So, you’ve decided you’re going to set up your new Marketing Agency. You’ve read our top tips for honing in on your skillset and have considered where and how you’ll find your first clients. Before you take any more steps, it’s time to set up your Marketing Agency – the right way.
If you haven’t already, it’s time to name your Agency! While the world is your oyster when it comes to naming your company, you might want to consider these two things:
1) The Vision That You Have For Your Brand
2) Company Name and Domain Name Availability
Your company name can have a huge impact on your brand and can help paint a picture of who you are as an agency. Are you going for something light-hearted and fun, or would your target audience prefer something more traditional?
Company name and domain name availability are also key. Trademark laws may prevent you from using certain names, so going with something unique and spending some time searching for names of pre-existing businesses will be a great starting point. When narrowing down name options for your marketing agency, it may also be helpful to keep a tab open for a domain database like GoDaddy – because there is no point falling in love with a domain name that is already taken! We have a whole post on domain name registration that you can find here.
Once you’ve chosen the perfect name for your business, it’s time to set up your LLC!
While clients may not need you to run your business as an LLC, it is always a good idea to separate your personal affairs from your business – and an LLC lets you do exactly that.
LLCs are quick to set up, provide you with invaluable financial and legal protection and offer flexible options for the future, (for example, you can convert your LLC to a Corporation).
Companies such as Incfile state that your LLC can be set up in as little as 5 minutes, and Legal Zoom offers many tax-deductible packages. While it is certainly possible to set up your LLC without the help of a third party, the peace of mind and step by step assistance may be worth the cost if you’re a first-timer.
Assuming you’d like your hard work to pay off, you’ll need an official bank account!
The first step will be to decide who you’d like to open your business bank account with. Take into consideration what might be most helpful for your business, like having a branch in close proximity to your home, or perhaps maximum reward points on your business credit card. If you’re looking for a business loan be sure to check the rates at multiple banks, because the offers and interest rates will vary!
If you’re opening your business bank account under an LLC, you’ll need both your Social Security Number or Employer Identification Number (EIN) as well as your “Articles of Organization”. While you might be wondering exactly what these are, don’t panic – any third party that helps you set up your LLC will give you exactly what you need!