Description

Did you know that 20% of new businesses fail within their first two years? 

In this episode of Family Man Building the Brand, Raphael and Cecil reveal the five essential steps to not just survive but thrive in your business launch. Stay tuned to beat the odds and build something great.

What we discuss in this episode:

[00:01 - 02:35] Step One: Getting Your EIN

• Starting a business needs a strong and solid foundation
• You need to get your EIN (Employer ID Name) with the IRS (Internal Revenue System)
• Save the provided paperwork in a safe, easily accessible location for future reference

[02:36 - 07:46] Step Two: Registering Your Business Entity

• Types of business entities: sole proprietorship, general partnership, limited partnership, limited liability company, and corporation
• Consult a CPA or seek legal advice to determine the necessary business entity and tax structure
• Register a business with a registered agent's assistance.

[07:47 - 09:57] Step Three: Opening A Bank

• Banks: Bluevine, Capital One, American Express, credit union banks, and Chase
• Your company should be registered, and you should have money to fund your account
• Keep your personal bank account separate from your business account

[09:58 - 11:46] Step Four: Permits, Insurances, Licenses, and Payment Processors

• Check the local state to see what permits or licenses are required to operate within that state
• Get insurance for any liability or issues with employees; insurance for online businesses may not be necessary
• Payment processors: Paypal, Square, and Stripe

[11:47 - 16:37] Step Five: Secure Domain Name, Email and Set Up All Your Social Media

• Register domain name: GoDaddy and bluehost.com
• Business email: GoDaddy and Google Workspace
• Go online and register all your social media accounts. Pick the three most important platforms

Resources Mentioned

EIN: https://www.irs.gov/

Banks: https://www.bluevine.com/, https://www.capitalone.com/, https://www.americanexpress.com/, https://www.chase.com/

Payment processor: https://squareup.com/us/en/payments, https://stripe.com/

Domain name: www.godaddy.com, www.bluehost.com

Business email: www.godaddy.com, workspace.google.com

Connect with Cecil and Ralph!

Cecil's Instagram: https://www.instagram.com/cimifly_/?hl=en

Cecil’s LinkedIn: https://www.linkedin.com/in/cecilvwilliams

Ralph's Instagram: https://www.instagram.com/ralphdiesel/?hl=en

Ralph’s LinkedIn: https://www.linkedin.com/in/raphaelsaye/

Be sure to check out new apparel at https://royaldynamite.com/

Shop our unique t-shirt line and support global education with every purchase. Visit ⁠www.royaldynamite.com⁠ and use code FAMBABRD20 for 20% off your first order.

Please leave a REVIEW and SHARE this episode with someone who wants to start building their brand success. Listen to other episodes on Apple, Spotify, or wherever you get your podcasts! 

Key Quote

"When starting a business, ensure your foundation is not only strong but also right." - Cecil Williams