There are certain steps every new business startup needs to take, whether you’re an entrepreneur who prefers working for yourself or a baby boomer who wants extra retirement income. These steps include:
Business structure. You have several choices when choosing the most appropriate business structure for your startup, including sole proprietor, partnership, Limited Liability Company (LLC), or corporation. This is when a consultation with a business attorney is necessary, especially if you have property or personal assets you want to protect from any potential business liabilities.
Business name. When you you have chosen a name for your startup, you will want to be sure it isn’t already being used. If it isn’t, you may need to register your name as a DBA in the county where your business is based. You will likely want to trademark your name as well.
Business plan. A top priority should be to develop a comprehensive business plan that will spell out what products or services you will be offering, pricing, location, market analysis, financing, and financial projections. If you’ve never written a business plan, you can view examples and get instructions at bplans.com or sba.gov.
Insurance. You may need to secure liability insurance for your startup depending on what kind of business you plan to operate.
Permits and tax documents. You may need to get a city or county license (the costs and terms of business licenses are different in every city and county), a federal and state employer identification number, and a number of other documents. If you plan to lease a location, you should have your business attorney review the commercial lease agreement.
If you are thinking about starting a business, call us today at (888) 597-0685 to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit. Normally, this session is $1,250, but if you mention this article and we still have room on our calendar this month, we will waive that fee.