8 Things to Do When Starting a New Business | Kedean's Generation

Steps You Need to Take When Starting a Business

June 3, 2019

There’s a lot of planning and thought that goes into starting up a business. It’s important to make sure you’ve covered all your bases and addressed all the issues you need to before you can actually move forward with your new company.

With this in mind, here’s a quick overview of the main steps you need to take up when starting your business, from a company that assists with business registration in Union City:

Develop your business plan: A business plan is going to be critical not only for guiding your company forward (especially in its early years), but also for showing potential investors that you have thought through all the important aspects of your business and that yours is a company worth supporting.

Location: Determine where your business will be located. If you will have a physical location for your business, make sure it is customer friendly and that you abide by all zoning laws and local ordinances for business operation.

Funding: Very few business owners are able to start up a company with just the money they have in their own bank account. You’ll need to take out loans, get grants or secure some venture capital from investors to really solidify your business financially in its early phases.

Structure: While forming your business, you also need to consider the kind of legal structure and ownership you will use. Common choices include a sole proprietorship, a partnership, a limited liability company (LLC), an S corporation, a corporation, a cooperative or a nonprofit organization

Training and assistance: Take advantage of whatever counseling and training services are available to you as a new business owner in your state. You can get help preparing your business plan, learn about how to attract funding from investors and get information about relocation and expansion.

Register: Register your business name with the state, and get your tax identification number from the IRS and the state revenue agency. Make sure your business name hasn’t already been registered by another company—it needs to be unique enough for the government to allow the registration to go through.

Licenses: Do some research into the types of federal, state and local licenses and permits that will be required for you to operate your business, and then apply for all of those licenses and permits. This process can take some time, depending on the licenses you’re applying for, so it’s important to begin this process as early as possible.

Learn about hiring: If you’re going to be hiring employees right away, make sure you understand all of the legal responsibilities as an employer that go along with this. Failure to comply with employment law could subject you to large fines and other significant consequences.

For more information about the various steps you need to take when first starting up a business, we encourage you to contact Kedean’s Generation for assistance.We specialize in helping clients like you with business registration and also provide a range of additional tax and financial services for businesses.

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