Back to basics: Step one, how to get a bank account

Back to Basics: Title: Simple, Practical, Steps to Starting a Company.

Lately, I have found one of the reasons people hesitate to start a company is simply having to tackle the 101 steps to starting a company. One of the great things about working with entrepreneurs is that they have a get-it-done attitude. They may care about theory and strategy every once in a while, but their M.O. is - How? ok do it.

I think of this because I’ve been seeing more and more offerings on ‘How to Start a Business.’ These range from online courses, seminars, books, consultants etc. All helpful...if you’ve already jumped off the diving board into starting your own company. However, what about people like you with just an idea? Yesterday, my good friend who works as a mechanic and has all the skills to restore cars, shared with me that he doesn’t know how to file for a business license, open a business bank account or complete the other basic, basic, startup steps.

Below are simple, practical steps to get you started and a little experiment you can personally run:

Step 1: Pick a name;

Step 2: Register your name with the Colorado Secretary of State;

A) http://www.sos.state.co.us/

B) Under Programs and Services: Businesses, trademarks, trade names;

C) File A business Document;

D) File a form to create a NEW record;

E) You probably want a - Limited Liability Company (LLC) -

F) Follow the rest of the instructions;

Step 3:  To get a tax ID number - follow instructions - click here - ;

Step 4: Go either to your local bank or a bank that has a local branch. Walk right in with your paperwork from above and a personal checkbook. Ask to talk to the small business banker;

Step 5: Open an account and write a check to the new company;

Step 6: Either get your debit card or checks for the new company;

Step 7: Buy something online- an ipod, an add for at home oil changes, whatever you are good at….;

Step 8: Sell your product/service;

Step 9: Do it again, or close the company and bank account.

Total time: +/- 2 hrs and your time to complete your transaction (buy/sell product/service). About $50-$80 in fees.

If you ever want to start a company, even if it is just something you just kinda want to do someday, go through this exercise. At least you’ll know how.

Next step is a ton of other product and process issues...a discussion for another day.

But hey, what do I know?