In part one of Practical Product Management, my goal is to help you lay groundwork so that you can start developing your idea. We will cover things like naming your company, obtaining tax id's, and insurance.

1. Practical Product Management
Turning Ideas Into Solutions

2. Part 1

3. ● This is for informational purposes only
● Seek professional assistance from accredited lawyers and
accountants
● I live in the United States so some laws may not be applicable
Ground Rules

4. Getting Started
● Naming your business
● Getting a tax id
● Finding a domain
● Opening a bank account
● Insurance

5. ● Don’t let this get in the way of getting starting
● Find a domain name that fits your brand
● A holding company is like a portfolio of companies
Naming Your Business

6. Holding Company
Holding
Company,
LLC
Brand A LLC
Brand B LLC
Brand C LLC
Brand D LLC
Brand E LLC

7. Getting A Tax ID
● Generally speaking, in the United States, you should start an
LLC
● An LLC stands for Limited Liability Company
● This separates you as a person from your company
● You can use your Social Security Number if a Sole Proprietor
● Go to this link to get started:
https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number
-ein-online

8. Opening Bank Accounts
● Banks
○ Watch out for fees
○ May want more documentation
○ Will offer most convenience and services
● Credit Unions
○ Limited fees
○ Easy to open
○ Bare bones services

9. Obtaining Insurance
● Call your local insurance agent and major carriers
● Generally will need:
○ General Liability
○ Workers Comp
○ Errors & Omissions
May want to consider
○ Cyber/Media
○ Property
○ Director's and Officer