You’ve got the BIG IDEA, and you’re excited to hit the ground running. Here’s a check list to make sure you’re ready to start up and grow.

Starting a small business can be overwhelming, but with careful planning and attention to detail, you can set yourself up for success.  

File your Entity with the US Government

• Choose a Business Entity Type (e.g., LLC, Corporation, Partnership, Sole Proprietorship)
• Register with the Secretary of State’s office in your state
• Obtain an EIN (Employer Identification Number) from the IRS
• Obtain any necessary business licenses and permits at the federal, state, and local levels
• Register for state and local taxes (e.g., sales tax, income tax)
• NEW! File your Beneficial Owner Information Report with FinCen

 

Set up Departments Needed for a Business to Succeed

• Accounting: Set up an accounting system to track income, expenses, and taxes. Hire a bookkeeper or accountant if necessary.
• Human Resources: Develop an employee handbook, job descriptions, and policies and procedures. Hire employees if necessary and ensure compliance with employment laws.
• Marketing: Develop a marketing plan to attract customers, including branding, advertising, and promotions.
• Operations: Establish processes and procedures for delivering your product or service efficiently and effectively.
• Customer Service: Create a plan for handling customer inquiries, complaints, and feedback.
• IT: Set up hardware, software, and a website if necessary, and ensure data security and backup.

 

Other Helpful Tips

• Create a business plan to help guide your business decisions and secure financing.
• Obtain business insurance to protect against liability and other risks.
• Network with other business owners and industry professionals to gain insights and support.
• Keep track of your finances and regularly review financial reports to make informed decisions.
• Stay up-to-date on industry trends and regulations to remain competitive and compliant.