Write a Business Plan. Form goals & objectives for you new company. Start with a detailed outline of what you plan to accomplish.
Obtain Start-Up Capital. Whether you use your own savings or obtain loans, starting a business requires money and the process can take months to complete, so start early.
Set Up a Legal Business Structure. Setting your company up as a corporation or LLC are popular entity structures for many small businesses. This protects owner’s personal assets from business debts and liabilities.
Obtain a Federal Employer Identification Number [EIN]. Otherwise know as an EIN, Incorporated businesses that hire employees must have one of these. They are issued by the IRS.
Satisfy Business Licensing Requirements. Most state, county & local governments require businesses to obtain licensing before they begin to operate.
Establish a Web Presence. Having a website is essential in today’s business world of internet searches and social media. Register a URL that is memorable and relevant to your company and/or industry.
Develop Business Collateral. Businesses use customized letterhead, cards, and forms with their company name logo and website to establish credibility.
Open a Bank Account & Merchant Account. To protect their corporate or LLC veil, businesses must maintain separate business and personal accounts and records.
Indentify Where To Get Help. Know where and when to seek advice from other sources, such as attorneys and accountants, to assist you with specific questions about your business. Establish a board of advisors or mentors to help you along the way.
Follow Government Rules. Operating a business means satisfying ongoing government and legal requirements to maintain the company’s good standing. Stay aware of the steps needed to maintain your company’s status.