10 Steps to Starting your Business

10 Steps to Starting your Business

Starting a business takes planning, hard work, dedication and creativity; it means making key financial decisions and completing a series of legal activities, including registering with your city and state and potentially applying for certifications that could help benefit your business.

1. Create your Business Plan

A business plan is one of the most key elements of a successful business.  It is an essential road map, planning and forecasting your company over the next 3-5 years.  In your business plan will want to include how you are planning to start your business and how you will continue to make it grow, the structure of the company and financial projections.  Provide a company description, a market analysis of the industry you plan to enter, and include any types of funding requests you are planning to submit to financial institutions or investors.  Lastly, provide any details of certifications you plan to obtain.  There are many resources to help you with your business plan and Vanguard Global Solutions can help.

2. Get business assistance and training

There are an abundant amount of free training and counseling services available to new business start-ups.  Some of the assistance and training you may receive include writing a business plan, securing financing, learning how to expand, marketing or perhaps assistance when relocating your business.

3. Business Location

A major part of marketing, depending on the industry, is choosing a customer-friendly location that will comply with state zoning laws.  There are many things to consider when picking a location, some of which include: competition, local labor market, planning for future growth, zoning, and government economic incentives.

4. Financing your Business

There are many ways to fund a start-up business from personal-financing, government backed loans, venture capital, research grants, or private investors.  Depending on your business, you may need to purchase or lease equipment and office space.  You will want to consider the first three to five years in your financial planning.  On average it will take a small business three to five years to receive any return on their investment.

5. Legal Structure

It is important to decide the ownership that is best for you.  Consider the ownership with the type of business, taxes, partners and certifications you would like to obtain.  There are several types of ownership, they include: Sole Proprietorship, Partnership, Limited Liability Company (LLC), Corporation, S-Corporation, Nonprofit or Cooperative Organizations.

6. Registering your Business Name and/or your “Doing Business As” (DBA)

This process includes registering your business with the state government and is typically done through the Secretary of State.

7. Obtain a Tax Identification Number (TIN)

Research which TIN number you’ll need to obtain from the IRS and your state revenue agency.  If you are registering as a Sole Proprietor, you may use your Social Security number.

8. Taxes

You will need to register with your state to obtain a TIN number, workers’ compensation, unemployment and disability insurance.  These things should also be considered when choosing your legal structure.

9. Obtaining Business Licenses, Permits and Certifications

Research the requirements for your business.  You may need a federal, state, and local license or permit depending on your product or service.  You may also want to look into certifications to help improve the appeal of your business.

10. Employer Responsibilities – Hiring Process

Research your city and states requirements for hiring employees.  There are legal steps all businesses must take and abide by before employing others.

Vanguard Global Solutions, as a consulting firm, is able to assist with any and all of the steps listed above.  If you are interested in starting-up and would like assistance we would be more than happy to assist you with you start-up business needs.  Please contact Vanguard directly if you are interested in our consulting assistance.