start-upYou have picked out a name, designed your business logo and sent your business cards to the printer – you feel as though you are ready to announce your grand opening.

But are you really?

There are several other things that you should do to make sure that your business has all of the necessary ingredients it needs in order to have a chance succeed. When you do these things, it will help you establish the proper foundation for your business so that you are able to legitimize the credibility and operation of your startup business.

The essential ingredients you need are highlighted here and when you implement each one you will have a much higher likelihood of growing your startup business, rather than fizzling out.

Select Your Entity Structure

You need to pay careful attention to the type of structure you select. No matter what you choose – a Limited Partnership, C-Corporation, S-Corporation or LLC – knowing what structure is right for your tax situation and income is essential for the success of your business.

Acquire Your Tax Identification Number for Your Business

This is also referred to as a Federal Tax Identification Number, or an EIN. This is the business equivalent to your social security number, yet used for business purposes. The number you receive will be nine numbers and assigned to your business by the IRS.

Select a Business Address

No matter the size of your startup business having a virtual business address is essential. It is also important that you note your actual physical address as well as your business mailing address if this is two different locations.

Set Up Your Business Phone Number

You can either choose to have a local phone number or a toll free number. If you are operating across several states, the toll free option will likely be best for you. It is important that you assign a phone number strictly for your business that will be listed in all of the major directories.

Establish Your Web Presence

In today’s technology driving world, having a web presence is not an option. You need to have a website and be present on social media where your potential customers can learn more about what you have to offer. The easier a lender or customer is able to verify and learn what they need to about you, the better.

Obtain a Bank Account for Your Business

One of the most important tools for your small business will be a business bank account. This will also help you to separate your personal banking from your businesses.

Establish a Merchant Account

Being able to accept credit cards from your customers is a crucial part of doing business today. From virtual terminals to mobile credit card readers, a merchant account is crucial for accepting credit cards and making money.

These essential elements will ensure that the structure of your business is developed for success. The very last thing that you want to wonder is if your business has everything that is necessary to satisfy your potential customers and lenders. With the information here you can evaluate your startup business at a look and ensure that all elements are present for it to begin operating as a real, startup business.