So you have finally done it! The hard part is over now that you have made the leap. You have decided on a business idea and are ready to get started making your dream a reality.
Starting a business involves planning, key financial decisions and completing the necessary legal tasks. The following 5 Steps to Starting a Business will help you plan, prepare and manage your business. Contact me if you need additional resources or would like help in completing these tasks.
- WRITE A BUSINESS PLAN
A written guide will help you map out how you will start and run your business successfully. There are numerous resources free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.
- FREE BUSINESS ASSISTANCE/TRAINING
Check with your local bank and Chamber of Commerce for any free or discounted classes/seminars being offered. Local classes/seminars are usually available to assist with your business plan, accounting software, etc.
- REGISTER BUSINESS NAME
Decide on a name for your business then check with your state government to ensure the name is available and register the name accordingly.
- DETERMINE THE LEGAL STRUCTURE
Speak with your Accountant and Legal Advisor to determine which legal structure is your best option: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation or nonprofit.
- REGISTER FOR STATE AND LOCAL TAXES
Register with your state and IRS to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.