Small Business Guide

Startup
Fundamentals
Turn your dream into a
successful business
Champions of

inspiring success
 What’s inside
Introduction: Are you ready to launch a startup?..........................3
Part 1: Is your business idea viable?.....................................................5
Show off your unique selling proposition....................................................................7
Size up the market — and your competition...............................................................8
Case Study: Earth Star Company.................................................................................10

Part 2: Defining success and laying the groundwork................. 12

Create your business plan............................................................................................. 14
Getting up to speed on finances and funding.......................................................... 17
Startup Case Study: Tradition Accounting and Bookkeeping.............................. 21

Part 3: Ready, set, launch!..................................................................... 23

7 common business structures.................................................................................... 23
Trademarking and naming your business................................................................. 26
Building the right team: agents, employees and mentors.................................... 28
Branding your startup.................................................................................................... 32
Startup Case Study: Alyoop Threads......................................................................... 34

Conclusion: 10 burning startup questions — answered............ 36

Begin your entrepreneurship adventure today............................ 38
Worksheet: Start your business plan.........................................................................40

Startup Fundamentals is for informational purposes only. This eBook does not
constitute professional financial or tax advice. Always consult with a certified
accountant, financial or legal advisor, tax professional, or other expert about the
specific legal and financial needs of your business.
Introduction

Are you ready to launch a startup?

It takes a certain type of person to be a successful entrepreneur. For many, it’s a dream to turn a passion into a
business — but it takes a special amount of drive to actually get it done.

It also takes the ability to step back and objectively consider both the pros and cons of launching a startup.
You need to ask yourself some tough questions, including whether you’re passionate about your project, which
obstacles might hinder your success and whether it’s the right time to start your business.

There are more than 30 million small businesses in the U.S., making up 99.9 percent of all businesses
nationwide. Not all of those businesses will succeed. Still, launching your own business can be one of the most
rewarding journeys you’ll ever embark on.

Discover your why The right mindset for

Do you want to make a difference in your community? Have you
startup success
dreamed about turning your passion into your life’s work? Or, Successful entrepreneurs share
have you come up with a million-dollar idea? Think about why common characteristics that help
you want to start your business in the first place. Whatever the them weather tough times and keep
reason, you’ll want to set both short-term and long-term goals. business chugging along. See if you
And while you want to make them achievable, you also want to have what it takes:
make them challenging. This will help you launch your startup so
it thrives for the long haul. You’re passionate about finding
your purpose.

You’re ready to be your own

boss.
“Once you start your business, where do you plan to
take it? Setting specific, measurable short-term and You’re committed to keeping
long-term goals will keep you motivated and moving in your customers happy.
the right direction.” You’re up for a challenge.
— Kurt Engelmeier, Executive Director of Marketing, Deluxe Corp.
You want to bring something
unique to your community.

You enjoy learning by doing.

You are willing to sacrifice to

make your business work.

You’re driven to become

successful doing what you love.

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Introduction

Knowing — and embracing — Successful goal

setting
the challenges Starting a business? Follow
these four steps when setting
Starting a business comes with a fair amount of challenges. Knowing what
your goals:
to expect is half the battle. Here are some of the main issues to watch out
for, so you can plan to address them head-on:
1. Be specific
• Time management 2. Divide your goal into pieces
• Fierce competition 3. Make sure your goals are
both feasible and measurable
• Cash flow crunches
4. Always follow your goals
• Finding a support network
• Acquiring customers
• Hiring the right help
• Finding funding
• Lagging sales

“You have to be in the mindset of working on your business

instead of in your business. You have to be clear with yourself.
What do you want to be doing day to day? If what you really want
to do is work on cars, don’t start your own business. Get a job at
a place where you can work on cars and get paid really well for it.
Those places exist. If your dream is to start a business and become
a business, then go for it.”
— Bogi Lateiner, Owner, 180 Degrees Automotive

Successful entrepreneurs are natural risk takers. They don’t shy away
from challenges — they embrace them. Overcoming these challenges
is part of what makes launching a startup so rewarding. The sense of
accomplishment entrepreneurs feel after they identify and then conquer
obstacles is what many business owners thrive on.

Once you understand what you’re getting into, you’re ready to start
getting your startup off the ground.

“Think about your reasons for wanting to start a business.

If money is all you’re after, you’re likely to give up when
times get tough. But if you’re passionate about your idea,
you’ll have what it takes to tough it out. Prepare for those
tough times right at the outset by establishing a business
model that’s profitable and brings in cash as early as pos-
sible in your business cycle. Besides passion, positive cash
flow is the lifeblood of any successful business.”
— Vincent Zamora, Lead Financial Analyst, Deluxe Corp.

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Part 1

Part 1:
Is your business
idea viable?

You have your big idea, the one that you hope you can parlay
into your very own business venture. The first test before
investing your valuable time and money is to figure out
whether that idea can turn into a viable business.

5 ways to tell if your idea

is worth pursuing:
1. Ask relevant questions
The thought of launching a new business can go from
exciting to overwhelming very quickly. Before you get
going, ask yourself a wide variety of questions, such as:

• What makes my business idea unique?

• Will my product or service make life easier for
customers?
• Is there proven demand in my area for my product or
service?
• What makes me qualified to turn my idea into a
successful business?

2. Build a community of support

Crowdfunding services such as Kickstarter can help you
gauge interest in your startup idea. If people like your
idea and start providing funds to help you launch it, you

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Part 1

know you have a winning idea on your hands. It’s a great way to build a Smart ways to collect
following of loyal supporters straight away because they feel like they’re
part of the process, and they hold a sense of pride for being there from
customer feedback
Collecting and acting on
the beginning.
customer feedback is a must for
any business. Try these:
On the other hand, if your crowdfunding effort draws lukewarm interest,
you may need to tweak your idea. If there is little or no interest at all, you
Focus groups
might want to scrap the idea altogether, or give it a major overhaul.
Identify and interview a small
number of consumers who use
similar products or services to
“You’ve come up with an amazing business idea, and you see if there would be any interest
think you may be onto something big. But before you dive in yours. Remember, all feedback
in, dip your toe in the water and test that idea. It won’t is good feedback, both positive
cost you much, but it will save you from sinking your
and negative.
time and money into a project that may never get off
the ground.”
Leverage social media
— Anna Stoesz, Executive Director of Customer Experience,
Facebook, LinkedIn, Twitter and
Deluxe Corp.
Instagram are all avenues you can
use to chat with groups of people
that might be interested in your
3. Go directly to customers business venture.
Close friends and family members will most likely support your initial idea
no matter what, but it’s important to get some unbiased feedback to help Conduct a survey
you determine if your idea is truly a good one. Use surveys to gauge the interest
of potential customers and get a
4. Incubate your idea sense of what they like and don’t
Business incubators are extremely helpful organizations that can help like about your business idea.
your startup grow by providing valuable resources and services, including
seed funding, coaching, networking connections and mentorship. The Connect with reputable bloggers
business-minded folks involved provide the support, inspiration and advice Ask these industry experts if you
you need to take your startup idea to the next level. Before you apply to can write a guest post about
join an incubator, compare membership costs and the resources offered to your business idea to get some
find the right fit for your business. feedback from their readers.

5. Take a lesson from the competition Whichever method(s) you

It’s highly unlikely you’ll start a business that is completely new or unique choose, make a point to find out
to your market. The key is to identify and focus on the other players that the challenges your customers
occupy the space you want to enter, how your business will be different face, what tools they currently
(or similar), if there is a specific niche you can fill, and the general use, whether they would use your
competitive landscape. Here are some easy ways to keep tabs on the product or service, and what they
competition: would be willing to pay for it.

• Monitor their social media accounts, including Facebook, Twitter,

Instagram and LinkedIn

• Dig into industry reports from analyst firms such as Gartner or

Forrester Research

• Study their successes and learn from their mistakes

• Read their online reviews to get a sense of what customers

like and dislike

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Part 1

Show off your unique What’s a USP?

selling proposition At base, a USP is the reason a
business’s products and services are
different from what its competitors
No matter what type of startup you launch, you’ll need a unique selling
offer. It’s what you have that your
proposition (USP) to help you stand out from your competitors and give
competitors don’t.
customers the best experience possible.

Identifying your USP helps build customer loyalty, gives you a clear brand
identity and, hopefully, improves sales. Here are four tips to use when
developing your startup’s USP:

1. Walk in your customers’ shoes

When it comes to USPs, a popular line of thinking is, “Before you sell
anything to customers, you need to sell it to yourself.” Imagine how your
ideal customer thinks, feels and behaves, and ask yourself why they would
purchase your products or services. Why do they need what you offer?

How this looks depends on the type of businesses you launch. For some
startups it might mean you offer the fastest service or the lowest prices, and
for others it could mean you have the most cutting-edge product or service
on the market. There are many possibilities for each type of business. The
key is to choose a USP that fits with the way you’d like your business to be
perceived in your market.

2. Identify your strengths

One USP strategy that helps many startups is to identify your own strengths
and focus on them intensely. The idea is to become the best at something
and then use that as your selling point. Your service may not be available at
the lowest prices, but if the customer’s experience is top-notch, your USP
would be quality service that leads to high customer satisfaction and more
return sales.

Or, perhaps your business strength is your personality and ability to relate
to people. Your USP could be the friendliest customer service in the area,
making customers feel welcome and building loyalty over time.

3. Solve problems and meet needs

Ask yourself what needs your startup fulfills, or identify ways your business
can solve a problem your ideal target audience might have. Then, think
about how you can deliver that solution to customers better, faster or at a
lower price than your competitors. For many startups this involves filling
a niche in the market by offering a unique service that your competitor
doesn’t.

4. Gain a competitive edge

Once you know what your competitors offer, you can determine how
your business can better meet your target customers’ needs and tell your
potential customers.

Creating a USP takes time and energy, but it’s vital to your success. The goal
is to define a USP that you can use as the cornerstone of your business for
years to come.

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Part 1

Are you reaching the right audience?

Savvy entrepreneurs know the key to reaching their ideal customers is to choose a segment of consumers,
learn everything possible about how their business meets their needs, and then connect the dots for
those consumers.

At first you may feel hesitant focusing on one or a few target customer segments because you want to reach
as many people as possible. On one level, it makes sense — the more people you can reach, the more sales you
eventually stand to make. In reality, the opposite is true. To illustrate in basic marketing terms, if you spend $100
to reach 1,000 people with a message designed to appeal to each and every one of them, you risk appealing to
none, thus wasting your $100 investment.

Consumers increasingly expect to find the best possible provider, regardless of the product or service. They
want to be listened to and catered to. But because every customer has different expectations, you can’t
successfully go after all of them. Instead of broadcasting a watered-down message to appeal to everyone,
you’re better off using laser-like focus to zero in on the consumers who are a perfect fit for your startup.

This is your target audience, and the goal is to become the best at providing the solutions they need.

Size up the market —

and your competition
Market research may sound expensive and time-consuming, but
with your phone and an internet connection, you can find the
information you need to build a foundation for your startup.

Once you’ve identified a group of core target customers,

reach out to them to learn:

• What factors they consider when

purchasing a product or service similar
to your company’s
• How they would search for a business
that provides something similar
• What they’d be willing to pay for such
an offering

Then take a look at your competitors and ask yourself:

• What are their USPs?

• How do they price their products and services?
• What types of clients and customers
do they have?
• With all this in mind, what’s your
competitive advantage?

Spend as little or as much time as you’d like researching the

market, but the more information you have, the better prepared
you’ll be when it comes time to make important decisions.

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Part 1

Strategies for scouting out

the competition
In sports, teams scout each other all the time to gain insight into
opponents’ strengths, weaknesses and tendencies, so why not give it a try?

Look at your competitors’ marketing strategies to get an idea of their

strengths and weaknesses and gain insight into your own. After you identify
your competitors, use these three strategies to keep tabs on what they’re
up to:

1. Sign up for their emails or newsletters

Most companies make it easy to sign up and receive email newsletters. For
more than newsletters, consider signing up for a free trial of their service,
or making a small purchase so you’re classified as a new customer.

Emails from competitors can help you see things from the perspective of
a customer within your industry. What did the competitor do that worked,
and what could they improve upon? Use these insights to define your own
strategies.

Be careful, however — some savvy business owners will “blacklist”

competitor work email addresses.

2. Browse their website

Visit your key competitors’ websites to once again see what they’re doing
right and what they may be doing wrong. For example, if you can’t find
vital pieces of information, such as contact info, a simple way to sign up or
how to make a purchase, you may be able to capitalize on that with your
own website.

A competitor’s website is also an excellent way to get information on new

products or services, their competitive positioning and special promotions
and discounts they have offered. Be sure to look at their “careers” or “jobs”
sections to gain valuable insight about their areas of growth.

3. Like and follow on social media

Like your competitors on Facebook, connect with them on LinkedIn and
follow them on Twitter. Checking out competitors’ social media networks
teaches you how they position themselves, and how both existing and
potential customers interact with their brand. This allows you to observe
which of their strategies and ideas are effective, and which to avoid.

Looking for a partner?

Get the insights and expertise you need for startup success. Speak with a Deluxe
Small Business Adviser today: Call 866.240.8691

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 Startup Case Study:
Earth Star Company
Search online for “female entrepreneurs,” and you’ll find photos of formally dressed, seemingly healthy
business women. But, what if you’re not in picture-perfect health? Can you still be an entrepreneur with
physical or mental disabilities? Absolutely. Just ask Lisa White, founder of Earth Star Company.

From illness to entrepreneurship

As a young woman, White worked in the medical industry and aspired to be a nurse. But her life
completely changed when she was diagnosed with degenerative disc disease, a condition in which a
damaged disc causes pain, and fibromyalgia, a widespread muscle pain disorder.

After her diagnosis, White underwent several surgeries that forced her to quit her job in the medical
field. She then enlisted in holistic health courses to find natural ways to ease pain and heal her body.
During her studies, she discovered her passion for making jewelry, herbal teas, natural headache
formulas, aromatherapy products and essential oils.

Looking for more financial security and wanting to help others, she made her entrepreneurial dream
come true in November 2018, when she incorporated Earth Star Company with MyCorporation.com, a
Deluxe company. Based in Michigan, Earth Star Company sells organic, chemical free, and animal- and
environmentally-friendly personal care products.

Lisa White, Founder, Earth Star Company

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 Defining a unique selling proposition
Before launching her business, White homed in on two very simple ideas that would ultimately drive the
way she produced her products and positioned her company within her industry:

1. With all of the chemicals that are added to modern personal care products, reading all the
ingredients can be exhausting
2. People trust companies and brands not to poison them

White understood that many people, like herself, were concerned about the skin products sold in stores.
Her products, which are made from plants, herbs and oils, offered a solution.

Transforming passion into professional purpose

Although her entrepreneurial journey included health challenges, White’s passion and support system
encouraged her every step of the way.

“I have several small procedures every year, and I still haven’t given up hope that I’ll be able to be
successful again. Being in the holistic health field offers me the opportunity to help others. I am lucky
enough to have people in my life that believe in me, my passion and ability to do this, and my drive to
not give up.”

Currently, White is developing a new product line for organic facial serums set to launch in 2019. Her
greatest successes are yet to come!

Ready to launch your startup?

Start off on the right foot by incorporating your business or
START NOW
creating an LLC today. MyCorporation.com does the work,
so you can reap the benefits.

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Part 2

Part 2:
Defining success
and laying the
groundwork

You have your big idea, the one that you hope you can parlay into
your very own business venture. The first test before investing
your valuable time and money is to figure out whether that idea
can turn into a viable business.

Entrepreneurs can possess a wide variety of characteristics,

but there are three traits that nearly every successful
startup founder has:

1. Vulnerability
When entrepreneurs are vulnerable and willing to share
their thoughts, concerns or shortcomings openly, their team
becomes more open — no one feels as though they need to
hide their own insecurities, challenges or ideas.

Startups need to move quickly to compete against bigger

companies with more money and employees, so it’s
essential that your team is tightly aligned at all times. An
open environment, where team members know they can be
candid and vulnerable, contributes to a positive company
culture and encourages ideas that will help drive the
business forward.

2. Transparency
When transparency exists, employees know that they
are being given all of the information they need to be

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Part 2

successful, and employers know that their team understands the company’s Is your idea a side
mission and goals. When you keep the lines of communication open in this hustle or a business?
way, you build trust and boost productivity, as your team will have the tools
When launching a startup, most
they need to get the job done right and on schedule. If you want everyone
entrepreneurs ask themselves:
in the company to be on the same page and maintain forward momentum,
“Is this a side hustle, or will it
it’s important to be transparent when it comes to explaining the state of
be a ‘real’ business?” For many,
the business and when giving feedback to your team.
it’s a combination of the two,
beginning as a passion project
3. Passion
on the side but then eventually
Teams that are driven by a passion for the value their business offers,
growing to a full-blown business.
typically focus on the people they are helping and the potential of helping
more people down the road. In this way, passion has the ability to propel
There are three signs that
a business toward future wins. You must be fully invested in what you’re
can inform you that your side
doing and believe in your product or service in order to communicate the
business might be ready for
benefits of your offerings and stay the course when challenges arise.
prime time:
There are many ways to go about building a startup, but those with a
• Your garage or spare
combination of vulnerability, transparency and passion give themselves the
bedroom are so full of
best chance of laying the groundwork for future success.
supplies and inventory that
you can’t park your car or
find your way to the window.
“Make sure that you believe in whatever business you’re • Your sales have grown, as
going to do and that you’re willing to give up certain things.
have your expenses, and
You have to be willing to let go of a lot of your life to be
you’re making a name for
able to push what you actually want.”
yourself and the products or
— Spencer Johnson, Founder of Sota Clothing
services you offer.
• Your supplier tells you that
you can order in larger
quantities to get price

Choosing your business model breaks, but that you’ll need

a state tax ID number — only
obtainable for registered
Every startup is built on a business model — the method in which you businesses.
plan to make money. Business models can vary greatly from industry to
industry, and competitors within the same sector may even have different
but equally effective business models. There are four factors that will play a
major role in how you ultimately define your business model:

1. Differentiation and pricing

It’s no longer good enough to claim that you have the best products or
services or the best prices — your competition will make the same claims.
Products, services and pricing in today’s business climate are commodities.
But an exceptional customer experience can be a powerful differentiator.

2. Marketing and sales

Establishing an amazing idea for a business is merely the first step in an
entrepreneur’s journey. To interest customers enough to attract them
to your products or services requires marketing. Marketing takes many
forms, including basic business cards, websites, TV advertising, word-of-
mouth and everything in between. For something so vital to the health of
a startup, marketing can still feel intimidating. Where do you start? What
comes first? Fortunately, it’s possible to build your marketing step by step,
one manageable piece at a time. When taken together, these pieces add up

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Part 2

to a well-rounded marketing program that’s many times greater than the

sum of its parts. And there are plenty of resources to help you get started.

3. Production and delivery methods

If your startup involves selling physical products, you need to determine
how you will produce those products and then deliver them to your
customers. If you’re starting small, there’s a good chance you will handle
production in-house. As you grow, however, it might make sense to
outsource production to save time and money and allow you to focus on
other areas of the business.

4. Customer experience and satisfaction

Again, customer experience and satisfaction will play a major role in
how your business differentiates itself from others. This often entails
understanding the journey your customers take through your company
and how you can operationalize your business strategy across all of the
touchpoints that comprise the customer journey. This will force you to take
a step back and ask yourself:
69% of U.S.
• What are your touchpoints?
• Where are the “moments of truth” where customers are won or lost?
entrepreneurs start
• What do your employees think customers expect? their businesses at
• How well do they feel these expectations are being met? home.
• Do customers feel their expectations are being met?
— Small Business Trends
• What are their pain points?

Create your business plan

A business plan is a vital tool often used for loan applications or to show
investors where you see your startup going. A complete business plan
contains a number of components, including an executive summary, the
products or services you will sell, your target markets, your management
team and your financial plans. It is strongly advised that entrepreneurs use
a plan as the foundation of their business.

A good business plan guides you through each stage of starting and
managing your business, and it outlines the steps you need to take to
achieve your goals. Here’s how:

1. A business plan maps the future

Your business plan is the road map that helps you understand the
terrain of your business and the opportunities and threats that surround
it. Depending on how detailed a map you want, you can include a
competitive analysis, marketing strategy, milestones to success, national
and local trends affecting your industry — anything you need to better
manage your business. There is no hard and fast rule about the length,
format or even the topics to include in your plan. Just start it and keep it
moving forward.

2. A business plan supports growth and helps obtain funding

A well-written business plan can convey your story to prospective

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Part 2

investors in a way that builds their confidence and convinces them to open their wallets. To prepare a business
plan that wins funders over, include realistic growth projections, the risks involved (and how you plan to
mitigate them) and what makes your startup unique.

3. A business plan develops and communicates your course of action

Your business plan is the tool you will use to help your startup accomplish its goals. If you’re interested in
renting a new space, for example, your business plan can help you think through what you need before you
make the move. Do your growth prospects and plans justify taking on this increased cost? Is the new space in
an area where your target customers are? How will you pay for any necessary renovations?

4. A business plan helps manage cash flow

Did you know that 82 percent of businesses that fail do so because of cash flow problems? Your cash flow is the
fuel that keeps your business moving, so you need to have an adequate supply. Adding a cash flow chart to the
financial section of your business plan will give you a high-level picture of the money going in and out of your
business. This simple overview can help you manage your cash and be in a better position to borrow money, if
necessary. You can also add a contingency plan to cover any cash flow problems that may arise.

“[I left my corporate job because] I had a personal drive to own my own business, be in control of my
career and build something myself. I also wanted to fill a need I saw not being fulfilled.”
— Emma Olson, Founder of Hazel & Rose

8 essential components of
a business plan
So how do you create a business plan, and what should you include?
Keep it simple by starting with the sections below. Be sure each section
answers the relevant questions listed here.

1. Executive summary
our executive summary is the short, snappy elevator pitch you’ll use
to sell your investors, bankers, partners and other key people on your
startup.

Executive summary questions to answer:

• What does your business do?
• What problem will it solve?
• Why is your business uniquely poised for success?

2. Company overview
Provide a snapshot of your business by including basic information about
your company’s leadership team, employees, products or services, and
the like. If you plan to ask for funding, you should also include financials
and high-level growth plans.

Company overview questions to answer:

• Where is your business located?
• When was it formed, and what type of legal entity is it?

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Part 2

• What is your mission statement?

How long does it take
• What is your projected growth?
to start a business?
3. Competitive analysis When asking how long it takes to
This section discusses the competitors in your industry. Do your research to launch a startup, the answer really
identify who they are, what they do and how they serve their markets. depends on a number of things. The
quick and easy answer? It doesn’t
Competitive analysis questions to answer: take long at all. But the real question
• Who are your competitors and how do they serve their customers? you should be asking is how long it
takes to build a successful startup?
• Why do customers buy from them?
The answer to that question is much
• What do you know about their pricing? more complicated.

4. Products and services Getting a startup off the ground

This area of your business plan details the problem your startup solves for initially can happen relatively quickly,
your customers, and how that solution is different from competitors’ goods or particularly if you have the time and
services. means to put your full focus and
energy into the project. But getting
Products and services questions to answer: your startup to the point where it’s a
• What are the types of products or services you sell now? full-fledged business can take three
• What will you develop and offer in the future? or four years (or longer, depending
on the circumstances). Building it to
• Why is your product better than or different from the competition’s?
the level of your initial vision could
take five to seven years.
5. Target markets
Your target market section is an introduction to the customer who is going to
There are, of course, exceptions to
love your product or service and, just as important, your business itself.
these general guidelines. You’ve
likely heard one-in-a-million success
Target markets questions to answer:
stories of startups that make it huge
• Who is your ideal customer?
in no time. At the other end of the
• What are their demographic profiles? spectrum, there are entrepreneurs
• What are their needs? who grind for most of their lives
• How does your business serve those needs? before finally getting their business
to the level they originally envisioned.
6. Management team Most startups fall somewhere in
Give potential lenders and funders confidence in your business by introducing between, but just like anything,
yourself, as well as the exceptionally qualified group of people by your side. the harder you work and the more
attention you pay to detail, the
Management team questions to answer: better chance you have of
long-term success.
• Where were you educated?
• What is your experience?
• What is your expertise?
• What are you putting into the business?
• What about the management team would convince an investor to
risk their money?

7. Financial plans and measures of success

Investors and lenders will want to see financial documents that show your
startup’s future profitability, including a sales forecast, personnel plan, cash
flow statement, profit and loss statement, and balance sheet for at least three
years out. Some investors ask for projections even further into the future,
so be sure to invest in a good accountant to help you prepare realistic and
thoughtful forecasts.

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Part 2

Financial plan questions to answer:

• How much external funding do you need to build your company?
• What are your projected revenues and profits over the next one to five years?
• What assets must you acquire?
• How does your customer generate revenue?
• How much money do you need to start and run your business?

8. Risk factors
If you’re asking people to invest in your business, it’s only right to be transparent about the things that can go
wrong. Risk factors can include a natural disaster, outdated technology, legal pitfalls, ineffective management,
a sudden cash flow crunch or a supplier failure. Once you’ve shared the risks, it’s smart to include the steps
you’ll take to manage them, so investors see that you have a plan.

Risk factors questions to answer:

• What risks could affect your business?
• How will you address these risks if they present themselves?

Getting up to speed on
finances and funding
Many entrepreneurs aren’t financial experts right off the bat. Here
is a primer on the most important financial terms to know. For an
in-depth look at small business financials, download our free
Finance Fundamentals eBook.

Accounts payable: The money your business owes to creditors (e.g., the
vendors or suppliers that you work with). This is recorded as a liability on
your balance sheet.

Accounts receivable: The money your business receives when it sells

goods or services to a customer on credit. Set up your business
Asset: Any resource, tangible or intangible, that has value. Furniture,
for financial success
a building, computers, a business website and cash in the bank are all Download our free eBook
considered assets. Finance Fundamentals.

Bottom line: Subtracting your expenses from your revenue shows your GET IT NOW
business’s bottom line, which is your net income or net profit.

Employer identification number (EIN): A 9-digit number issued by the

IRS and used to identify businesses with paid employees. If you’re a sole
proprietorship, your EIN is your social security number.

Equity: The assets that an owner has invested in a business minus

the business’s liabilities. The equity account basically represents the
company’s net worth.

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Part 2

Financial statement: A report of a business’s financial information that is

comprised of four basic reports: an income statement (expenses, revenue,
According to
and profits and losses), a balance sheet, a cash flow statement (money the Wells Fargo
coming in and going out of the business) and a retained earnings statement
(record of changes in equity).
Small Business
Index, $10,000
Liability: Everything that a business owes, from an electricity bill to the
is the average
money owed to vendors.
amount of
Return on investment (ROI): Your ROI is the amount of money your business startup capital
makes (return) compared to how much it spent (investment). For example,
if you spent $1,000 on a marketing campaign and it led to an additional required by a
$5,000 in sales, the return on investment is $4,000, or 400 percent. small business
Revenue: This is the money your business brings in from selling and owner.
delivering its products or services during an accounting period. Revenue — Small Business
is often referred to as your “top line,” because it’s the first item listed on a Administration
profit and loss statement.

Eight ways to fund

your startup
The old saying “it takes money to make money” is often the actual case for
startups. While all entrepreneurs are armed with ideas, only a select few
have the financial means to make a go of it on their own. Luckily, there are
a number of ways you can fund your startup, including:

1. Small business loans

Securing loans from banks or credit unions is one of the most
straightforward ways to obtain startup funds. Remember to shop around
and compare rates when looking for a small business loan.

2. Small Business Administration loans

These loans are guaranteed by the U.S. Small Business Administration, a
government body created to help small businesses thrive. These funds
often come with more stipulations than bank loans. However, the terms of
these loans are generally favorable to small business owners.

3. State and local government loans

The availability of these types of loans varies based on your location.
Be sure to check with your city or state to see if they offer loans for
commercial development.

4. Nonbank lenders
Peer-to-peer loans are a good option for entrepreneurs without a strong
financial history. The process may be faster than a traditional loan,
although interest rates are often higher. In addition, nontraditional credit
metrics often may be used, such as payment histories to vendors and your
presence on social media.

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Part 2

5. Venture capital
Many startups receive funding from venture capitalists in exchange for
shares of ownership in the business. These investors take a risk with hopes
that your business turns a profit if and when it goes public.

6. Crowdfunding
Services such as Kickstarter, Indiegogo and GoFundMe can be another
way for businesses to raise startup funds. These crowdfunding
communities allow individuals to donate to emerging businesses. If you
can persuade people to believe in your vision, they can start supporting
you before you open your doors.

7. Government grants
Government-sponsored grants are typically available to only a fraction of
small businesses, but they are worth looking into. Such grants are usually
available in areas looking to stimulate economic growth.

8. Bootstrapping
A final option is to use your personal savings or to take a second mortgage
on your home. This is how the majority of small businesses and startups
get started. Of course, there is a certain level of risk involved because
you’re investing your own money, but the trade-off is an immense sense
of accomplishment if and when your startup succeeds.

Avoid the 6 pitfalls of entrepreneurship

Not every startup makes it — in fact, the majority of them fail. In the world of startups there are no guarantees,
but owners can give their businesses the best chance of surviving by avoiding these six common pitfalls.

1. Having no clear direction or marketing strategy

Failure to plan is planning to fail. If you have no clear direction of where you’d like your business to be in say,
two years, you’ve got a problem. Since the business landscape is continually changing, you must establish
precise objectives. This will grant you the ability to steer your business down a successful path. Marketing is
interconnected with branding. Therefore, if you’re not doing marketing the right way, you won’t manage to
maximize your visibility in the marketplace.

That doesn’t mean that your strategy is set in stone; you can always pivot and change direction. However,
failing to know precisely what you’re building, who you’re building for and how you’ll reach this audience is a
recipe for disaster.

2. Speaking to the wrong audience (or everyone)

For many startups, you have an owner who has the right amount of experience to solve problems and has a
great product, but still ends up failing. Why is that? It’s simple: They’re not addressing the right audience.

Some business owners make the mistake of thinking that the larger the audience, the more successful their
companies will be. Instead, they should focus on the specific audience that simply cannot live without your
offering, whether it’s a product or service. Once your business dominates a certain sector of the market, it can
begin expanding to other audiences.

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Part 2

3. Underestimating your competition

Competition is fiercer than you think. If you don’t focus on staying ahead of the curve, your business will easily
get lost in the crowd. Keep an eye on the ever-changing trends in the market and continually analyze your
competition. The business realm is a competitive one, and you should treat it as such.

The key is to have a balance. Don’t focus too much on competition to avoid copying their products, but at the
same time, never underestimate them. Your product might have more features or better technology, but all
they need to get an edge would be something as simple as a better user experience.

4. Not having the right partnerships

No matter how long you’ve worked in your field, there will always be someone with more expertise in some
areas. That’s why you should consider creating partnerships with specialized experts that can get your
company one step further.

You shouldn’t be ashamed that you don’t know how to do everything in business. Focus on reaching out to get
the right partners to work with you. With the right partners by your side, you can rise above the competition.

5. Hoping to get rich quick

It’s not uncommon for rookie entrepreneurs to get in business because they assume they’ll have overnight
success with their services or products. You will soon realize that this is far from the truth.

It takes a lot of hard work and determination to be successful. Avoid setting goals you’re not sure you can
reach and focus on more attainable ones instead. The recipe to accomplishing great things is continually
working toward your goals, and continuing to persevere no matter what obstacles come your way.

6. Having zero work-life balance

As hard as you try to give 100 percent to your business all of the time, making your business a top priority and
neglecting everything else in your life isn’t healthy. Instead, focus on having a balanced approach between your
professional and personal life.

Looking for a partner?

Get the insights and expertise you need for startup success. Speak with a Deluxe
Small Business Adviser today: Call 866.240.8691

20 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
 Startup Case Study:
Tradition Accounting and Bookkeeping
When it comes to finance, it makes “cents” to work with Tradition Accounting and Bookkeeping.
Founded by Christine Irizarry-Amoruso, the company helps small business owners maintain their
records while mitigating financial risks.

Beginning the entrepreneurial journey

After earning a master’s degree in accounting, Irizarry-Amoruso held positions in the real estate
industry alongside Fortune 100 companies in New York and West Palm Beach. Her primary duty was to
assist business owners in maintaining their financial records.

Then, she had her big lightbulb moment. Why not start a business of her own?

She decided that she would use her experience in corporate accounting to help small business owners
manage their finances, protect themselves from common accounting missteps and save time by serving
as an alternative to in-house accounting and bookkeeping.

Developing her business plan

Every great brand starts with a great idea. But it takes planning to turn that idea into a successful
business. Irizarry-Amoruso had a clear vision for Tradition Accounting and Bookkeeping before she
got started. She knew exactly who she wanted to reach, identified what made her business unique and
developed a plan to get the company off the ground.

With over 15 years in the finance industry, Irizarry-Amoruso understood how complicated accounting
and bookkeeping can be for entrepreneurs. She also knew that the price of these types of financial
services can be a major obstacle for the people most in need of help. This is the problem her company
would solve for clients — this would be her unique selling proposition.

Christine Irizarry-Amoruso, Founder,

Tradition Accounting and Bookkeeping

21 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
 Irizarry-Amoruso’s goal has always been to make her services accessible. As part of her business model,
she decided to offer discounts to startup firms that need her help but can’t afford the full package
prices right away.

Irizarry-Amoruso identified her target market: small businesses and general contractors in Florida’s
Treasure Coast. She zeroed in on an area of expertise: assisting local and home-based businesses
with back office accounting and bookkeeping needs. She had a mission: providing quality service and
treating clients with respect, as well as professionally educating clients about accounting trends and
changes. Her business plan was shaping up.

In July 2017, Tradition Accounting and Bookkeeping was launched. Irizarry-Amoruso incorporated the
business with MyCorporation.com, calling the process a great experience.

Developing her business plan

Irizarry-Amoruso’s plan is strong but adaptable. Since launching, she’s added referrals into the mix.
Large public accounting firms she has partnered with through MyCorporation.com will refer business
owners to her, so she can help them with their bookkeeping needs.

Irizarry-Amoruso is incredibly proud of the success stories of her clients.

“There’s a general contractor in South Florida who is now poised to grow his portfolio of projects from
one to five.” Irizarry-Amoruso proudly says, “It’s because of the specialized expertise of the job cost
and construction accounting that I provide for him and his business!”

Ready to launch your startup?

Start off on the right foot by incorporating your business or
START NOW
creating an LLC today. MyCorporation.com does the work,
so you can reap the benefits.

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Part 3

Part 3:
Ready, set,
launch!

Before you blast off, think about the journey ahead and structure
your business accordingly. It’s vital to learn about the different
business structures available and choose one with care. After all,
your business structure will impact everything, from how much
you pay in taxes to the personal liability you face.

7 common business
structures
Sole proprietorship: In a sole proprietorship, the owner
is personally liable for business debts. That means sole
proprietors report profit or loss on their personal tax return.
This type of business is simple and inexpensive to create
and operate — no filing or formal corporate maintenance
required.

General partnership: The owners, also known as partners,

are personally liable for business debts, and they report
profit or loss on their personal tax returns. This type of
business is simple and inexpensive to create and operate.
There’s no need to file an income tax return. General
partners can raise cash without involving outside investors
in management of business.

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Part 3

Limited partnership: Limited partners have limited personal liability for

business debts as long as they don’t participate in management. The
limited partnership provides the limited partners a set return on their
investment — similar to a dividend. Limited partnerships are suitable
mainly for companies that invest in real estate, and they’re more expensive
to create than general partnerships.

Limited liability company: A limited liability company (LLC) combines

a corporation’s liability protection and pass-through tax structure of a
partnership. IRS rules now allow LLCs to choose between being taxed as
a partnership or corporation. LLCs are more expensive to create than a
partnership or sole proprietorship. The sale of member interests may take
place per company policy. LLCs are significantly easier and more flexible
to maintain than a corporation.

C-corporation: Owners have limited personal liability for business debts.

Owners can split corporate profit among owners and the corporation,
paying a lower overall tax rate. The C-corp, however, is a separate taxable
entity. Fringe benefits can be deducted as a business expense. C-corps
may have an unlimited number of shareholders. They’re more expensive
to create than partnerships or sole proprietorships. Finally, shares of stock
may be sold to raise capital and are required to maintain corporate status.

S-corporation: In an S-corp, owners have limited personal liability for

business debts. Owners report their share of corporate profit or loss on
their personal tax returns. Income must be allocated to owners according
to their ownership interests. Owners can use corporate loss to offset
income from other sources. Fringe benefits are limited to owners who own
more than two percent of shares. An S-corp is more expensive to create
than a partnership or sole proprietorship. Finally, there are more formality
requirements than for a limited liability company which offer similar
advantages.

Nonprofit corporation: This type of corporation is formed to carry out

a charitable, educational, religious, literary or scientific purpose with tax
advantages available only to these groups. Contributions to charitable
corporations are tax-deductible. Fringe benefits can be deducted as
business expenses. Formality requirements, such as annual reports,
minutes and meetings, are required to maintain corporate status.
Property that is transferred to the corporation stays there. If the
corporation ends, that property must go to another nonprofit.

“Incorporating your business is a simple, step-by-step process that gives you

extra benefits, personal asset protection, credibility and brand protection for your
entity. Once you have incorporated the business, you will also pay less in taxes and
deductible expenses.”
— Deborah Sweeney, Vice President & General Manager, Business Registration Services, Deluxe Corp.

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Part 3

LLC vs. Corporation: Which is 5 steps to take

after incorporating
better for my business? your business
Now that you’ve incorporated your
Many industries are great fits for LLCs and corporations. Licensed
business or formed an LLC, make
professionals, such as doctors, lawyers, architects and accountants, can
sure it’s ready to roll by taking these
especially benefit from forming them. Here’s why:
important next steps:

Professional corporation
1. Apply for an Employer
If a doctor is sued for malpractice, the other physicians in his or her
Identification Number (EIN)
practice don’t also want to be sued. That’s the reason a doctor might
An EIN is needed to open a
choose this type of business structure. In a professional corporation,
business bank account, or if you
owners have no personal liability for malpractice of other owners.
want to hire employees.

Corporations are more expensive to create than partnerships or sole 2. File for trademark protection
proprietorships. All corporation owners must belong to the same If your business has a unique
profession. And, certain formality requirements, such as annual reports, name, logo, slogan or design, the
minutes and meetings, are required to maintain corporate status. best way to protect those assets
and your brand is to register your
Professional limited liability company (PLLC) trademark. You should also buy
Similar to with a regular limited liability company, professional limited a domain name and secure social
liability company members have no personal liability for malpractice of media properties as soon as
other members; they are, however, liable for their own acts of malpractice. possible.
A single member PLLC is treated as a disregarded tax entity, the same as 3. Find out which business licenses
a sole proprietor, giving it pass-through tax treatment. A multiple member you must apply for
PLLC is taxed as a partnership and gives state licensed professionals a way Licensing varies depending on
to enjoy LLC advantages. Members must all belong to the same profession, locality, entity and industry, so
but keep in mind that PLLCs are not available in all states. Members have it’s a good idea to consult with
great flexibility through written operating agreements to define rights and a professional who can help you
responsibilities, powers, financial matters of the PLLC, and the rights and figure out what you need.
restrictions regarding ownership interests. 4. Stay on top of annual
maintenance
Most states require business
entities to file an annual report,
“Many industries are great fits for LLCs and
corporations. One of the key differences is growth. which has some basic information
If you know you’d like to keep a company small and on your business like its name,
independent, for instance, you may incorporate as an address, registered agent and
LLC for more flexibility. If you know you want to expand industry. You also have to
the company and take it worldwide, it makes more sense document any changes to the
to incorporate as a corporation, so you have a structure corporation or LLC. If you bring
in place to accept money from investors.” on new owners or new investors,
— Dana Case, Director of Operations, MyCorporation.com for example, make note of it.
You should also update your
operating agreement or bylaws
as new owners and investors will
probably want a say in how the
company is run.
5. Apply for permission to do
business in other states
If you don’t, you could be
looking at hefty fines and
dissolution of your business in
those other states.

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Part 3

Trademarking and naming Keys to a properly

your business conducted trademark
search
Picking the right name for your business — and making sure it’s protected
Only a comprehensive trademark
— is one of the most important steps in launching your startup. Here’s what
search provides you with full
you need to know.
clearance to make sure your mark
is available for use and registration
What is a trademark?
with the USPTO. But what does it
A trademark is a design, symbol, word or phrase that identifies your
entail? A USPTO examiner reviews
products and distinguishes them from the products of other companies.
the trademark to determine
The Nike swoosh is a classic example of a symbol trademark.
availability for use and registration.
The examiner then evaluates
Why are trademarks so valuable to your business?
whether the mark conflicts with
Trademarks aren’t just a symbol of your identity, goodwill and reputation.
a previously existing mark and
They make it easy for customers to spot and recognize you in a crowded
meets the minimum requirements
marketplace. And they can influence people’s buying decisions by bringing
to become a federally registered
to mind positive, powerful messages about your brand. Look at it this way:
trademark.
There’s a reason the phrase “Google it” is so popular. People see it as the
fast, easy and best way to find anything online.
Examining conflicting trademarks
A trademark conflict applies to
Search before you file
both identical registered marks and
Your trademark represents your business and your brand. If you skip
confusingly similar marks. So an
the search and file it in haste, you’re opening yourself up to a claim of
examiner properly looks to identify
trademark infringement. To avoid this risk, conduct a trademark search
not only similar designs, names,
beforehand, when you’ve made the decision to file a trademark. That
colors and layout, but also font
way, you’ll be able to search currently registered and pending trademark
usage, punctuation, spacing
applications in order to:
and phonetics.

• Verify uniqueness. Simply filing a trademark application with the

Trademarking your logo
United States Patent and Trademark Office [USPTO] doesn’t guarantee
To determine whether there are any
that your mark or slogan is unique. Conducting a name search
conflicting or confusingly similar
beforehand guarantees that you are not infringing on an existing mark
marks already registered in the
before you file your application.
trademark database, an examiner
• Avoid rejection. The trademark application process can be long. A assigns search codes to every
trademark search prevents you from filing your application, only to significant element of your design
have it rejected based on the existence of another conflicting mark. that isn’t a word. Any component of
your mark that too closely resembles
Avoiding trademark search snafus another (and is likely to be rejected
Filing a trademark application with the USPTO doesn’t mean that the by the USPTO) will be identified.
mark you intend to trademark is available for registration, or that it doesn’t
infringe on an existing mark. In fact, it’s possible to register your trademark,
only to discover later that your mark infringes on a pre-registered mark.
This can be a costly mistake down the road and be detrimental to your
brand. It can also potentially leave your intellectual property unprotected.
That’s why an extensive trademark search is your best bet to prevent
missteps and one of the most critical choices when protecting your brand.

Ensuring a stress-free search

When conducting your trademark search, enlist the help of a search service
that uses multiple search strategies and examines numerous databases to
find similar or conflicting text and logos, so you can be sure the results are
accurate. Outsourcing your search efforts makes it easy on business owners
by conducting an extensive trademark search on your behalf to help you

26 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
Part 3

verify that your trademark is available for registration. For this reason, you
shouldn’t attempt to do a trademark search yourself. Enlisting the help of a Business licenses and
trademark attorney or a more affordable trademark search service will give permits
you significantly more thorough and reliable results.
Business licenses are essentially
permits to operate a business in your

The do’s and don’ts of naming state, city, and industry. Whether
you need one depends on the legal
your business regulations those three groups are
bound by. It’s not like getting a
driver’s license, where all anyone has
Here are some do’s and don’ts to simplify naming your business:
to do is pass a couple of tests and get
a piece of plastic that qualifies them
Do: Consider how your name will look and sound
to drive any personal car.
According to the U.S. Small Business Administration, it’s important to
think about how the business name will appear everywhere, from a logo to Finding the right licenses and
social media handles to your business website. Now that you know what permits for your business
it looks like in print, start saying the name out loud. How does it sound?
Every business, industry, state and
Will it be appealing to your target market and reflect what your business
city has a different set of regulations
offers? Is it meaningful to your audience? Is there a form of alliteration
in place, so check out the U.S. Small
here? Alliteration is not a requirement but it has been proven to be quite
Business Administration website and
memorable for brands like lululemon and TED Talks.
use their tool to determine what
licenses and permits you will need to
Don’t: Make it complicated to spell
apply for.
If you or your team can’t remember how to spell the name of your business,
then it’s likely your customers won’t be able to either. Keep it simple — one In particular, you’ll want to check and
trick of the trade is to pick a name that has five to 10 letters and a minimum see if you need the following licenses
of one consonant in it. and permits. They allow the state and
city governments to keep track of
Do: Register a domain name and social media handles your business, enforce relevant laws
Make sure your domain name is available (especially in a .com format) and and collect taxes, so nearly every
register it as soon as possible. Check in on Facebook, Twitter and Instagram locality requires businesses to have
to ensure you can snag those handles for your business name too. them.

• Employer Identification Number

Do: Take your time
• Doing Business As (DBA) name
Don’t rush yourself on trying to think up the best name ever. If you need a
if you plan to conduct business
little extra time, set it aside and come back to the drawing board often with
under a different name
new ideas. At the end of the day, you need to be the most comfortable with
the name you pick; take all the time you need in the process. • OSHA certification
• Sales & Use Permit

Noncompliance can be costly

Operating without the necessary

licenses or permits is a quick way to
get fined or have your business shut
down, so it’s vitally important that
you comply with your local laws and
regulations. Even if you think you
couldn’t possibly be in an industry
that requires any sort of license or
permit, check with your state and
local government and use every
available tool you can to ensure
compliance with the law.

Read more about getting a

business license.

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Part 3

Building the right team: agents,

employees and mentors
Registered agents
If you’re thinking about forming an LLC or incorporating your business, then you’ll need to find a registered
agent. Because incorporating or forming an LLC helps to separate your personal and professional lives, and
provides fiscal and legal liability protections, the state cannot simply serve you with legal paperwork. LLCs and
corporations are, after all, their own, separate legal entity. That’s where a registered agent can help.

What is a registered agent?

A registered agent is the person, or in some cases, the company designated to receive any service of process
notices, official government notices, including tax forms, notices of lawsuits and other documents for an LLC
or corporation.

Why work with a registered agent?

Nearly every single state requires that LLCs and corporations doing business within its borders designate
a registered agent, so it’s very likely that, legally, you must have a registered agent. But, beyond the legal
considerations, having a registered agent also helps you maintain a bit of privacy.

In what kinds of situations are registered agents used?

Having legal paperwork delivered directly to your place of business can wind up raising eyebrows, so it helps
to have a registered agent who can act as an impartial receiver of those legal notices.

States will also sometimes send renewal reminders and notices to your registered agent, helping you stay on
top of what you need to file to stay compliant with state regulations.

There are considerations to be made for office morale as well. After all, if you’re working for a corporation
that keeps getting notices and letters from attorneys, you might not have much confidence in the company.
A registered agent helps create a sphere of privacy, so you and your attorney can handle any pressing legal
matters without causing a panic.

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Part 3

Can you act as your own agent?

Yes, some states do allow members of LLCs, or directors of corporations,
to act as the business’s registered agent. However, you must have a
physical street address (not a P.O. box) in the state in which the company
does business.

Do you need a registered agent in every state?

Not all states require you to have one. Minnesota, for example, does not
require any business formed in the state to name a registered agent,
though the company does have to list an address where a person who
represents the company can be found.

Where can you find a registered agent?

Most states actively maintain a list of registered agents within their
borders. Just look up your state’s secretary of state or department of
corporations. MyCorporation.com also offers registered agent services.

Having a registered agent is extremely useful, and even if the state you
do business in does not require you to have one, it’s still a good idea to
contract somebody. Just make sure that whoever you do hire stays in
contact with you, as any and all important paperwork from the state will
likely come to them first. The last thing you want is to miss a deadline
because your registered agent never got around to calling you.

Bringing on new employees

Entrepreneurs who have never hired employees before may find the process daunting at first.
If you’re planning to hire new employees, here are six things to keep in mind.

1. File for an EIN

It’s your responsibility to withhold taxes from employees’ income. As a result, you’re required to file for an EIN for
tax purposes and to identify your business. An EIN is a federal tax ID assigned by the IRS. The IRS can track your
business with this number and ensure that it’s collecting the appropriate payroll tax.

2. Determine the worker’s classification

When you decide to bring on a new hire, you must classify that worker as either an independent contractor or
employee. The IRS has outlined three criteria that separate independent contractors (also referred to as self-
employed workers) from employees:

• Behavioral is a reference to the company’s control over what the worker does and how this worker
does their job.
• Financial refers to business aspects of the worker’s job controlled by the payer.
• The relationship may be one that is short- or long-term through a written contract.

If you’re still uncertain as to which classification makes sense, a best practice for entrepreneurs is to file
Looking for a partner?
Form SS-8. This document will allow the IRS to better determine the worker’s status.

3. Fill out Form I-9

Now you need to determine the worker’s eligibility to work in the United States. Each new hire has to fill out
Form I-9. The document is used by the IRS to verify an employee’s identity and employment authorization. United
States citizen and noncitizen hires must complete this form, along with their respective employers. Documents

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Part 3

like passports and social security cards must also be present to serve as
evidence of the hire’s identity. 3 tips for hiring the right
employees
4. Fill out Form W-2 and Form W-4
Need to add people to your team?
Outside of Form I-9, new hires that are paid wages must fill out two
Here’s how to find the right people
more documents. Form W-2 is a wage and tax statement. It withholds
for the job:
federal Social Security and Medicare taxes. This form is completed by the
employer, but the hire must enter their name and Social Security Number
1. Hire great communicators
on the document. Form W-4 is a withholding allowance certificate. This
A good first question to ask during
form allows federal income taxes to be withheld from the hires and must
a job interview is, “How would you
be signed and completed when the hire starts work.
rate yourself as a communicator?”
Business owners need to be able
5. What to know for part-time hires
to ask questions, receive feedback
Perhaps you’ve decided to hire someone part-time. According to the IRS,
and listen.
paid part-time hires are still subject to the same tax withholding rules
that would apply to their full-time counterparts.
2. Prioritize your time and
empower your people
6. Determine new hire benefits
Think about where your time
Many businesses offer benefits to new hires. Common benefits include
is best spent. Stay in your own
unemployment insurance, workers’ compensation and health
wheelhouse and remember that
insurance plans.
you can’t wear all the hats. Do what
you’re good at and empower your
people to do the rest.

The importance of your Employer 3. Make sure the person fits your
company culture
Identification Number (EIN) Encourage potential employees
to visit your business and get a
An Employer Identification Number (EIN) is basically a social security
feel for its culture. One way you
number for your business. Most businesses are required to have an EIN.
can approach this is to conduct
(Some sole proprietorships may be the exception.) Here’s why an EIN is
two interviews and a trial where
crucial:
applicants can work with your
business for a day to make sure it’s
1. It allows you to hire employees
a fit for both the business and
EINs let the IRS and other tax-collecting bodies know what businesses need
the applicant.
to remit in terms of payroll and other employment-related taxes.

2. An EIN is less sensitive than your social security number

If your social security number falls into the wrong hands, it can lead to “When hiring, consider
months or even years of financial headaches. An EIN is only used as a screening for ‘team
federal identifier, so it doesn’t really matter who knows it. Instead of putting player-ness’ by asking
your social security number on form after form, and opening yourself up to questions about the
identity theft, it’s smarter to apply for an EIN and use that to identify your applicant’s work ethic,
business from day one.
examples of how they
contribute to their prior
companies and their
3. It’s legally required for most business structures
willingness to go above
When you form an LLC or incorporate your business, you are turning it into and beyond.”
its own, separate legal entity required to have an EIN. You also have to have
— Deborah Sweeney,
an EIN if you run your business as a partnership, as there are two people
Vice President & General
involved with the company and you can’t use both social security numbers Manager, Business Registration
as identifiers. If you may want to form an LLC or incorporate sometime in Services, Deluxe Corp.
the future, apply for an EIN early on. Then you’ll have it when you need it.

An EIN will never expire. When you’re ready to apply, head over to the IRS
website and fill out Form SS-4, or find an experienced professional to help.

30 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
Part 3

Leveraging mentors, experts Why community is vital

and advisers for your startup
It’s rare — if not completely unheard of — for a small business to make it 1. Advice from peers helps you
without support from mentors, experts or strategic advisors. But where do learn faster
you find such help? There are a number of options: From finance to marketing to sales,
there’s so much that goes into
• SCORE is the nation’s largest network of volunteer, expert business running a successful business. Once
mentors, with more than 10,000 volunteers in 300 chapters. It is you’ve launched your business, you
a resource partner of the U.S. Small Business Administration and need to learn a lot of things quickly.
has helped more than 11 million entrepreneurs through mentoring, When questions arise, you could hunt
workshops and educational resources since 1964. The group’s website around for the answers, but it’s often
allows you to find a mentor based on your geographic location or the easier and quicker to ask a peer who
area of expertise you’re looking for. can tell you how they would approach
— or have approached — the issue
• Deluxe Small Business Advisers are available to learn about your you’re dealing with.
unique challenges, answer your questions and share resources to help
you achieve your goals. The conversation is free — this will not be a 2. Sharing information across
sales call. industries helps propel you forward
Cross-industry mentorships can
• Scour the web to see if your local chamber of commerce, SBA help fill the gaps in your knowledge.
community group or any other organization has programs in place to Business owners might be in
help support startups and small businesses. totally separate industries, but
creating a sense of community
• Create your own support system for your new venture; you may be and collaboration opens up an
surprised at some of the insights you can gain from friends and family. opportunity for knowledge exchange.

• Join or build a community that includes customers, neighboring 3. Stepping outside of your typical
businesses and complementary small business partners. space offers new perspectives
Temporarily working in a different
location can provide you with
mental clarity by freeing you from
interruptions that may prevent you
from accomplishing the tasks at
hand. Sometimes a simple change of
scenery can serve as a catalyst for
new ideas or strategies that can help
grow your business.

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Part 3

Branding your startup

The word brand itself can be confusing, because people tend to associate it with very large businesses. When
someone asks you to name your favorite brand of soda, you’re most likely going to think of huge companies like
Pepsi or Coca-Cola. When you hear the phrase “brand-name clothing,” names like Levi’s, Nike or Calvin Klein
may come to mind.

At base, a brand is a mark, logo or symbol that distinguishes your business from others, but it really goes
beyond that. Your brand is what people think about when they hear your business name. It’s the centerpiece of
all your marketing efforts.

In that sense, your brand goes well beyond a logo or tagline. Everything about your business — your color
scheme, website, business philosophy, office, culture, communication style — contributes to defining your brand.

When you think of your business as a brand, you can begin to shape how people perceive it. Here are four key
elements that can contribute to your startup’s brand.

1. Logo. When you assess your brand, your logo is one of the first things to consider. For new businesses, this
may mean creating a logo from scratch. For businesses looking to rebrand or freshen up their image, a new logo
may be in order. Logos are a crucial element of brand identity for businesses of all types and sizes. Whether it’s
for a very small business with just a handful of employees, or one that’s growing to 100 employees or more, a
professionally designed logo evokes a sense of reliability and competence that potential customers appreciate.

Here are just some of the reasons why logos are vital:

• A strong logo helps you make a good first impression.

• Your logo helps convey your business’s values and personality.
• A logo provides credibility and helps build trust with customers.
• When used consistently, a logo reinforces your brand in customers’ minds and creates familiarity over time
— so they’ll remember you when they need you.

No matter the industry, the most successful brands tend to share at least one common trait: a very recognizable
logo. If it’s computers and software, Apple and Microsoft both jump out. For cars, the likes of Chevrolet, Ford,
Mercedes and BMW all have very familiar logos. You can probably picture every one of these logos in your mind
without much effort, and that familiarity helps you relate to the business beyond any one specific product.

2. Website. Think of your website as a window to the world that gives potential customers a sneak peek at what
your business has to offer. While the quality of your products and customer service keeps customers coming
back, it’s a well-designed website that gets customers in the door in the first place.

It’s not enough to simply have a website. The impression it makes can either boost or hinder customers’
likelihood to interact with you. If your website is outdated, hard to navigate or visually unappealing, or if it
doesn’t offer the information your visitors want, they will spend their money elsewhere. But, if you can tap into
your customers’ needs, and meet those needs, your website will be a business-generating machine.

3. Domain name. Make sure your preferred domain name is available (especially in a .com format) and register
it as soon as possible. In addition, check in on Facebook, Twitter and Instagram to make sure you can snag
those handles for your business name, too.

4. Printed items. Print promotional items are great because there are many options to choose from, all of which
can enhance your brand messaging. Here are a handful of some of the most important printed items to utilize:

• Business cards: A business card is a must for every business. Be sure to include all of the ways potential
customers can contact you, including a phone number, email address, website and a physical address if you

32 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
Part 3

have one. Don’t forget your social media info, such as your Facebook profile or Twitter handle.

• Brochures: If you want to give potential customers detailed information about your products or services,
brochures are an excellent option. You can include photos of your products or business location, along
with all of your contact information. People often share brochures, meaning each one you produce may be
seen by multiple sets of eyes.

• Postcards: Think of postcards as a slimmed-down version of brochures. There’s enough space for some
impactful photos, contact info, and perhaps a coupon, special or promotion. Postcards work well as direct-
mail marketing pieces, but you can also distribute them in other ways, such as passing them out to people
at events, making them available near your register and slipping them into packaging materials.

• Letterhead and stationery: If your business does any correspondence through traditional mail, letterhead
and stationery, featuring your business name and logo will give your mail a more professional and polished
look and reinforce your brand far and wide.

• Stickers: Stickers have many uses. You can put them on product packaging. You can create bumper
stickers to distribute with each sale. You can make buy-one-get-one stickers and place them on products
that are part of a “BOGO” free deal. You can produce stickers featuring your logo and website and hand
them out at events.

• Promotional items and apparel: Consider printing branded items that customers will find useful. T-shirts,
pens, notepads, popsockets and tote bags all help your logo and brand stay in people’s minds.

Keep your business going strong

When launching your startup, it’s important to have realistic
expectations. Put another way: Expect growing pains. It won’t be
smooth sailing 100 percent of the time, so it’s important not to get
discouraged. Keep your eyes on the prize.

Running a startup is often a time-consuming adventure, but you should

remember to take a step back at least once a year for the general
maintenance of your business. For example, it can pay to revisit your
business plan from time to time, whether it’s to make some adjustments
based on your actual experiences, or to get back on track should your
business go astray. You’ll also have to focus on relatively mundane —
but very important — tasks such as renewing your licenses and permits.

Finally, one thing that can help your startup moving forward is regularly
setting new goals. Your goals should be challenging but realistic. If
you have a particularly solid quarter in terms of revenue, try to beat
that record during the next quarter. But if sales don’t quite meet
expectations, consider adjusting your goals down to something that’s
realistic but still profitable.

Looking for a partner?

Get the insights and expertise you need for startup success. Speak with a Deluxe
Small Business Adviser today: Call 866.240.8691

33 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
 Startup Case Study:
Alyoop Threads
Founded in 2018 by Alyson Schwartz, Alyoop Threads specializes in selling children’s apparel, ranging
from T-shirts to pants to clothing sets. The company’s mission is rooted in family, adventure and
exploration. But it was community — both the city that Schwartz calls home and the people who
embraced her business — that remained a lasting inspiration.

Beginning the entrepreneurial journey

Alyson Schwartz had more than 15 years of experience in the apparel industry before launching Alyoop. A
“Jill-of-all-trades”, Schwartz’s designs included men’s dress shirts, athletic wear and even cooling towels.

After having children, Schwartz debated whether to go back to her office role or follow her dream of
starting her own business. Her ultimate decision to make the jump to business owner came after noticing
many of her friends switching industries and making major career shifts themselves.

“I didn’t want to throw away the last 20 years of traditional corporate experience,” Schwartz says. She
decided to use her close-knit community for a sounding board. After many brainstorming sessions both
solo and with peers, she realized the same themes and ideas kept repeating.

The common thread, appropriately enough, turned out to be fashion. Schwartz decided to start a clothing
company for kids with the help of her extensive design background. She incorporated the business with
MyCorporation.com and named it ‘Alyoop,’ a combination of the names of her children, Lexie and Cooper,
as well as Schwartz’s own first name.

Alyson Schwartz, Founder, Alyoop Threads

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 The role of community
As Schwartz worked on building the business, she was also focused on the role of community in the startup.

There is Alyoop’s online community, where the brand used social media sites like Instagram and Facebook
to engage with customers and fans. The offline community is also key for Alyoop’s success, with storefronts
and markets as places to sell the clothing lines, generate foot traffic and grow positive word-of-mouth.

Beyond markets, storefronts and the online space, Alyoop has roots in New York City and its surrounding
community. Schwartz says that when her daughter was two-years-old, her and her husband challenged
themselves to explore 25 new playgrounds over the course of one summer. These 25 playgrounds were
scattered all throughout the New York City area. Hopping from one playground to the next allowed her
family to see parts of the city they had never seen before and helped build her daughter’s confidence and
imagination.

Schwartz’s design expertise certainly served as the backbone for building her children’s brand, but it’s the
community — with its sense of adventure and exploration — that keeps her energized.

Transforming passion into professional purpose

The business is still in its startup stages but growing steadily. Schwartz operates out of her apartment,
where she places and packs orders, and ships them out. Alyoop may be a modest small business, but
they have also experienced several successes, thanks to the online and offline communities. Schwartz
enjoys using Instagram, where she receives orders and valuable feedback from shoppers. “[Instagram]
is perfect for kids’ clothing and to tell my brand’s story.” Schwartz says.

Alyoop’s launch during the holiday shopping season allowed the business to get its name in front of
shoppers at holiday markets with other local businesses. Schwartz is continuing to focus on using
marketing to get Alyoop’s name out there. She’s also enlisting friends to become brand ambassadors
and meeting with social media savvy pals to learn more about the space.

What’s coming next for Alyoop? Adventure and exploration, of course — and never straying too far
away from the roots of the communities that helped shape the clothing line.

Ready to launch your startup?

Start off on the right foot by incorporating your business or
START NOW
creating an LLC today. MyCorporation.com does the work,
so you can reap the benefits.

35 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
 10 burning startup questions
— answered
Starting a business comes with a fair amount of challenges. Knowing what
to expect is half the battle. Here are some of the main issues to watch out
for, so you can plan to address them head-on:

1. I have a great idea for a business. How should I get started?

Starting a business can be daunting, so don’t be afraid to ask for help.
Reach out to SCORE, the nationwide nonprofit that arranges mentorships
between experienced entrepreneurs and aspiring business owners. Beyond
getting one-on-one support, you should research your potential market
and industry and seek out resources to learn more about marketing and
operating your business.

2. I’m not a numbers person. How do I stay on top of my

business finances?
Start simple by creating a small business budget. Done properly, a budget
gives you visibility into your profits, improves your cash flow and helps
track progress toward your long-term business goals. If budgeting and
financial planning are too tough or time-consuming, consider hiring an
accountant. Get more financial tips and insights in our free eBook, Finance
Fundamentals.

3. I can’t afford to spend much on marketing. How do I get the most

bang for my buck?
Many small businesses spend $1,000 per year or less on marketing.
However, if you want to attract new customers, keep in touch with existing
clients or grow your business, it’s crucial to develop a marketing strategy.
Every business is different, and there’s no one-size-fits-all answer on how
to spend your marketing dollars. That said, social media advertising, print
marketing and search engine marketing can be affordable tools to reach
your target. Check out our free eBook, Marketing Fundamentals, for ways
to market your business without breaking the bank.

4. I know I need an awesome website. Where do I start?

When it comes to creating or refreshing a website, there are so many
factors to consider: Will my site look good on my customers’ phones?
Where can I get images for the pages? How can I improve my chances
of getting found by search engines like Google? It can be overwhelming
to cover everything at once. So start small by deciding who your target
audience is and what those folks need to know about your business. Then
begin compiling all the information you know will be most useful to them.
If you get stuck, consider hiring a pro to help you build it.

5. There aren’t enough hours in the day to do it all. How do I

find more time?
There are so many entrepreneurs who do all the work themselves.
Everything from bookkeeping and bill paying, to customer service and
mopping the floor — small business owners do whatever it takes to keep
their heads above water. But these tasks leave little time or energy to plan.
Think about how you can outsource your most time-consuming tasks, then

36 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
 reallocate your time to set long-term goals for your business. For example,
hiring a company to do your payroll could cost $50, but it frees you to
focus on the big picture, which is virtually priceless.

6. I keep hearing about SEO. How will it help my business?

To get noticed by search engines like Google, you need to learn about
search engine optimization (SEO). This is a practice that can help your
website appear higher in the results when people search online. Because
the methods search engines use to deliver results are top secret and
extremely complex, there’s no guaranteed way to get your business into
that coveted top spot. The good news: There are some simple changes you
can make to your website to improve your odds of getting found. Learn
more about optimizing your website for search engines and increasing your
online visibility in our free eBook, Guide to Search Engine Optimization &
Marketing.

7. What type of business should I form?

There are so many options, but the best one for you depends on the type of
business you run, how many owners are involved and the financial situation.
Not every business structure is right for every business, so weigh the pros
and cons and choose the business structure that works for you. Our partner
MyCorporation.com has all the information you need to form the right
entity for your business.

8. Which social media channels are right for my business?

Social media is a fantastic way for small businesses to get their name out
there and stay in touch with customers. Every channel — be it Facebook,
Twitter, Instagram, Snapchat or others — serves a distinct purpose. The
three most important factors when deciding which channel(s) to use are:

• Does your target audience or customer actively use the channel?

• Does it make sense for your industry?
• Can you realistically invest the time to do it right?

Get more tips on developing a social media plan in our free eBook, Guide to
Social Media Marketing.

9. Where should I start when it’s time to hire my first employee?

Bringing on new employees comes with a number of new obligations, from
filing tax forms to registering with your state’s labor department to meeting
insurance requirements and more. Hiring a payroll service can make it easy
to find, hire and onboard employees — and stay compliant, so you can focus
on running your business.

10. Who can I turn to when I need help?

If you ever feel overwhelmed, need guidance or simply want a few tips on
starting or growing your business, you can connect with SCORE, a nonprofit
organization dedicated to mentoring small business owners. The Small
Business Administration is another wealth of information for entrepreneurs.
You can also speak to a Small Business Adviser, who will help you tackle
the unique challenges that you’re facing and provide resources to help you
reach your goals.

37 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
Conclusion

Begin your entrepreneurship

adventure today
This guide is meant to give you direction and serve as a reference throughout your startup journey. For quick
reference, here is a checklist that covers everything that you should keep in mind as you work to establish and
grow your business:

Determine if your business idea is viable. Ask relevant questions, build a community of support, go directly
to customers, incubate your idea and keep an eye on your potential competition to decide whether your idea
is worth pursuing.

Make your unique selling proposition stand out. Put yourself in your customers’ shoes, identify your
strengths, solve problems and meet needs, and get to know your competition to let the world know why
your startup is unique.

Educate yourself with market research. The more information you have, the more informed you will be when
it comes time to make important decisions.

Identify your target audience. The key to reaching your ideal customers is to choose a segment of
consumers, learn everything you can about how your business meets their needs, and then connect the dots
for those consumers.

Define what success means to you. No matter how good your idea is, it won’t go anywhere unless you lay
the proper groundwork and define what success looks like to you. In other words: Decide what “success”
means to your startup, and then constantly work toward those goals.

Choose your business model. Consider things such as your differentiation and pricing, marketing and sales,
production and delivery methods, and customer experience and satisfaction to determine how your startup
will make money.

Understand how long it will take to start your business. Getting your startup to the point where it’s a full-
fledged business can take three or four years (or longer, depending on the circumstances), while building it
to the level of your initial vision could take five to seven years.

Learn business accounting basics. Most entrepreneurs aren’t financial experts off the bat, but it helps to
know the financial phrases and terminology you’re sure to come across while launching and operating
your business.

Choose a business structure. Deciding on a business structure, be it a sole proprietorship, a limited liability
company or a nonprofit corporation, is crucial.

Research what trademarks, copyrights and/or patents you need. Before you file for a trademark, it’s a best
practice to make use of a service that can perform an extensive search for your business.

Understand and obtain the necessary licenses and permits. Whether you need them depends on the legal
regulations that your state, city and industry are bound by.

Find quality talent with the right skill set. Hire great communicators, empower your employees and make
sure your people fit your company culture.

38 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
Conclusion

Leverage mentors, experts and advisers. Resources such as SCORE and Deluxe Small Business Advisers can
provide the insights you need to take your business to the next level.

Brand your startup. Use branding assets such as a logo, website and printed promotional materials to spread
your startup’s message.

Be prepared. Launching a startup is an adventure, so you’ll want to be prepared for anything. Remember
to take a step back at least once a year for the general maintenance of your business and to celebrate all of
your successes.

39 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
 Worksheet:
Start your business plan
A business plan is a map for your business, providing you with the direction you will need to start,
manage and grow your company.

Create a plan that sets your business on the right course. Answer these questions to create your
business plan.

Executive summary
Create a brief snapshot of who you are as a company and where your organization is headed.

What does your

business do?
Who are you as a business? What makes
you unique? Why will your business be
successful?

Company overview
Describe your organization, current customer base and projected growth in detail.

What type of business are you

running?
What is your mission statement? Where
is your business located? What is your
legal entity form? What is your growth
potential?

Competitive analysis
Describe your competitors and how they serve their markets.

Who are your competitors?

How do they serve their target
customers? Why do customers buy from
them? How do they price their goods or
services?

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 Unique selling proposition
What do you offer that makes you different from other businesses?

Products and services

Explain which products or services you offer and what makes them unique.

What are you selling?

What makes your product stand out?
What problems are you solving for
customers? What will you develop in
the future?

Target markets
Describe your ideal customer.

Who are your prospective

customers?
What are their needs? What are their
demographic profiles?

Unique selling proposition (USP)

Describe how your products or services address your target customers’ needs in a unique way.

What is your unique selling

proposition?
How do your products and/or services
address the needs of your target
customer in a way that sets you apart
from the competition? What makes your
business different?

Management team
Introduce yourself and your business partners.

Who manages your business?

How many years of experience do you
and your team have? What are you
putting into the business? Why should an
investor risk money on you?

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 Financial plans and measures of success
Explain your business’s current financial situation and realistic projections for future profitability.

How much money do you need to

start and run your business?
How much external funding will you
need? What assets must you acquire?
What are your projected revenues and
profits over the next one to five years?

Risk factors
List the risks that your business faces, including natural disasters, outdated technology, supplier failures
and legal pitfalls.

What problems could arise?

What risks could affect your business?
How will you address the risks if they
present themselves?

Looking for a partner?

Need expert advice or professional insights? Looking for the payment solutions,
business tools or services you need to succeed? Talk with a Deluxe Small Business
Adviser today. Call 866.240.8691

42 | Get more guidance specific to your business. Talk with a Small Business Adviser today. Call 866.240.8691
 Market your business Run your business
successfully efficiently
Rely on Deluxe to help you design the Every new business needs the basics — banking products,
right logo, build an effective website or business checks and forms. We can help you find the
create eye-catching collateral. perfect products to assist with all your everyday needs.

• Logo and website design • Business checks and forms

• Print marketing materials • Checks and eChecks
• Retail packaging products • Cash management and banking products
• Promotional and apparel products • Sales and service management
• Online and email marketing services • Payroll services and more

Startup Fundamentals is for informational purposes only. This eBook does not constitute professional financial or
tax advice. Always consult with a certified accountant, financial or legal advisor, tax professional, or other expert
about the specific legal and financial needs of your business.

Still have questions?

Our Small Business Advisers can help. Get expert advice and
insider tips with absolutely no obligation to buy.

Tell us about your business today.

Call 866.240.8691
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Champions of

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