Steps For Starting A Small Business

Prepare A Business Plan;

            www.VenturePointOnline.com offers a business plan outline on our “Resource Library” page. Or visit your local SCORE office or Business Development Center. If you’re not comfortable with writing one yourself there are companies that specialize in this.

 

Tax Structuring;

           www.VenturePointOnline.com offers a breakdown on the “Resource Library” page of the most common forms; corporation, sole proprietorship, general partnership, limited partnership, “S” corporation and limited liability company. It is advisable to consult an attorney or CPA for advice on which form will be the best fit for your company.

 

Personal Credit;

            If you intend to use a financial institution or investor for funding of your business, check your credit report first. The three major credit report agencies are; Equifax/ www.equifax.com, Experian/www.experian.com, and Transunion/www.transunion.com.

 

Register The Name Of Your Business;

            You will need to make sure that the name you have chosen for your business has not already been taken. This can be done by calling the Secretary Of State’s office or go online. If it is available then you will need to register it with your county office. If you intend to trademark your company’s name or logo, to check for US availability and applications go to; ourwww.USPTO.gov. A business attorney that specializes in patents and trademarks can also help you with this process. 

 

Business License;

            You will need to obtain a business license for the municipality in which your business is physically located.

 

Tax ID Number;

            This form is SS4 and is available through the IRS, your CPA or tax advisor.  The IRS website to obtain this form is : http://www.irs.gov/businesses/index.html

 

Register Your Business With Your State Tax Commission;

            This form is available through your state office or CPA and can be used to obtain an employer withholding number if you have employees and a retail license.

 

Real Estate;

            Whether buying or leasing real estate have an attorney review all transactions in case there are special considerations. And as a lessee make sure you are clear as to who is responsible for maintenance, up keep or damage to the property.

 

Zoning Regulations;

            Check with your city or county offices for zoning, occupancy permits, and sign permits.

 

Insurance;

            You will need to consult an agent on liability, Workers’ Compensation, casualty insurance, bonding etc. this will vary according to the type of business and number of employees.

 

Bookeeping;

            If you are not using an in house accountant or bookkeeper then you will need to consult one for advice on establishing a bookkeeping system.

 

Checking Account;

            Open a business checking account. Do not use your personal accounts for business transactions.

 

Credit Card Merchants;

            If your business will be accepting credit cards, check with the bank you are doing business with, and then shop around to make sure you are receiving the best possible rate.

 

Special Licensing or Permits;

            According to the type of business or industry you are going into it may require additional licensing or permits; Health Department, hazardous materials, occupational and professional licensing boards, OSHA, ABC, Department of Agriculture, etc.