Tuesday, Apr 17, 2018

10 Steps to Starting a Business

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.

Step 1: 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.

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.

Step 3: Choose a Business Location*

Get advice on how to select a customer-friendly location and comply with zoning laws.  *Randy can assist you in reviewing a lease to rent space or build a purchase agreement.  Always seek legal advice before signing any document!

Step 4: Finance Your Business*

Find government backed loans, venture capital and research grants to help you get started.  *Randy can aid you in understanding all the complexities of financing or capitalizing your business.

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 *Randy can explain the pros and cons of the various business structures that make the most sense for you.

Step 6: Register a Business Name ("Doing Business As")

Register your business name with your state government.

Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

Step 7: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

Step 8: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 9: Understand Employer Responsibilities*

Learn the legal steps you need to take to hire employees. The world of employee relations is a complex and highly litigated area.  Know your rights and responsibilities by consulting Randy before you hire a staff.

Step 10: Find Legal Assistance*

All businesses need legal counsel from time to time.  *Let trusted counselor Randy Rumph assist you in staring your new venture.