STARTING A NEW BUSINESS

Are you starting your own business?

Here are some basic steps

Write your business plan

Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.

Fund your business

Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.

Pick a location or work from home

Are you ready to find a location or is your business home based or online.

Structure your business

How you structure your business will determine what you will need, as far as registrations and licenses, how you file taxes, and personal liability.

NAming your business

Once you have picked a name for your business you may need to register with state and federal agencies to protect your business identity. You can obtain a DBA at your county clerk’s office. Or register your business as an LLC, Partnership or Corporation with the state you live in.

Federal and state requirements

You will also need an EIN (employer identification number) and a tax id may also be required in the state you are starting a business.

Open a business checking account

It is always a good idea to keep a separate checking account for your business, Your bank may require you to have proof of your business by requesting a copy of your DBA , EIN or incorporations documents.

record keeping

Keeping a record of you business income and expenses is essential not only to the operation of your business but also to meet you tax responsibilities.

Consider using a simple ledger, excel spreadsheet, receipts books or an accounting software to keep accurate records of you business income and expenses.

Lastly using a card reader, PayPal or other software to receive and send payments. Most of these companies will send you a 1099 record of your income.

Good luck on your new business