What do you need to know to open a business? In order to get started, use a checklist to make sure you have covered the basics. The U.S. Small Business Administration suggests the following 10 steps.
The first and most important step, in my opinion, is to write a business plan. Having a business plan will give you direction and help you focus. It will also help you to get a handle on what funds you will need, and help you to identify your resources and partners. This first step and the remaining steps to include in your checklist are:
- Write a Business Plan
- Get Business Assistance and Training
- Choose a Location
- Finance your Business
- Determine your Business Structure
- Register your Business Name
- Obtain your Tax Identification Number
- Register for State and Local Taxes
- Get Business Licenses and Permits
- Understand Employer Responsibilities
You may also wish to align yourself with several professionals for guidance and advice. You may have questions about taxes, financing, trademarks and liability, that an accountant, a banker, an attorney and an insurance professional should be able to answer. In addition these and other professionals may be able to assist you at each step of the process if you need help.
If you need legal assistance, call the Royal Legal Group, LLC. 202-255-6921 For more information on the steps to take when starting a business, and to help you identify resources go to www.sba.gov.