When you plan to starting, you are going to research a lot of websites, books and articles concerning how to do it. You are going to get a lot of information of where to start and what legal steps need to get done. So without any order, here are our essential steps. In no particular and no particular priority.
Research: You already have something in mind. You have an amazing idea. But, will it fly? Check your “competition” or other businesses similar to yours. See if it works. From their experience, assess what you can do to match or exceed their businesses.
What are you doing: Do you have a business model? How will you monetize your business? How will you market and advertise it? How will you fund it? Think about structure and literal logistics.
Get representation: Every business needs one or at least their consultation. Get a lawyer. A business lawyer obviously. They are ones with knowledge of business and tax codes, confer with them before doing anything that requires a signature.
Count it up: Unless you can do this yourself, get an accountant. There are plenty of bookkeeping programs online now but if you can’t do it yourself, hire an accountant. There are also online accountant and virtual assistants online as well.
Name game: Business name. Have one ready. Have it trademarked. It’s important because this name will go on many legal forms.
Are you legal: Permits, licenses are a must. Nothing should be done under the table. Please confer with state, city and federal code to see what permits and licenses you need. Much like a social security number, you will need a tax identification number.
Realize you will pay: Taxes are always certain. You will pay business taxes. And at a certain point you will be paying for employee expenses, OSHA regulations, state and local taxes, unemployment insurance, sales tax, workers compensation, etc. Here again is a great time for consultation with a business attorney.
Money: Hopefully you have enough to start. If not, get a business loan. Also, open a business account at your bank. You can also start a business line of credit to handle other arbitrary expenses that may come your way.
Opening a business is a complicated feat and there are a lot of hurdles to leap over. Luckily, a lot of people have done it before you and are offering advice on books and online. Also, a lot of business attorneys are out there with a lot of legal and business advice. Help is out there so there is no excuse in not getting started today.
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