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Starting a business is not just about having an idea. There are a lot of small (and big!) details to iron out: from financing to legal structure to developing a business plan.
Business Startup Checklist
Here, we’ll walk you through everything you need to start a startup. And you can download our business checklist to keep you on track as you take your first steps as a new business owner.
The Ultimate Business Startup Checklist
Spreadsheets are your friend when planning a business’s finances – and QuickBooks has a range of business budget templates that help you estimate monthly and one-time expenses for your business.
Just like homeowners need an emergency fund in case the roof starts to leak, you also need an emergency fund for your new business. The amount you will need will depend on the size of your business and whether you are keeping your current job or investing in your new business.
It takes at least a few months (and usually longer) for most startups to become profitable, so if your startup becomes your primary source of income, you’ll need at least a few months of operating expenses plus your own overhead costs. subsistence.
Avoid the family loan and the second mortgage. The best loan options include the Small Business Association, your local bank, or newer types of online lenders. Business USA provides a resource for finding government funding programs.
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You can even start a crowdfunding campaign to generate money, which is also a good way to test the viability of your business idea. However, remember that your goal is not to raise funds. Your goal is to build a viable business with products or services that really help your customers.
Before we get into the details of business registration, a disclaimer: what we provide here is a basic overview of the general requirements for most businesses in the United States. If you operate internationally or work in a niche industry, such as long-haul transport of tobacco and jet fuel, these guidelines are 100% guaranteed to cover everything you need to know about registering your business.
Even if your business is quite small, there may be specific requirements in your state or province that are not covered here. Whatever happens, be sure to do your own research with local and state governments or consult with an attorney to determine the legal requirements that apply to you.
There are four main types of business structures: sole proprietorships, partnerships, limited liability companies, and partnerships. For legal and tax purposes, determine which type you will operate under, although you can always switch to another type of business as your business grows.
Start Up Checklist
Sole proprietorships: This is the easiest type of business to start and manage. This means that you are the business and all business assets and debts belong to you as well. It also means that you are personally responsible for all business obligations such as lawsuits or unpaid debts, so it is the riskiest business structure.
Partnerships: Similar to sole proprietorships, except there is more than one owner. Co-owners generally structure their business relationship with operational partnership agreements. The partners share the legal and financial obligations of the business and also share the profits.
LLCs and Partnerships (LLCs and LLPs): When you form an LLC or LLP, you work as a “member” of the partnership, along with any business partners. If the business goes into debt or is sued, your personal assets are protected. Compared to businesses, there is less paperwork and lower start-up costs.
Businesses: When you create a legal entity, you create a separate legal entity that owns all the assets and liabilities of the business. Companies are generally more attractive to outside investors – you can “go public” with an initial public offering (IPO) and raise money by selling shares of the company.
Your Must Have Business Startup Checklist With To Do Items
Start writing down all the names that come to mind, including the ridiculous ones (brainstorming for bad ideas works!). This will allow your creativity to express itself. Plus, you can take things you like about throwaway names and incorporate them into your more serious ideas.
If you intend to register a trademark in the name of your business, keep in mind what cannot be a trademark:
Your name must also meet US requirements. Trademark Office for “distinctiveness”, meaning your mark should be unique enough to avoid confusion between you and other companies with the same name.
All businesses, except sole proprietorships without employees, must register with the IRS and obtain an Employer Identification Number (EIN). This is your business’ federal tax identification number, needed to pay taxes and open a bank account, apply for business licenses, and hire employees.
Simple Business Startup Checklist 2022
You may need to register your business with your state government. Use the Small Business Administration’s state search tool to find information about your state. Also check with your local government office if additional registrations or permits are required.
A business plan helps you define your goals and expectations and gives you a roadmap to get your business off the ground. If you’re planning on pitching to investors or applying for a business loan, you’ll need a business plan – most won’t even consider a pitch unless a business plan is attached.
Depending on the complexity of your business idea, a business plan can be as short as one page or a thick document full of data.
If you have some basic business experience or know-how, you can probably write a business plan yourself, but if you’re feeling completely lost or just want something to get you through the bigger steps effectively, business plan writing software might be the one for you. Good choice.
Checklist: 10 Rules For A Great Startup Idea
Some business plan platforms with monthly costs under $100 include LivePlan, BizPlan, and Enloop. IdeaBuddy is another platform to use earlier in the process when you’re still working on ideas to help you develop and refine your business concept and then guide you to a formalized plan.
With your business plan in hand, it’s time to lay the operational and financial foundations to get your business off the ground.
Even if you are a sole proprietor and your business is just yourself, having a separate bank account to manage your business finances makes your life easier. If you want to accept credit card payments online or in person, check out credit card payment processing services.
In some industries, you need licenses and permits to operate legally. This generally applies in industries where there is a risk of harm to the client, such as construction, hair salons and financial advice. Some municipalities also require home-based businesses to have a “Residential Occupancy Permit”, so make sure you know what licenses you need before opening your doors, regardless of your industry.
Ultimate Brand Startup Checklist
If you sell physical products and operate in a state that collects sales tax, you will likely need to register for a sales tax permit. Most states administer these permits for free or for a small fee.
Money can get complicated very quickly, so you’ll want to set up an automated financial accounting, budgeting, and documentation system before you start selling.
There are a number of accounting records that a small business owner should update regularly to keep their finances in order. These tasks include:
Unless you’re very confident in your skills with an Excel spreadsheet, you should invest in accounting software or consider hiring a part-time accountant. Check out the list of best small business accounting software for a few apps to try.
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Corporate taxes are very different from taxes on employees. The main difference is that small businesses must file quarterly taxes instead of annual ones. You need to have enough money to make the payment to the IRS every three months, which can take some getting used to.
If you have employees, you should also keep in mind that payroll taxes are paid by the employer to the government. If you’ve ever looked at your own paychecks, you’ll know that each contains a breakdown of the taxes deducted from your paycheck. These taxes are not collected directly by the government – they are collected by the employer, who is then responsible for sending the employee’s taxes to the IRS.
Once you hire employees, open a physical location, or start growing your business, you need some form of liability insurance. General liability insurance covers you if someone is injured on your property or as a result
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