.  This will help to more easily maintain the separation between your life and finances and the company’s life and finances, by very clearly delineating cash flow.  Bookkeeping is simplified when your company gets its own bank account; business expenses go on the business card, and personal expenses go on the personal card.       

Now put a face on your company’s corporate identity.  You’ll want a logo, some promotional materials, a website, possibly with an online shopping cart; and perhaps you will even require a physical storefront, or an office; maybe even a factory.  You may want a sign to hang outside your shop.  You will certainly want business cards, brochures, leaflets or other promotional materials to hand out to your prospective clients.

If you are selling a product, now is the time to design and manufacture some attractive, economical, environmentally responsible packaging for it.  Hopefully you already figured this out in the business planning phase, but there always seem to be a couple extra details, don’t there?  At this point, you’ve moved from “What ingredients will my granola bars be made of?” to “In what color should the company name be printed, on the label?”  If you are selling a product of any kind, and you haven’t thought about a UPC code, think about it now.  Are you going to distribute the item yourself?  If so, a barcode is not required.  Will you be selling your item in retail stores, convenience marts, grocery stores; or online through a company such as Amazon.com?  If so, then you will need a UPC code, and you will have to decide if you are prepared to pay the thousand or so dollars it will cost to get set up with your own series of numbers.  If you are, visit http://barcodes.gs1us.org and apply for your membership prefix.  If not, there are companies on the internet who will sell you just a few of their barcodes. 

Buy the raw materials.  Get the packaging printed.  Manufacture your product.  Build a physical storefront and an online store.  Send out a promotional mailer in advance of your grand opening.  Promote your e-commerce site.  Advertise in local periodicals, send out a catalog, arouse the interest of the local media with a press release.  Get noticed.  Once people start to notice you, they will point you out to other people, and your popularity will spread.  Choose a good location, an easy to remember name, a good product that balances value with affordability, good customer service, and most importantly, something you enjoy doing. 

Good luck and happy entrepreneuring. 

Please note:  This information is posted for reference only and is not meant to advise or condone any course of action.  We are a design firm, not a law firm.  If you have any questions, consult a qualified legal professional.  Any actions you make are your own responsibility and Basementia will not be held liable for your mistakes should you make them.