You don’t need a fancy company like Tailor Brands to help you form your business!
I went to college at Embry-Riddle Aeronautical University for Project Management. After it was all said and done and I earned my degree, only one class really sticks out way above the rest — Business Law. At the beginning of that class, I was way out of my element. The first part was exactly what you’d expect: full of common law, judicial jargon, and what I thought was useless stuff I’d never use in the real world. Like most students, I didn’t even read the syllabus, so I had no idea what was coming. But we ended up creating a full business plan, learning about business names, patents, trademarks, resources like the SBA, and literally everything you need to legally start a business and analyze the market. By far, it was the most important class I have ever taken.
With that being said, turning a business idea into a legal entity is actually much easier than you might imagine. It wasn’t all sunshine and rainbows, but it wasn’t as hard as people make it out to be either. The first thing I did was research to make sure my business idea was even a good one. Once I confirmed there was a real market, I went straight to my state’s corporation commission website.
Here’s some advice: Before you file anything, you need to know a few key things — what type of business structure you want (LLC, corporation, sole proprietor, etc.), verify that your chosen name is available, and check domain names, email addresses, and social media handles. There’s a huge difference between something clean like yorktowntools.com versus Yorktown-Tools.com or YorktownToolsUSA.com. The less friction you create for customers to find you, the better. From a marketing standpoint, these little details can keep your company from fighting an uphill battle right from the start.
Dan Antonelli, the author of the book “Branded Not Blanded,” says that good branding is a smart investment, while poor branding is an even bigger expense to your business. What he means is: invest upfront in getting it right, because if you mess up your branding, it will cost you significant revenue and opportunities for the rest of the time you’re in business.
Once all the boxes were checked and I was ready to move forward, I simply followed the checklist on the state website. After that, I got my federal EIN and state / local tax IDs I needed. Then I went to the bank and opened a business bank account. At that point, I thought we were set.
For Yorktown Tools, because of the nature of the business, I figured that was basically it. But as I started sourcing tools from manufacturers and wholesalers, I quickly realized you don’t know what you don’t know. They asked for all my legal paperwork. I thought I had everything, but I soon learned I also needed a business license (duh) and a reseller tax exemption certificate. It wasn’t a huge deal, but until you’re in the thick of it, you just don’t realize these things.
The hardest part on the paperwork side is keeping up with all the different websites. You must stay organized. I keep a continuity book with dozens of usernames and passwords for all the accounts. Some taxes must be filed monthly, some quarterly, and some yearly.
I’m sharing all this not to scare you, but to prepare you. Just start. You will mess up, but you will learn quickly. Analysis paralysis is the silent killer. The real cost of doing business isn’t just money — it’s the friction in your own mind, holding you back from growing.
If there is anything I can do to help you or your company please reach out.
757-940-5171