Starting a Business Checklist: Everything You Need to Know
There are a lot of steps that you need to take before starting a business. Here is a checklist of items to go through so that you set up correctly.2 min read
When you want to start a business, you will need to decide if your business idea is a viable one. This is done by working on a business plan to move forward with your idea.
To Write a Business Plan
Choose the type of business you want. This can be a Sole Proprietorship, Partnership, Corporation, or a Limited Liability Corporation.
Identify the goods or services sold.
Create a marketing plan.
Establish where the physical business is located.
While there are other aspects of a business plan to consider, it is important to at least have an outline before you start spending money on your business venture.
Find the Money
If you are starting out on your own, you will need all of the financial resources you can find. Get family and friends behind your business idea by starting an online campaign. You will need money to pay for your business to get going, and you will also need money to live on.
Get a Federal Employee ID Number
If you are going to run a Sole Proprietorship or a Corporation of 1, you can use your own social security number to identify your business. If you are setting up a Partnership, LLC, or a larger Corporation, you need a Federal Employee ID Number (FEIN).
Register Your Business Name
Contact your Secretary of State's office to register your business name. You must make sure that the name is available. You can register your business name online, and you will need your FEIN or social security number at that time. Register an online domain name so that you have a presence on the internet.
Know Your Responsibilities as an Employer
If you have employees, you will have a number of responsibilities. You will need to ensure the protection of your employees by proving coverage in the event of an injury or discharge. You will also need to deduct taxes from paychecks and keep track of this information. Many business owners utilize a local accountant to ensure this is set up correctly.
Contact Your Town Office to Ask About Special Licenses or Permits
You will need to have all appropriate permits or licenses to do business in your area. Find out what you need by contacting your town office.
Set up social media profiles on Facebook, Twitter and Instagram to get started.
Open a bank account for your business. Order business cards.
Meet with any co-founders and determine ahead of time what everyone is responsible for.
As you start your business, you will need to focus on your revenue stream right away. Making money should be your top priority.