Starting a business involves planning, making financial decisions and completing a series of legal activities. The following 10 easy steps can help you plan, prepare and manage your new business.
- Write a business plan. Map out who you will start and run your business successfully.
- Get business assistance and training. Take advantage of available tools and free training to help you prepare and plan.
- Choose a business location. Select a customer-friendly location and get informed of zoning laws.
- Finance your business. Find government backed loans and research grants.
- Determine the legal structure of your business. Decide which form of ownership is best for you: sole proprietorship, partnership, limited liability company, corporation, S corporation, nonprofit or cooperative.
- Register a business name.
- Get a Tax ID number. Learn which tax ID number you’ll need to obtain from the IRS.
- Register for State and Local taxes. Register with your state to obtain your tax ID number, worker’s compensation and unemployment & disability insurance.
- Obtain business licenses and permits. Get a list of federal, state and local permits & licenses you will need.
- Understand employer responsibilities. Learn the legal steps you need to take before you can hire employees.
Read all of these steps and more on the Small Business Association website!