Steps to Starting a Small Business – Infographic
The end of the year is a good time to evaluate your game plan for the coming year.
Should you finally get off the fence and start your own business?
It’s not a decision to enter into lightly. However, if you are patient, do your homework and follow a plan, your chances of success are greater.
What steps will you have to complete to get your business started?
Here is a basic list to give you an idea. It’s important to note that each step may involve sub-steps.
Starting a Business – Step-by-Step
- Self assess: check to see if you have what it takes to run a business. You can take an assessment here.
- Create a business plan: You’ll need a road map to help you find your way. The business plan is a valuable tool if you hope to attract investors or lenders. In completing your business plan you be forced to answer key questions about your business like: what is your product or service? Who are your customers? How will you market to your customers? What are expected sales and expense figures? And so on.
- Consult the experts: Take classes, get advice from the SBA and SCORE counselors, seek the advice of an attorney regarding your business structure (should you incorporate?) and an accountant regarding tax issues
- Decide on key issues such as your business structure, name and location
- File the proper paperwork: fictitious name statement (DBA), business licenses and permits, sales tax license, IRS id number (useful even if you won’t have employees)
- Learn about your obligations as an employer. If you hire anyone to work for you, even part-time, you may be subject to tax withholding obligations. The IRS holds regular workshops and provides publications and information online.
Want to start your small business but don’t know where to begin?
Here is an infographic with the basic steps you’ll follow.
Categories: For Business Owners