Have You Finally Decided to Start a Business of Your Own?
Do you know exactly what kind of business it will be and everything that’s required to get that business up off the ground and running as soon as possible?
Chances are good that there are a few, if not several things you have yet to consider when starting your own business such as:
- What information needs to go into a formal business plan.
- Choosing the best legal business structure for tax purposes.
- How to file employer tax ID and other required government documents.
- Identifying and securing the special licenses and permits you’ll need to run a business legally at your location.
- Figuring out all the legal requirements needed to hire employees for your business.
Ready to Learn More About Launching Your Own Business?
Follow these 5 steps to help you start a business and get it off the ground as quickly as possible:
Step 1: Write a Business Plan
There is so much work that goes into researching and writing a formal business plan. Banks and investors won’t even consider dropping money into your business unless they can see (on paper) just how well thought out and prepared you are to take your respective industry by storm!
Click here to learn more about completing market research, writing the actual plan, and for helpful links to all the resources you’ll need to get it all done.
Step 2: Choose a Business Structure
Have you decided on which entity you’ll use to register your business with city and state governments yet? There are several to choose from and factors like the number of partners and investors you have, and how much liability you’re comfortable with will all help determine which structure will work best for your business.
Click here to help decide which business structure is right for you.
Step 3: Learn How to File Your Tax and Employer ID Documents
When you start a business, Uncle Sam needs to know about it so you can be a dutiful citizen and pay your taxes, among other things. All new businesses are required to complete a business license application before opening their doors (including before hiring the first employee). There are also a number of circumstances that existing businesses need to be aware of with regard to these documents, in order to keep their tax and employer ID documents in good health.
Learn more about filing tax and employer ID paperwork from the following pages:
- https://www.usa.gov/file-taxes
- https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein
Step 4: Determine if You Need a Special License or Permit
There’s nothing worse leading up to launch day than finding out you need one or several special licenses or permits in order to legally run your business. Then you need to make sure you’re compliant with all local, state, and federal regulations as they relate to running your unique business. This is a sad reality that exists in most countries around the globe and in the United States; you need a license for pretty much everything.
Click here to learn more about fulfilling licensing and permit requirements for your business.
Step 5: Learn About Employee Hiring Requirements
As if you don’t already have enough things to worry about, now you have to hire employees to help make your business all it can be!
- Did you know you can’t officially hire an employee until you’ve filed your business license application with your state, and had it accepted?
- Or that you only have a certain amount of time to hire your first employee after completing your business license application?
- And, just how long do you have until you need to register your new hires with the Department of Social and Health Services?
Click here to learn the answers to these and other common questions about employee hiring requirements for your business.