Starting a business
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There are many steps that go into starting a business - many dependent on the type of business you are starting. Following is a list of the key steps that you need to take in almost any business.
- Apply for an Employer Identification Number (EIN), if applicable
- Calculate a break-even point.
- Choose a tax year - fiscal or calendar
- Choose an accounting method - cash or accrual
- Determine risks
- Determine which form of legal ownership (corporation, partnership or sole proprietor) is best you.
- Establish goals
- Establish start-up finances
- Find a mentor
- Get business cards
- Identify and analyze the competition
- If you have employees, have them fill out I-9 and W-4 forms
- Market research
- Name your business
- Obtain any permits or licenses that are necessary
- Obtain insurance for the business
- Pay business taxes - http://www.irs.gov
- Protect your business ideas.
- Select a bank
- Select a business structure - go to www.irs.gov for types
- Take the Small Business Association business readiness assessment test - http://app1.sba.gov/sbat/index.cfm?Tool=4
- Write a business plan
- START!
