Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. This information and more is available from the U.S. Small Business Administration, www.sba.gov.
Step 1: Write a Business Plan. This document outlines your key goals, investment information, and a financial map which you will present to investors or a bank.
Step 2: Get Business Assistance and Training. Professional counseling services can help you prepare a business plan, secure financing, or help you expand a business.
Step 3: Choose a Business Location. Make sure it is customer friendly and complies with local zoning laws.
Step 4: Finance Your Business. There are multiple services to help you pick the best loan programs.
Step 5: Determine the Legal Structure of Your Business. Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
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Step 6: Register a Business Name. This is done through your local state government office.
Step 7: Get a Tax Identification Number. This is called an EIN (Employer Identification Number). You will need this to register with both the IRS and your state and/or local tax commission.
Step 8: Register for State and Local Taxes. This included workers compensation, unemployment and disability insurance.
Step 9: Obtain Business Licenses and Permits. This is done through your city, county and/or state agencies.
Step 10: Understand Employer Responsibilities. Learn the legal steps you need to take to hire employees.