This is an important one. When a business owner is transitioning from the day to day activities of selling to selling to selling to selling to selling, it can be a scary time. In this situation, I think the hardest part is figuring out the whole process and deciding what you want to achieve. Once you have that figured out, it gets much easier and there is no such thing as being paralyzed by fear.
I think a lot of people underestimate the amount of work it takes to turn a business from a one-person business into a two-person business because when we describe business owners as a one-person business we imply that they are somehow less than that. That’s not true, because we all work for a larger company with many employees. And I’m not saying there aren’t some great businesses out there that are just two-person businesses.
When you transition your business from a one-person business to a two-person business the first thing you have to do is look for a new name. You might have to change addresses, change phone numbers, and change your logo. Then you have to get a new logo, and get a new website! And it sounds like you might also have to hire a new employee. And that’s it! You’re out of the business. Done.
What if you really do need to change your business structure? Well, I could be wrong, but I doubt it. The first step in any business transition is to change your business name. To change your address, phone number, or logo you have to change your registration. If you are a business that is just two people your registration is the same as you now.
You can change your business name, but you cant change the registration. And yes, I do think your old name is fine. I think you can change your registration though. You could rename your company after your new name, or you could transfer your registration to your new company.
Changing your registration can be a time consuming process for some businesses and in the process you can lose access to your website or business cards. For most of us, though, we just have to do it. It can be scary and we don’t want to feel like we are ruining our identity.
When it comes to updating your registration, I would recommend changing it every year or so. It does take a little work to make the process seamless and you may be asked to register new businesses. Also, you might be asked to update your personal information, such as your mailing address, phone number, or credit card information. If you are a contractor and need to update your business address, check with your insurance carrier.
There are also some companies that will help you with renewing your insurance policy, but even if they’re willing to do this, you will be required to update your information. When you update your information, make sure to get it in writing too.
If you’re a small business that needs to update your info, you’ll need to get written permission from your contractor’s insurance company. If you’re a larger business that needs to update your info, you may need to wait a few months before it is approved. There are some companies that will help you with your update, but you will either need to wait a few months or else pay a substantial fee.
