A Beginner's Guide: Planning for Business Success

Starting a business is a big deal. But don’t worry, we’re here to help! Piscion Global LLC is a company that wants businesses succeed. We’ll walk you through planning for business success and take your desire to make a business from dream to reality.

1. Create a Business Entity

First things first: you need to create a business entity. This is like a special name for your business. It can be an LLC or an S-Corp. Why do you need one? Well, it separates you as a person from you as a business. That way, if someone tries to sue your business, they can’t go after you personally. It also gives you some fancy tax breaks and business credit options. You will need to seek out a professional for this part. For more info, click here.

2. File for an EIN

Next, you need to get an EIN. That stands for Employer Identification Number. It’s a special number that the IRS gives to your business. You’ll need it to do all sorts of business stuff, like getting a bank account, credit card, vendor credit, and more. You can get one for free right here.

3. Register with Dun & Bradstreet

Now, you need to register with Dun & Bradstreet. They’re a company that gives your business a score called a Paydex Score. It’s kind of like a credit score for your business. Lots of people use it to see if they can trust your business. Once you have your EIN, you can get a DUNS number from Dun & Bradstreet. That’s the number everyone will use to report your business credit.

4. Open a Business Bank Account

Next up: open a business bank account. This is super important for keeping your personal money separate from your business money. There are lots of different banks and credit unions to choose from, so take some time and compare them. Find the one that works best for your business.

5. Create a Business Plan

Time to make a plan! A business plan is like a map for your business. It helps you set short-term and long-term goals, and it helps you understand your market, target audience, and competition. Your business plan will change as your business grows, so don’t worry about getting it perfect the first time. Just take your dream and break it down into goals.

6. Use Financial Tracking Software

Now, you might want to consider hiring a CPA or getting some financial tracking software. Taxes can be confusing, especially for small businesses. A CPA can help you make sense of it all and get all the tax breaks you’re entitled to. Financial tracking software like Quickbooks can help you keep track of your finances in real time. Trust us, you don’t want to show up at the tax office on April 14th with a shoe box full of receipts and a bunch of file folders.

7. Build your Business Credit

Finally, it’s time to build your business credit. This is really important for planning for business success. It helps you get financing and shows other people that your business is trustworthy. In the beginning, your personal credit might be used instead. But don’t worry, once you have at least four accounts in good standing and you use them for at least three billing cycles, you’ll have a Paydex Score