Time to Startup!

The BizFilings blog covering business tips and trends.

You Just Incorporated Your Business - Now What?

Published on Feb 27, 2013

Summary

Check out 'You Just Incorporated Your Business - Now What?' at 'Time to Start Up,' the small business blog by BizFilings.

After incorporating, thousands of businesses face the same question of what to do next. Fortunately, two key factors will dictate a well-defined road for your business in the immediate aftermath of incorporation:

  1. Different states have unique requirements when it comes to incorporating your business, so the state in which the business was created is a factor in determining what’s next. Some states require publishing a notice of the incorporation or formation in the local newspaper. Others require the payment of a franchise tax. Each state has set forth well-defined next steps.
  2. The type of incorporation will also dictate your next steps.  Did you create a C corporation, S corporation, Limited Liability Company (LLC), limited liability partnership (LLP), limited partnership (LP), or nonprofit corporation? Each type of corporation has very specific requirements.

While the immediate steps after incorporation are somewhat defined by the elements above, the ensuing phase – the building of the business – is much more of an art.

“The first thing to do is take a look at your business objective and start with baby steps,” said Lori Bizzoco, who started her own business, called CupidsPulse.com. “Failures happen when you try to move too fast or do everything at once. Prior to incorporating any business, you should have an organized and thorough plan laid out. Whether it was officially documented in a 50-page business proposal or sketched out in a three-ring notebook, you need to have a vision, underlying strategy and an objective that are sound.”

Leverage Your Network

David Niu, a serial entrepreneur and recent founder of a company called TINYhr.com, suggested that the next step involves building a network.

“Start networking like C-R-A-Z-Y,” Niu said.  Once the business has been incorporated, “You’ll want to start using LinkedIn, Facebook, and Twitter to tell your friends what you are working on. Instantly, they will start connecting the dots and introduce you to people who you need to meet, who overlap with what you are doing.