When you’re getting ready to launch your fashion business, there are some basic steps you should take for laying the foundation and getting it set up legally. Below is a checklist that will help you cover the basics.
Taking these steps will make sure that you’re able to do important things early in your business launching journey such as attend tradeshows and other industry events, source materials at wholesale prices, get business credit, get payment terms like Net30, and more.
Go through this checklist to “officially” create your business.
- Choose a name and register your domain
- Resource for registering domains: Namecheap
- Claim all the social media handles for your business
- Choose a legal structure
- Obtain your EIN (or equivalent in your country)
- In the US
- In Canada: Business Registration Online – Get a Business Number, Overview of all business topics, and Registering with the government
- In Australia: Register for ASB, Register your business name, and Register your company
- In UK: Apply for a National Insurance Number, Business and self-employed info, and Setting up a business (includes setting up business for taxes)
- In Europe: Here are top tips for setting up a business in Europe.
- In Nigeria: Register with CAC
- Research your state or province to see what licenses may be required
- Open a business bank account
- Create your startup expenses budget
- Learn about that here
- Decide whether you’ll trademark your brand now or later
- Getting a trade mark is a costly and time consuming process. Whether you get one from the start or wait until you have the money, is totally up to you.
Once you’ve completed this checklist, congratulations! You’re now an “official” business!