Six Steps

Six Steps to Startup Success

1. Conceive your Business

a. So you’ve got a great idea for a business and you want to know if you can make it work. You will need to do some research and look at your idea from all angles. The business feasibility guide will help you answer these and more questions.

b. Choose a name for your business

c. Write a business plan

d. Determine location

2. Structure your business

a. Choose an organization type

b. Consult professionals (accountants, attorneys,etc.)

c. Set up your financial systems

3. Prepare all necessary forms, permits, and licenses

a. Federal, state, and local requirements

b. File company papers with the State Dept. of Assessments & Taxation

c. Obtain a federal tax identification number

d. Register your business name

e. Obtain all necessary licenses and permits

f. Fulfill all employer requirements

g. Secure intellectual property if necessary (Patent)

4. Fund your business

a. Use your own assets

b. Borrow from friends and family

c. Borrow from a bank or other lending institute

5. Taxes and insurance

a. Determine and fulfill all tax requirements

b. Set up detailed record keeping systems for deductible expenditures

c. Set up system for tracking information for income tax forms

d. Obtain insurance

6. Manage your ongoing business finances

a. Determine weekly, monthly, quarterly, and yearly tasks

b. Understand and determine methods for improving cash flow

c. Understand management of receivables

d. Decide whether you should hire employees, contractors, or temps