Steps To Start Your Own Business

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Follow These 9 Steps to Starting a Business

Starting a business involves planning, making key financial decisions and completing a series of legal activities. These nine easy steps can help you plan, prepare and manage your business. [amprotect=2]

Step 1: Write a Business Plan: There are hudnreds of books, audio and videos that will guide you on how to create a business plan. Find a written and visual guide that will help you map out how you will start and run your business successfully. Free resources are also available on the internet and with your national, regional or local business organizations such as a Chamber of Commerce.

Step 2: Get Business Assistance and Training: Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. These are available everywhere. There are no excuses for you to be mis or uninformed about the steps you need to take and ‘how-to’ do it.

Step 3: Choose a Business Location: Get advice on how to select a customer-friendly location and comply with all of your local laws. This is important for you to research even if you plan to operate out of your home and utilize only an internet address.

Step 4: Finance Your Business: Find government backed loans, venture capital and research grants to help you get started if you need serioulsly large financial resources. In the speaking, training and seminar business you may be able to start on a shoe-string with very little external financing = if any.

Step 5: 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. Check your national, regional and local laws to ensure that you are in full compliance. Not doing so may land you in trouble with serious violations and infringements.

Step 6: Register a Business Name (“Doing Business As”): Having determined your legal structure you should then register your business name with your local government. If your business is international you would want to research the necessary criteria of the locations in which you will operate.

Step 7: Get a Tax Identification Number: Learn which tax identification number you’ll need to obtain from the tax departments (such as the IRS) and your revenue agency.

Step 8: Register for Jurisdictional Taxes: Register with your local agencies to obtain a tax identification number, and other important tax related clearances such as workers’ compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits: Get a list of national (federal), regional (state) and local (city) licenses and permits required for your business. [/amprotect]