HOW TO START A SMALL BUSINESS

Most people if given a choice would like to be their boss. This is the reason that entrepreneurs start businesses. Along with this, it is also a burning passion to do something different and meaningful that lies behind any enterprise. However, passion and desire to start a business are not enough to do so and be successful at it. This is because starting a business requires planning and a lot of hard work. Along with the basic activities of starting the business, there is much legality that you have to work on. Let us look at some basic steps which will help you to start your own small business.

The first step is to write a business plan by using the tools and resources required. With such a written guide you can easily map out how you will start and run your business.

Then you require some basic training, and you can take help from many free counseling and training programs. These training programs cover subjects right from preparing a business plan and getting the necessary financing to expanding or relocating a business.

Then comes the task of choosing a location for your business which should be customer friendly. You will also have to comply with the zoning laws.

The next is to find financing to start your business. It is implausible that you have saved enough to help you start a business. Hence you will have to look for government financing, venture capital, and research grants. Then again many banks and lending organizations also provide business loans to start a business.

You also have to decide on the legal structure of your business and the form of ownership that suits you the best. The different forms of ownership are a sole proprietorship, partnership, limited liability, corporation, S corporation, nonprofit and cooperative. The paper work and laws about each are different, and you will have to comply with them.

You also need an identity by which your customers and other people will recognize your business, for which you need a business name. You will have to decide on a business name which no one else has, and you should enroll your business name with the state government. You also have to conduct some research on the tax identification number you will require from the IRS and your state revenue agency.

You also must register for state and local taxes and obtain a tax identification number, worker’s compensation, unemployment, and disability insurance.

Then comes the tough task of getting the correct licenses and permits from the authority. Here it is advisable to take legal help from a lawyer.

Understand your liabilities as an employer because if you are going to hire people for your business, then this is necessary.

It is wise to contact your local SBA office to learn how they can help.

These are the ten steps to start a business anywhere in the United States. Of course it is tough and requires a lot of paper work and leg work, but in the end owning your own business is a feeling that only those who have experienced can explain.