The following is an edited transcript of my video Do These 5 Things When Starting a New Business.
- Form an LLC or corporation with the state. That gives you some layer of legal protection—may not be complete—but a layer is better than none. A lot of people don’t realize that the LLC or corporation name doesn’t have to match what the overall business or brand name is.
- Obtain insurance. I’m a big believer in insurance because it gives you peace of mind and it can really protect you in case of traumatic events related to the business.
- Search the name that you’re going to use as the core name to identify your business. You want to start out by searching it on your own. Make sure that nobody’s using a similar name in your industry or a related field, taking into account spellings, plurals, spacing, etc. Then you’re going to do a comprehensive search working with a trademark attorney.
- Apply to register the name as soon as possible once you settle on it. If you don’t, you have some exposure while you are building the business. If you have not filed with the USPTO, somebody else could come along and start using the name or apply before you, and they could actually usurp your rights to the name because you haven’t yet used it and you haven’t yet filed for it.
- Buy the corresponding domain name: the.com, .inc, .net or some other top level ones as well. The expense is relatively small for the peace of mind knowing that you own it and somebody else doesn’t, even if you’re not going to use it. Secure the social media handles that correlate as well.
