Choosing the Right Business Name and Type: Insights from a Real Estate Photography Entrepreneur

Starting a business is exciting, but it can also be overwhelming. There are so many decisions to make, and one of the most important ones is choosing a business name and type. In this video, the speaker shares his experience with selecting a business name and type for his real estate media solutions company, ListerPros.

Choosing a Business Name When selecting a business name, it's important to choose something that is easy to say and remember. It's also a good idea to choose a name that has an available ".com" domain name. This makes it easier for potential customers to find your business online. The speaker advises against choosing a name that boxes in your business to one particular service, as you can always leave the services provided for your slogan. It's essential to have a business name that accurately represents your brand and is flexible enough to accommodate changes in your business down the line.

Selecting a Business Type Before selecting a business type, it's crucial to consult with a tax advisor and attorney to figure out what business type they recommend for you and your business. This is because the type of business you set up will greatly determine your tax liability, as well as your liability in general. It's also important to consider the number of owners and employees you plan to have, as well as your long-term goals. The speaker started his business as a sole proprietorship, which meant he operated as an individual with no separation from himself and the business. However, after a year or so, it made sense to restructure the business as an LLC, taxed as an S corp.

Conclusion Choosing a business name and type can be challenging, but it's essential to take the time to get it right. A well-thought-out business name can accurately represent your brand and be flexible enough to accommodate changes in your business down the line. Choosing the right business type is crucial for tax purposes and to protect you from personal liability. It's always a good idea to consult with a tax advisor and attorney to ensure you make the right decision for your business.