10 Important Steps When Starting a Small Business

Starting any small business, no matter what you plan to do or where you plan to do it, requires a good bit of planning, research and due diligence. It’s great to be an expert in something but being an expert anything doesn’t always mean you qualify instantly to be a small business owner. For those that wish to be their own boss, here are 10 Tasks you must accomplish to make it a reality.

1) Write a Business Plan.  Sound simple?  It’s not, but it’s vitally important to plotting out what you’re going to do, how you’re going to do it, and how long it will take. Imagine this; you’re going on a world trip and your Business Plan is your map. Without it you’ll be lost, so make sure it’s a good one.

2) Need help with the Business Plan? Look for an expert and hire them to help you.

3) Get your financial ducks in a row.  Wherever you can, secure the financing you’re going to need to stay afloat until the revenue starts coming in.

4) Register your business as a sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

5) Choose a location. This is vital to the success of your business but it also needs to be in your budget. Remember you can always move the business later if need be.

6) Register your business with your State and give it a name.  Don’t try to make it too catchy or silly unless the type of business calls for it.

7) Make Uncle Sam happy and get your Tax ID number from the IRS.

8) Register with your State to pay State Taxes and with your local government also. They will help you with the paperwork for worker’s compensation, disability insurance and unemployment.

9) Get your Business License. You may need to check with the Federal government, your State and your community to see exactly what you need, and you may need more than 1. Also make sure you read and understand the legal steps you need to take to hire employees and employee rights.

10) Prepare to work harder than you ever have in your life. Make it and the rewards could help you achieve the life of your dreams.

This is a very brief overview of what you need to accomplish to start a new business. The fact is, the better prepared you are the better chance you will have of success.  Good luck.