Starting a business includes planning, making key financial decisions and completing a series of legal exercises.
These 10 steps help to plan, prepare and manage one’s own business −
● Step 1: Writing a business plan − Write all tools and resources required to create a business plan. This written guide will help in mapping out how to start and run a business successfully.
● Step 2: Getting business assistance − There are numerous programs available to assist startups, micro businesses, and underserved or disadvantaged groups.
● Step 3: Selecting a business location − Take suggestions on how to select a customer-friendly location and comply with the zoning laws.
● Step 4: Financing our own business − Search for government-backed loans, venture capital and research grants to help getting started.
● Step 5: Determining the legal structure of business − Decide which form of ownership is best – like sole proprietorship, partnership, limited liability Company (LLC), corporation, S corporation, nonprofit or cooperative organization.
● Step 6: Registering a Business Name like “Doing Business As” − Register the business name with the state government.
● Step 7: Getting a Tax Identification Number − Learn which tax identification number is needed to obtain from the IRS and/or state revenue agency.
● Step 8: Registering for State and local Taxes − Enroll with the State to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
● Step 9: Obtaining business licenses and permits − Enlist for federal, state and local licenses and permits required for the business.
● Step 10: Understanding employee responsibilities − Learn the legal formalities that needs to be taken care of to hire employees.