Million Dollar Micro Business

06Set up your new business

Now it's time for the fun part — bringing this business baby to life! Let's make this thing real and start setting up your new business. Regulations will vary slightly in different jurisdictions, but here I'll cover the main areas that are applicable for all. By the end of this chapter, you will have what you need to officially establish your business.

Business name

A lot of people find coming up with the most apposite business name a challenge, but the hardest part is actually finding one that's available. In the era of domain parking, people register domain names in anticipation of future need or in order to resell them later. For some they've become a great investment, but this has made securing a fitting business name increasingly challenging.

Before you settle on your business name, check its availability for your:

• website address (URL)
• social media handles
• trademarks.

A good tool to use for this is namecheckr.com.

You may already have another business running. Say you've got a service-based business and you want to add an online course to that. You can do it under your existing business name, or you may opt to do it under a separate business name.

If your online program is something you want to continue running after you sell your existing business — or if you want to keep the two entities separate, which I definitely recommend — you need to create a new business.

Company name vs personal name

Some course creators will build their business ...