Small Business Resources

Decide on a name for your business. The first step is to decide on the name of your business. Once this is decided, you will be able to properly take the next steps to register your business and become official. Before you get too committed to a name, check its availability.

Is the domain name available? You can check availability and purchase a domain name through any domain registrar, including Google,Squarespace, or GoDaddy. If someone else already owns your domain, consider a different name or a version of your name.  If it’s available, purchase the domain name even if you aren’t quite ready to set up your website yet.

Is the business name available in Oregon? Check the State of Oregon business directory to be sure that your name is not already in use by another business. Set up your business email address.

Set up your business email address. Once you have decided on your business name and purchased your domain, set up your business email address. Microsoft Office and Gmail are common email interfaces for professional businesses.

Decide on a business type. The business type is likely to be an LLC. For most businesses, starting as an LLC is a good choice. It is easy and flexible as you work through the initial phases of your business. Visit the State of Oregon Business Journey page for a summary of the requirements of several different business structures.

Apply for a Federal Employer Identification Number (EIN).
This step is necessary even if you do not have or do not plan to have employees. Visit the IRS EIN application site and submit your online application. The year-end will be 12/31 of the current year.
Effective date is whatever date you are setting the LLC.

Register with the State of Oregon. Visit the Oregon Business Registry to find forms and create an account. Registration needs to be renewed annually, so be sure to sign up for the email reminders.

If you will be working on projects in other states, you will need to register in those states as well. In Washington, the Office of the Secretary of State is the place to start.

Open a Bank Account. Visit your local bank or credit union to open a business account with your business name and EIN.

You may also need insurance for your business, such as general liability insurance and professional liability insurance. An insurance broker can help you identify the coverage you need at the best rates, answer your questions now and as your businesses grows, and serve as a resource for the Certificates of Insurance that most public agency projects require during the contracting process. The amount of coverage that you need is determined by the typical requirements for your clients. If you encounter a requirement for liability limits higher than your current coverage, you want to request a waiver or consider adding an umbrella policy before increasing your coverage. Your client can help you understand what is possible and your broker can help you identify the lowest cost approach. Below are the typical types of insurance required for professional services firms working on public agency projects:

General liability relates to claims that arise during the general operation of a business. Examples include bodily injury or property damage claims. Your coverage should include commercial auto liability that covers non-owned and hired autos. Coverage for autos that you own, such as your personal car or car owned by the business are not covered under this type of policy. This type of insurance is rarely waived.

Professional liability relates to claims that arise in providing professional services. Examples include negligence, misrepresentation, or inaccurate advice. Professional liability coverage can sometimes be waived, depending on your scope of services.

Workers’ Compensation insurance is required for all businesses with employees. This insurance provides compensation for medical expenses, lost wages, and rehabilitation costs to employees who are injured or become ill “in the course and scope” of their job.

Whether you keep your own books or work with a bookkeeper, you will need a system for tracking your finances. Quickbooks is the nearly universal software. The web version allows you to easily share information with your bookkeeper and accountant.

A bookkeeper will help ensure that your books are in order, that your bills are paid, and that you have an accurate view of your financial picture.

The Formation Lab highly recommends Candice Rutherford.

Invoicing for your work is easier if you have a consistent way to track your work and assign it to a project.

The Formation Lab uses the free version of Toggl.

A cloud-based storage service will allow you to share your working files with clients, staff or a co-owner, and provides a back-up in case something happens to your computer.

The Formation Lab uses Dropbox. Firms working in a Microsoft environment often use OneDrive.

If you aren’t a computer whiz, an IT service can be extremely useful to configure software, set up email and OneDrive, and fix problems.

The Formation Lab highly recommends Kyle Brown.