Small businesses tend to be operated by entrepreneurs who either take on their own franchise branch or who develop their own unique business in an effort to make money out of a passion or dream. Therefore, it makes very good sense that many small business owners have more than one business-or more than one branch to one small business.
If a small business owner wishes to establish a separate branch, product, or service under one business, the business owner may want to set up a DBA (doing business as) denomination. It may also be wise to speak with a financial advisor or tax expert for assistance establishing the right financial portals for the small business to ensure that the DBA is legal and financially smart. You may also want to add a specific DBA entity business plan to your overall business plan to ensure that you’re still on the right path with your overall business goals.
Here are some tips for establishing a DBA for your small business:
Decide on a DBA Name
In order to establish a DBA branch of your business, it is important to take time to research business names. You will want to have a unique business name that does not infringe on any trademark, service mark, or copyrights of other businesses.
Your attorney can help you to research business names throughout the country that could be in competing markets. You can also get started looking for similar business names in the local phone book and online.
Tip: many businesses select their business names based on the availability of the business name URL. If a URL is available with the business name you’d like, chances are good that it is a unique business name that would be suitable for your business.
Complete Necessary DBA Legal and Government Documents
Your local government office will have some paperwork for you to complete in order to correctly establish your DBA. Get a hold of these forms from your city or country government office. There are often fees associated with establishing a DBA, as a DBA is a legal entity, just as your business is. The DBA may also be listed on your business license.
Submit a Notice to Your Local Paper
You may have to submit a DBA notice to local publications listing the DBA as being an entity of your primary business. For example, in the state of California, business owners are required to run a DBA notice within 40 days of the DBA filing. The DBA is then valid for five years. The DBA notice also needs to be published for four consecutive weeks in the publication with five days between the notice publication dates.
You may also want to share information about your new DBA establishment with your own email distribution list.
Trademark Your DBA Name
It’s often wise to trademark your DBA name so that no one else will use it as their own business name. You may want to file the name with the state or local government office. You can also get a national trademark by paying a slightly higher fee for the national trademark.
You may not need to have a DBA or a trademark if your business is your full name. Also, if you get a loan with a DBA company, you may have to use the loan funds for the DBA company-depending on the specific arrangement you may with the lender.
Get started establishing your DBA today in order to take your business to the next step on your quest for business success!
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