What Does It Take to Start a Business?

May 18, 2017 Dia Sawyer Uncategorized 0 Comments

So you have an idea for a business that you just know will be a booming enterprise right from the start?

Don’t just day dream about it, go out and do it! The U.S Small Business Administration (SBA) has published the below 10 steps to starting your own business.

The links provided are invaluable for getting started off RIGHT from the very beginning. And remember, when the time comes, and you are ready to grow your business to the next level, we are here to help! Call John Sawyer at 870-277-4171 or [email protected] to find out if invoice factoring is the right choice for your business. ConstructionFinance.com

10 Steps to Starting a Business (from the SBA Small Business Administration website)

Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Click on the links to learn more.

Step 1: Write a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name (“Doing Business As”)

Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

Step 7: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Step 8: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 9: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.

Step 10: Find Local Assistance

Contact your local SBA office to learn more about how SBA can help.

Startup Resources

There are a number of available programs to assist startups, micro businesses, and underserved or disadvantaged groups. The following resources provide information to help specialized audiences start their own businesses.

You can save money when starting or expanding your business by using government surplus. From commercial real estate and cars, to furniture, computers and office equipment, find what you need for your business in one place.

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