It Is A New Year…Time To Start That Business?!

Have you been playing around with the idea of a business..but have not taken the next steps?  Are you in a job that you hate, maybe your are underpaid or over worked?  Maybe you should seriously consider that crazy business idea.  Seriously think about all the ideas that have become viable and profitable businesses (I will not name names, I do not want to hurt feelings).

Okay now it is time to take the next step…take that idea of yours and put it down on paper.  Below are a list of things that you can do to get started.  Over the next couple of weeks I will elaborate on some of the topics (if you would however like to get started ASAP – awesome good for you! – feel free to email me and I can give you the runs down before I finish this small business startup guide)!

1.  Create a Business Plan – there are plenty of examples on the worldwide web and please understand that this will change and it is just a guide of how you see the growth of your business over the next 2 to 5+ years.

2. Training – research and see if there is any training, seminars, webinars in your area of business.  Often times there are plenty of free resources out there for you, take advantage!

3. Location  – this may be a local business or an online business…or both!  How will you distribute your product or services?

4. Entity Type – huh?  What type of business will you be (or CAN you be)? LLC, PA, PLLC, S – Corp…you should research (and possibly talk to an attorney) the tax implications of each along with the personal exposure you may have with whatever type of business you pick.

5. Business Name – yes you should decide on a business name fairly early.  How does the name fit into your business, will you be using it as a marketing and branding tool…or will it just be generic.

6. Register Your Business – make sure you register your business early, so that you know your business and entity type are still available and also so you can begin moving forward under the business name.

7. Tax Identification Number – once you have your name registered with your state, you can apply for a tax id.   They will ask if you plan on having employees and when (that is one of the reasons why the business plan is important).  You will also need this when doing things in the name of the business.

8. Local Taxes – you will need to check at the state level and local levels (city, county, etc) to find out who you will need to pay taxes to for your business.

9. License and Permits – just like the above you will need to check at the state and local levels for required business licenses and permits.

10. Bank Account – you should set up your bank account early on so that you can make payments in the name of a business, to setup a history (you do not have to pay everything out of the business account, but it will help with bookkeeping and building rapport with vendors).  The bank will want to see that you are a registered business with a tax id, so do those first before you get to this step!

These are just some quick steps to help you bring that little idea of yours to fruition!  Now go get started now!  Happy Saturday!

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