How to Start Your Own Business
Has starting your own business ever crossed your mind? There are some key points to consider before starting up a business on your own. Are you ready to live on a tight budget for the first couple of years? Do you have a knack for bringing in customers? Are you ready to give a lot of time and effort into working many hours to achieve success? Are you ready to work without vacations until you can establish enough business to warrant employees that can fill in for you if you decide to take a vacation? If your answer to all of the questions is yes!, then you're on the right path. There are a lot of "details" that have to be taken care of before you can start a business, but once they are taken care of, you are on your way to having your own business... being your own boss.
Here is a list of things to do to start your own business:
- Know Your Industry/Competition
- Look for Franchise Opportunities (brand name is already established)
- Write a Business Plan
- Register Your Business
- Get a Business License (if required)
- Apply for an Employer Identification Number (EIN) (Why do you need a Federal Tax ID Number?)
- Find Local Permitting Requirements
- Find a Location
- Do You Need a Resale Certificate (or Seller’s Permit)?
- Make it Legal - Find the Right Business Type You Will File Your Tax Documents Under (sole proprietor, partnership, LLC, Corp)
- Get a Business Bank Account
- Secure Financing, if required
- If you’re going into retail, make your presence known: send to local news outlets, create videos, build a brand
- Do Market Research
- Create Marketing Materials - Print business cards & flyers
- Create a Website (Making sure it is well optimized, mobile-friendly, and is marked-up properly for local search - IN Cart Marketing can help you with this!)
- Get a local phone number
- hint: Get a Grasshopper account - so you have a built-in auto-attendant to answer your phones for you!
- Establish social networks
Some resources used in the notes above.
Inc.com: How to Start a Business - 7 Steps To Get Started Today
Inc.com: How to Start a Small Business in a Few Hours
SBA.gov: Determine Your State Tax Obligations