Yesterday, I sat down with our business consultant, Deb Bilbao, and she walked me through the process of getting my Federal EIN and registering my business. It took 30 minutes; 30 minutes and about a lifetime of second guessing what I was doing.
But now, it’s done and my business is officially registered in the state of Utah!
A bit of advice to anyone out there who hasn’t registered their business yet: have someone who knows what they’re doing help you with the forms. And start with the free resources first! The WBC, SCORE, and SBDC all offer free consulting/mentoring to walk you through this process. It wasn’t terribly complicated but there were enough places where I didn’t understand exactly what it was asking that I was very glad not to do it alone.
Before I took the dive and registered my own business, I reached out to some other WBC clients to see what it was like from this. This is what Kris Rudarmel had to say on the subject:
Weelll… almost every step I take is filled with fear, and yes this step was very scary bcz of the commitment level of ‘this is really it, it’s really happening!’ Make sure your dream or your goal is so big it scares you. This has really helped me climb that long, hard mountain and jump over the bumps in the road. Every scary thing I do has added a piece to my confidence level. Registering my 2nd company, today as a matter of fact, was SO scary and a defining moment. But to keep leaping forward courageously is empowering me to keep growing and achieving ‘out of this world’ goals. #womenpreneursrock
#believeinyourself #icaniwill #clarity #rawblisswonder #anchorrestoration #wbcrocks
Knowing I was going to have an experienced business consultant help me through the process went a long way towards giving me the confidence to keep going. Still, it’s nice to have an idea of what you’re getting yourself into before you start, even when you’ll have help. So, here is an outline of what it takes to register your business.
Step One: Get Your Federal EIN
This is a FREE number. There are services that try to get you to pay for this number but all you need to do is fill out a form on the IRS website and they give it to you for free.
Step Two: Create an Account on Utah.gov
Go to Utah.gov and create an account. This will let you access all the forms you have filled out and will be your login for any future changes you might need to make on your business.
Step Three: Purchase Your Business Name
Go to Utah.gov’s OneStop Business Registration and click to register a new business. Work with your business consultant/mentor to fill out all the fields and submit your business name. It will search and make sure that name is available while you continue the registration process. You will need to pay $22 to secure your business name.
Step Four: Complete the Registration Form
Here’s where your business consultant/mentor will be especially helpful. They will be able to help you answer the questions in the form, look up the NAIC code that corresponded to your industry, and talk to you about tax IDs. At this point, you will need to pay an additional $48 when you submit the form and that’s it! You’re good to go!
Next Steps: Website and Business License
After registering your business, there are still a few things you need to do before you can get rolling. A website is essential for any business, whether you’re selling anything online or not. Modern consumers like to research before making purchases and, if they can’t find anything out about you online, they will likely go with a different company. You also need to get a license from whatever city your business is registered in so you can legally operate your business.
Upcoming Blog Posts
May 18 – Learn the ins and outs of websites from the wonderful folk over at City Launch PR
May 25 – Get the latest news on business licenses from the Business License department of South Salt Lake City