The 1-2-3 of Starting Your Own Business

Starting a business involves planning, making key financial decisions and completing a series of legal activities.

These 9 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.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

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.

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.

via www.sba.gov

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