Are you one of those who dream of owning your own business? You’ll be your own boss, and the captain of your destiny—–maybe even a captain of industry. Is it hard? Without a doubt. Is it challenging?
Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Click on the links to learn more.
Do You Have a Viable Business Idea ?
You have to put your idea to the test. Will it actually work and make money profit. It might be a product you’ve always wanted to make, or a service you feel people need. It might even be something people don’t know they need yet, because it hasn’t been invented!
Write a Business Plan
Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. Fill out the business plan questionnaire. You should create a word document for the business plan and a power point presentation to pitch your business.
Get Business Assistance and Training
Use the IRS.gov to understand the process of taxes when managing your business. Always ensure that you are diligent in handling business taxes.The SBA.com website is a great resource for understanding the process of starting and managing your business on a day to day basis. Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.
Choose a Business Location
Get advice on how to select a customer-friendly location and comply with zoning laws.
Find government backed loans, venture capital and research grants to help you get started.
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.
Register a Business Name (“Doing Business As”)
Register your business name with your state government.
Get a Tax Identification Number
Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.
Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
Obtain Business Licenses and Permits
Get a list of federal, state and local licenses and permits required for your business.
Understand Employer Responsibilities
Learn the legal steps you need to take to hire employees.
This information can be referenced to the most reliable sources for business development in the world these steps toward building your own business must be taken very seriously with each step being made completely.