Owning a business is just about everyone’s dream job; never having to work for anyone else but yourself. However, once you finalize your determination of being a new business owner, there are many obstacles to overcome to start your business and keep it afloat.
- Start A Business
As with everything, there must be a starting point for a business. We have conveniently outlined important processes for being a business owner.
Write a business plan
Outline your business processes for a projection of 3-5 years. A business plan should include most, if not all, of these key elements:
- Company Description
- Market Analysis
- Organization & Management Strategies
- Services and/or Product Specifics
- Marketing & Sales
- Funding
- Financial Projections
- Summary
- Appendix
Choose a business location
Determining the best location for your business can sometimes be tricky. Do I need a physical location? Is my business online or home-based? Below are a few things to consider when choosing the proper location for your new business.
- Location Zoning Laws & Fees
- Home-Based Zoning Laws
- Commercial Space Leasing
- Buying Government Surplus
- Leasing Office Equipment
Business Financials
As with anything, your business has to be financially stable and funded. A strongly structured plan for attaining the initial funds and maintaining these funds is pertinent for any successful business. The following items can make this task more simplistic:
- Estimating Startup Costs
- Using Personal Finances
- Borrowing/Financing Costs
- Preparing Financial Statements
- Developing A Cash Flow Analysis
Determine the business structure
This consists of the type of company you want to be. Depending on the type you choose, there are different taxes and fees affiliated with them, such as:
- Sole Proprietorship
- Limited Liability Company (LLC)
- Cooperative
- Corporation
- S Corporation
- Partnership
Business name
Believe it or not, there is legal importance to the business name you choose and how you operate. Therefore, you must do the following steps to become and remain compliant:
- Choose a Business Name
- Register the chosen business name
- Register with State Agencies
Register for state and local taxes
Depending on the type of business you have, the state you operate in, and other factors, there are certain requirements that need to be met in order to determine how you file and the taxes associated. Examples are as follows:
- Obtain your Federal Business Tax ID
- Determine Federal Tax obligations
- Determine State Tax obligations
- Determine when the tax year starts
Obtain licenses and permits
Depending on your business, in order to legally operate a business, there are certain state and federal operating requirements that you may need to obtain, which consist of:
- Federal licenses & permits
- State licenses & permits
- Local licenses & permits
2. Hire & Retain Employees
- Determine if you will hire regular employees or contractors
- Perform background checks
- Offer required employee benefits
- Distribute employee handbooks
3. Running a Business
- Managing Business Finances & Accounting
- Marketing
- Sales
- Human Resources
- Insurance
- Emergency Preparedness
4. Growing your Business
- Forecast your growth
- Develop a marketing plan
- Technology usage Resources
5. Business Laws & Regulations
- Industry laws and regulations
- Employment & Labor Laws
- Fair Practices
Once you have taken that initial leap to become your own boss by starting your very own business, you can become successful as long as you follow all the rules and regulations and maintain proper business techniques.
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