From Idea to Income: 5 Bold Moves to Launch Your Dream Business
Starting a business can be scary. But, as a 3x entrepreneur, I also know that it can be life changing.
Ready to start your own business but not sure what to do next?
Here are 5 essentials steps for starting your own business. Let’s get you out of dreaming of running your own business and into doing it!
STEP 1: Don't Let Your Business Name Sabotage Your Success
Think your business name is perfect just because it sounds catchy? Think again!
If your desired name isn't available as a dot-com domain—like CarolynJarrettJones.com—AND as a handle on major social platforms — Instagram & TikTok are essential — it's time to go back to the drawing board.
If you can't own your online identity everywhere, you're risking putting your brand’s success in the hands of someone else.
Sure, you might have to get creative with a name, but owning your digital footprint is non-negotiable.
To do: Pick a name for your business only once you’ve established that it’s available as a dot com (website address) and as the social handles (that’s the brand name after the @ sign, like @starbucks) on the most essential social networks.
You can check the availability of your preferred name on all social networks and of your domain using the free website, brandsnag.com. Don’t purchase your domain yet, just use this as a tool to check potential company name ideas across all online platforms to see if they are available.
Tip: Even after using brandsnag, it's a good idea to double-check availability directly on each social media platform before finalizing your branding strategy. As soon as you are 100% certain about the name you want for your new company, it’s time to register all social handles and your domain name.
(If you plan to use my recommended website builder — keep reading for my tips below — you can purchase your domain there for ease. If not, use a trusted company like GoDaddy.com to purchase your domain name.)
Step 2: Establish Your Brand’s Online Presence
Ready to establish your digital presence without breaking the bank? It's easier and more affordable than you might think! All you need are three essentials: a website, a professional email address, and active social media profiles.
I can't recommend Squarespace enough for building your website. Despite not being a tech expert, I personally created the site you're reading right now in just about four hours using their intuitive platform. For less than $30 a month, I manage everything—hosting, professional email through Google Workspace, and owning my domain, CarolynJarrettJones.com.
Step 3: Register your Business legally
Don’t do business personally. Register as a proper business through the county + state you are in. You can skip the trademarking for now, just set up shop as a legal business entity in some capacity -- to protect your personal assets to some extent -- and get an EIN. You’ll need this to open a business bank account and start making money.
I highly recommend using LegalZoom for this step, and I personally use it myself. You can also register for your EIN through LegalZoom. While they do charge a nominal fee, I believe it's well worth it because they keep all your records in one online location for easy access. If you've ever had to request a copy of your EIN letter from the IRS, you know how valuable it is to have one resource for all your documentation, especially for busy entrepreneurs like us!
Step 4: Get Funded and Create a Budget
When launching a business, it's essential to establish a solid financial foundation. I’ve successfully started two companies with less than $500, demonstrating that you don’t need a fortune to find success. However, having a dedicated bank account, a realistic budget, and some initial funds is crucial to get started.
To begin, open a business bank account to keep your personal and business finances separate. This not only simplifies bookkeeping but also helps build your business credit. I use NOVO, with banking services provided by Middlesex Federal Savings, FDIC insured — which provides banking with online invoicing for free. There are NO physical branches however they do have a strong network of ATM partners.
Next, consider the initial costs you may need to cover. These could include:
Business Registration Fees: Depending on your location, registering your business can range from $50 to a couple of hundred dollars.
Licenses and Permits: Certain businesses may require specific licenses or permits, which can vary in cost. It’s important to research what’s needed in your industry.
Website and Domain: Having an online presence is essential. You can start with a basic website and a domain name, which together may cost several hundred annually.
Initial Inventory or Supplies: If your business requires products or materials, factor in the costs for your initial inventory.
Creating a budget that outlines these expenses can ensure that you have enough funds for these essential costs, setting a strong foundation for your entrepreneurial journey. Remember, starting small doesn’t mean you can’t grow big!
Step 5: Launch and Earn! Make a plan to make money on day one!
It’s been said that if you do what you love, the money will follow. Hmmmm… I have to say, I've done many things that I've loved and I've never had people throw money at me. I have always had to go out and earn it!
Taking action is the most critical step to turning your idea into a business. Instead of over-planning, focus on one concrete action that can generate income or create momentum within 24 hours. This is the difference between dreaming of a business and running one.
Service-based business? Offer a time-sensitive discount or book a client consultation.
Selling products? Launch a pre-order sale or announce a limited-time promotion.
Consulting? Host a free discovery call with an upsell opportunity.
The goal is to start selling, even if it’s just one small transaction, to build confidence and prove your concept. Your business will evolve, but the key is to take action now.
“The real entrepreneur is a doer, not a dreamer”
I love this quote because I think it’s so very true. The best tip for starting your own business is just do it! Take action. Start today.
Planning is fine but not if it stops you from doing. Trust me, when you launch your business, so much of what you planned will pan out differently than expected anyway.
The most essential tip for starting a new business is simple: Do it…now! YOU GOT THIS!