The BizFilings blog covering business tips and trends.
8 Items to Keep on Your Small Business To-Do List
Published on Nov 23, 2010
Learn 8 Items to Keep on Your Small Business To-Do List at 'Time to Start Up,' the small business blog by BizFilings.
As you very well know, there are a lot of t's to cross and i's to dot when it comes to starting a business. Maybe coming up with the savvy business idea was the easy part for you.
But now there are a number of other steps to take as you prepare to take the plunge into business ownership. Here are eight of them:
Write a business plan. Business Owner's Toolkit recommends some helpful hints in writing your business plan, including sticking to the general format and presentation. "Just as your teachers in school expected you to conform to certain standards, the people who will look at your business plan will have certain expectations," according to www.toolkit.com experts. The meat of the business plan primarily consists of the cover page, table of contents, executive summary, business background, marketing plan, action plans, financial projections and the appendix.
Incorporate your business or form an LLC. It's important to consider incorporation as a way to protect your assets as you prepare to start a business. Incorporation serves as a buffer in shielding your personal assets from legal woes associated with your business.
Obtain your federal tax identification number (EIN). The EIN identifies your company much like a Social Security number IDs you. It's used on all federal income tax filings and is typically required to open a business bank account.
Obtain the necessary business licenses and permits. Avoid costly penalties by obtaining the proper licenses and permits applicable to your business and jurisdiction.
Open a business bank account and establish credit. Ensure you have a business bank account to separate your finances and expenses from your personal accounts. It's also important to establish a line of credit for your business to build credibility.
Comply with government requirements. Unemployment insurance, worker's compensation, OSHA, payroll tax requirements, etc. fall into this category.
Decide where you will be working. Retail space or home? Each business location comes along with its own stipulations. If you are home-based, check zoning requirements. If you are leasing office or retail space, you will need to prep your space with the essentials to operate your business.
Select an accountant and an attorney. Choose an accountant and an attorney to best represent your business' interests and goals.
What other items would you add to this small business owners' to-do list?