M3-1: Business Name & Structure
So let’s talk about your business setup where Shopify is concerned. Shopify requires some basic business information.
In Shopify’s “General” Settings you will need to enter your Legal Business Name. That means you will need to have your business setup before launching your Shopify store. Keep in mind your business name can be different than the brand name. It can actually be advantageous to have them be different, because some day down the road you will want to sell your business.
Typically you don’t sell your business, you sell your business assets. By keeping your brand(s) separate, you can maintain your company and build other brands with ease and sell them separately when the time is right. It’s always a good idea to think about your brand exit strategy early-on.
As an example, Nelson Wear (company) and sold off the Tat2X, iM Sports and Skin Guards brands. After selling the brands, I closed the Nelson Wear business since I wasn’t going to stay in the apparel business anymore.
Your business name can be different than a brand name. You may want to opt for creating a more generic company name and then use a DBA for your creative brand name. We will cover your brand name in much more detail in a future module all about branding.
Need help setting up your business (business plan, financials, business location, legal, HR, etc.), contact your local SBDC office for free assistance. If your business is in downtown Long Beach, check out the DLBA programs.
The business structure you choose will have legal and tax implications. Learn about the different types of business structures and find the one best suited for your business.