Ten steps to starting a new business

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Ten steps to starting a new business

Starting a business to pursue government contracts first involves planning, making key financial decisions and completing a series of legal activities to establish your new company.

These 10 easy steps can help you plan, prepare and manage your business. Click on the links below from the Small Business Administration to learn more. Then explore the remainder of the Academy to discover the processes and best practices necessary to succeed in this rewarding but challenging market.

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”)
Register your business name with your state government.

Step 7: Get a Tax Identification Number
Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits
Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities
Learn the legal steps you need to take to hire employees.

– Small Business Administration

By | 2019-02-21T13:52:30+00:00 November 8th, 2014|post, Small Business Strategies & Support, Uncategorized|0 Comments