Starting my own business checklist4/30/2024 ![]() "Most states require licenses and permits for all businesses to operate," Tumber said. You'll then need to complete some further documentation. You can get your EIN for free by visiting IRS.gov. In that case, you must register your business name and obtain an EIN, which is the business equivalent of a Social Security number and is necessary for business bank accounts and taxes. Suppose your small business is an LLC or S corporation. Obtain an EIN number, Necessary Licenses, and Business Registration Discuss your alternatives and what startup structure works best for your region with a SCORE mentor, accountant, and/or legal professional, as each state has specific laws and costs. ![]() If your company is sued, forming an LLC or S corporation can shield your personal assets while also providing tax benefits. Lastly, your local SCORE chapter offers an affordable desktop program, "Ultimate Business Planner." 3. LivePlan offers a $180 cloud-based business plan writing software. Another source would be Bplans which offers free templates and sample business plans. He also suggests using the free SCORE template. Tumber recommends adopting templates or using business plan writing software to save time. According to a 2010 Journal of Management Studies research study, businesses that used business plans grew 33.4% quicker than those that didn't. Develop a Business PlanĪccording to research, business strategies help organizations succeed. The tool will help you decide whether it's a good idea to pursue your concept. Who is your intended audience or target market?.The tool poses critical questions such as: SCORE, a free federal government program that assists startups and existing businesses, provides a one-page Business Model Canvas tool to help entrepreneurs with a fresh firm concept examine the sustainability of their business, according to SCORE mentor Raj Tumber. Examine Your Company Conceptįirst, ensure that your business concept is viable.
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