At times, establishing a new company can feel like moving a mountain – but the feeling of accomplishment is so worth it. If you’ve just set up an LLC, you’ll probably want to move on to the operational phase, but there are a few good reasons holding your horses and taking more time to prepare is a smart idea. The truth is that filing a bit of paperwork is hardly all the preparation you need to hit the ground running, and there are a few extra steps that can make the transition to operations smoother. Let’s go over them.
1. File and obtain permits and paperwork
In most U.S. states, setting up an LLC requires submitting an Article of Organization and (sometimes) an Operating Agreement. Beyond that, some states like New York also demand LLC publishing, which is where you publish notices about your newly-formed company in local papers for a specified period. You might also need licenses and permits pertaining to zoning, health, sales, and numerous other aspects of your industry.
2. Open a bank account
It will be quite a challenge to conduct business without a corporate bank account, so this is definitely a task that should be at the top of your list. In fact, many companies open multiple accounts so that revenue flows can be distributed for improved ease and security. There really is no alternative to this, since using personal bank accounts to conduct business is normally illegal and impractical.
3. Focus on online promotion
Unless you have a product that sells itself or you want to take time to solely focus on R&D, marketing will likely become a top priority from the very first days of your LLC’s existence. One of the best practices for young brands nowadays is to register a domain name and build at least a basic website in the first weeks – and with time, they’ll later have the chance to expand their online content to draw more and more customers in.
4. Invest in business insurance
Some companies consisting of a handful of people are hesitant to invest in insurance in the early days. These companies usually think: “What’s the worst that can happen?”. Unfortunately, accidents and strange circumstances can occur in companies of any size, so you never know when you’ll need coverage. Even if you get a basic level of insurance after forming your LLC, you shouldn’t have expenditures that are too extreme and you’ll always be able to scale up the insurance over time.
6. Build serious strategies and plans
Since you formed a company, you probably already have an idea of what you want to do with it – but this is the point where things get serious. You should sit down with all stakeholders and commit your plans to paper. Set out time to create professional strategies that will inform and guide your business’s growth through its infancy and far beyond.
7. Start crafting internal policies
It’s commonly believed that people work more effectively when they understand specific expectations set for them. This doesn’t just apply to day-to-day tasks, but also to things like conduct, safety procedures, rules, and responsibilities. Crafting a set of internal policies can work wonders in turning an office from the Wild West into a fun yet organized place where everyone feels like they are taken care of and treated equally.
