It’s time to put what you’ve learned into practice!
There are two challenges to complete for this lesson:
- Choosing your business name
- Choosing your business structure
Challenge 1: Choosing Your Business Name
If you haven’t already chosen your business name, now’s the time to do it! If you have already, you can still do some research and some brainstorming around this. Go back to your vision and positioning statements, review your persona, and think carefully about your product or service. What name reflects your business values and goals? Keep it easy to remember and easy to spell. Then, do some research online. If there’s another business with the same name, then you’ll need to choose something else. You can consider using your own name but remember that your business name is a big element of your branding, marketing, and advertising, so it should match what your business offers. You can always use My Notebookfor brainstorming.
Challenge 2: Choosing Your Business Structure
Based on the information in this lesson and additional research, decide whether you should set your business up as a sole proprietorship, partnership, or corporation. Next, do some research on the requirements for registering your business in your area (see the Registering Your Business resource in Check it Out). If you haven’t already, do some research to find out if you need any special licences or permits to operate, how to apply for these, and any costs these might include.
NOTE: You don’t have to register your business, but having all the information ahead of time means this will be much easier when you’re ready to do it!