Starting Your Business

Posted on by Prapti

Experienced entrepreneurs agree that there are key steps that must be taken in order to increase

chances of success. Following these steps will help indentify your industry, target market and provide

beneficial methods to keep your business viable and profitable. Later in this manual we will explain the

particulars of each step and places you can go for free professional advice.

Develop a Business Plan – A business plan is crucial when seeking small business grants or low interest

loans from financial institutions, government organizations, corporations or private lenders. A business

plan can also be updated to reflect the changes within your company as it grows. This manual will

provide you with information to put together a professional business plan in Chapters 3 and 4.

1. Become a Business Expert – Learn all you can from people who have done it before and proven

their success. Avail yourself of any free business counseling or training services that are available either

on the internet or in your local community.

2. Location, Location, Location – You need to decide whether you will start a home‐based business

or if it would be best to find office space. You will need to check with your local zoning laws in order to

ensure your business complies with all existing orders.

3. Grants and Loans – Depending on the type of business you plan to start you may be eligible for

government or corporate grants. Alternatively, there are places that offer special low interest business

loans and are often government backed in an effort to boost local economies. These are designed to

help launch new businesses or to aid in expanding existing ones.

4. Registration of Business Structure – You will need to establish how you want to legally set up

your business: a partnership, a sole proprietorship, a cooperative for profit/non‐profit, corporation etc.

The next section of this manual will explain the differences. Once you have made that decision the next

step is to decide a name for your business and register that name with the state.

5. Internal Revenue and Taxes – You will need to secure a tax identification number from both

your state revenue department and the IRS. This is especially important if you plan to have any

employees as you may be required to register for such things as disability insurance, worker’s

compensation and unemployment benefits.

6. Permits and Licenses – Research you conducted for your business plan will have given you all

local, state and federal licenses or permits that may be required.

Proper planning and research are the factors that will separate you from the hundreds of businesses

that never make it past the first few critical years. Without proper planning, you will not only minimize

the chances of success, but grants and low interest loans will most certainly be out of your reach. Any

institution, whether it be government, private or a corporation, will want to know that you have thought  6

of every possible contingency and that the company they are investing in has a realistic chance to

succeed and grow.

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