Starting up a company is only hard if you don’t take proper steps to build it. Unlike other normal startups, a crypto business is challenging to establish since it purely operates online. If you don’t start it properly, you would only count months before it fails.
Now, if you want a serious business and you are willing to undergo whatever it takes to own a good crypto company, here are the steps you must take.
1. Plan your business
Having a business plan is a must. Since this is just a startup, you can just focus on the essentials, such as the name of your business, the estimated startup cost, your target market, investors, and targeted profit. These things serve as your foundations and you need to strengthen them if you want your crypto startup to last for a long time.
When deciding what business name you should give your company, think of something unique. Remember that this is going to be your brand. People will remember your business if it has a good name.
Your expenses and targeted profits should also be ideal and achievable. Don’t set up amounts that are too high to reach. If you plan on seeking the help of investors, you need to create a proposal for them.
And, don’t forget that your marketing and sales plan should work towards your target market. Your business plan should be well-prepared as this can either make or break your crypto startup.
2. Investigate competition with Spokeo
Competitors are everywhere. In any industry, competition is stiff. If you want your startup to succeed, you need to study the moves of your competitors. One of the most effective ways to investigate competition is through Spokeo.
This is a website that offers reverse phone lookup and email search. Spokeo is like a directory where you could do reverse number lookup without your competitors finding it out. It is a safe strategy so you can watch over the movements of your rivals and make powerful techniques out of them.
3. Form a legal entity and register for taxes
Business is better done if it exists legally. So, before you start your virtual operation, you have to form a legal entity and register it for taxes.
Don’t worry, registering a business doesn’t necessarily mean that you have to pay taxes every month. You will only have tax payables if you reach an amount of income that qualifies for taxes. If your profit is below the taxable income, there’s nothing to be stressed about.
When forming a legal entity, make sure that you are aware of the three business forms: sole proprietorship, partnership, and corporation. Register your business with the right entity. If you are the only owner, it should be a sole proprietorship. If you have partners to do it with, it can either be a partnership or a corporation.
4. Bank account and card
When starting a crypto business, you need at least one bank account and a credit card. You will operate your company online and you need bank accounts to receive and disburse money.
Once you have your business registered, open an account bearing the name of your company. Don’t use your personal accounts as this can break the credibility of your business. Clients online are now more than meticulous. If they discover anything not related to the websites, for instance, depositing their fund in your personal account rather than the business account, they won’t trust your company.
5. Permits and licensing
Registering your business is not enough. You need to acquire proper licenses and permits to operate legally. You should never open your business without these documents. If you want more clients to trust you, you better prepare a complete list of permits and get them all before your opening.
Branding is also important when starting up a business. One reason why you have to come with a unique business name is that you will need it to raise brand awareness. Raising brand awareness will help your business reach your target market or even those beyond your reach. Branding is now easier since the internet works many wonders for a virtual company.
Maguire Haigh is a content marketing manager for Spokeo. He is an expert in the business sphere. He prefers writing articles on marketing, social media presence, travel and startup topics. Maguire has great experience in travelling and deep knowledge of 5 foreign languages.