Looking to move ahead with your small business idea? Having completed your business plan, you should consider the following points and use it as a checklist for starting up a small business. The following 10 points will set you on your way to hopefully a brighter future full of success and happiness with your new business.
Make sure that you have the necessary business licenses and/or permits as you will need these in order to begin your business. Licenses can be required by your city, state, municipality, and country and therefore you should contact your Secretary of State to find out what your business license requirements are for your industry. You should also get in touch with the local government agency in charge of the licensing process in order to understand the specific requirements and obtain the licenses necessary for your business.
You will need to obtain the federal tax identification number also called the employer identification number (EIN) from the Internal Revenue Service (IRS) for your business. The EIN is similar to a social security number but for your business and is required for corporations or LLCs that will have employees. The IRS uses the EIN to identify your business for taxation purposes. If applicable you may be required to obtain a state tax identification number for your business, and you should therefore contact your state’s taxation department to see if this is necessary.
Open a business account especially if you have a corporation or LLC as it is important to keep the owner’s finances separate from the business account. Choose the best business account for you and your business and ensure you have all the necessary information with you when you go to open the account. If necessary, as not all small business owners have sufficient capital to start a business, you may want to enquire about funding from bans or Small Business Administration loan programs.
As a new employer you will need to protect yourself, your business and your employees against any unexpected circumstances and AXA Business Insurance can help you to decide what your best cover would be. There are a wide range of business insurance schemes that you will need, ranging from property and general liability insurance to Commercial Auto Insurance such as, AXA Van Insurance. Checking the policy details is important to see what is and isn’t included in your cover and having the safety net of insurance could save your business’s future if the unexpected happens.
Marketing and Business Materials:
Ensure to have your business materials in order in time for your opening, such as your logo, business cards and stationery all of which help to form a business identity. This is also the beginning of the marketing and branding process. Use your business materials as a way of pushing through your marketing plan. Your marketing plan will be central to making people aware of what products you sell or services you provide as well as being able to find you.
Starting up a small business can be a stressful and bureaucratic process. However, at the end of it you will be able to look around your business comfortable in the knowledge that is set up in the best way possible. This is both an extremely exciting and demanding time, but taking a strategic approach will ease you into the world of business start-ups.