When starting a new LLC (Limited Liability Company), you know that you need to register to do business in your state and you know that you need funding. You know you need a business plan and a place from which to work. These are all common sense. Also, you should know that there are some kinds of insurance that you must carry, by law, and there are serious consequences for not having an occupational license and other business licenses required by the government. However, that’s as far as it goes to most business owners and that’s unfortunate because there are at least three other things you should have as a new business if you hope to gain any level of success and longevity.
1) A Registered Agent
In some states, a registered agent is required by law but in those states where one isn’t necessary, new business owners don’t see the need to hire one. Their services are cheap, sometimes only around $100 a year or a little more and they are a third party that sees to all your legal requirements. Miss a license or an insurance you are required to have by law? Your registered agent for LLC operations will pick that up, notify you of the need and see that you have everything in order to satisfy the legal entity overseeing your place of business.
2) Payment Processor
Many times, online businesses don’t get the help they need in the world of fintech. Financial technology is enabling businesses to accept payments online through a payment portal as well as advising in a number of ways within the realm of that business’ finances. No, you don’t need a payment processor but if you hope to accept any digital form of payment, it would be in your best interests to contract a payment processor or a payment gateway even before going live online.
Back in the day, new businesses would seek the cheapest kind of advertising possible to get word out that their doors were open. However, in these days where the internet reigns supreme, advertising alone isn’t sufficient. Marketing covers advertising but it also helps to brand your company, network among peers and so much more. Advertising is a small chunk of what a marketing firm does, so don’t think you can get away with an ad in the Sunday circular. You’ll need more than that! Keep in mind that advertising is only a small portion of what marketing is all about.
These are just three of the things which many new business owners think they really don’t need but they really do! If you are looking to make a long-lasting go of it, take care of all the little odds and ends at the beginning (and some very big ones like these!) to ensure that you will have a successful business when all is said and done. Neglecting just one of the above could put you in a place you don’t want to be. Of all, the registered agent is probably the most important because they will certainly advise you on the other two, but if you’ve time and energy, check out all three to ensure optimum success.