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Startup Saturday: 10 Tips & Resources To Starting A Small Business

[ 0 ] Oct. 19, 2013 | SBO Editor

Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps –with links to resources–can help you plan, prepare and manage your business.

Step 1: Write a Business Plan

This is a good way to answer all the question you might have about starting a particular business. Check it often and update your mission, goals and strategies.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Check sba.gov for resources.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws. Talk to realtors and other business owners in your community.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started. Google options and visit SCORE.org for help with getting a free mentor.

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.

Step 6: Register a Business Name (“Doing Business As”)

Register your business name with your state government. Call your country clerk’s office for information.

Step 7: Get a Tax Identification Number

Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.

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Category: Features