Step Six
Apply for an EIN (Employee Identification Number). You may obtain an
EIN from the IRS online. (www.irs.gov). The application is real simple and
takes about 5 minutes. As a sole proprietor you may apply or if you are a
corporation any officer may apply. You'll receive it immediately.
Step Seven
Get your business license. For certain types of businesses, you must file
for a license. The Small Business Administration website can tell you if
you need a business license for your chosen type of business. Once you
are licensed, you can begin conducting business.
Step Eight
Open a Business Checking Account. It’s best to have a separate account
for all business transactions. If you are not a corporation, tell your bank
you want to set up a DBA (Doing Business As) account or they may not
deposit checks made out to your business name. Get your business
name on your checks. A basic business checking account should not
cost you over $10.00 a month. This gives your business a professional
look and allows you to begin to establish a relationship with your bank for
possible future financing.
Apply for an EIN (Employee Identification Number). You may obtain an
EIN from the IRS online. (www.irs.gov). The application is real simple and
takes about 5 minutes. As a sole proprietor you may apply or if you are a
corporation any officer may apply. You'll receive it immediately.
Step Seven
Get your business license. For certain types of businesses, you must file
for a license. The Small Business Administration website can tell you if
you need a business license for your chosen type of business. Once you
are licensed, you can begin conducting business.
Step Eight
Open a Business Checking Account. It’s best to have a separate account
for all business transactions. If you are not a corporation, tell your bank
you want to set up a DBA (Doing Business As) account or they may not
deposit checks made out to your business name. Get your business
name on your checks. A basic business checking account should not
cost you over $10.00 a month. This gives your business a professional
look and allows you to begin to establish a relationship with your bank for
possible future financing.
How To Start a Business:
8 Simple Steps to Start You
on Your Way
by Lisa Phillips
8 Simple Steps to Start You
on Your Way
by Lisa Phillips
America thrives on entrepreneurs. Just about anyone can start a business
with little to no start-up capital. It will take a lot of hard work and dedication
so it is advisable that you do something you are passionate about or at
least something you don't mind spending time nurturing and growing.
with little to no start-up capital. It will take a lot of hard work and dedication
so it is advisable that you do something you are passionate about or at
least something you don't mind spending time nurturing and growing.
Step Two
Select the type of small business you want to start. Start with something
you are passionate about or at least interested in. The possibilities are
virtually endless. See business ideas for start-ups under $500.00.
Step Three
Research the field you are entering. The Internet has made it very simple
to perform research. There is lots of free information that will aid you in
your task. Examine the field, find your competitors and see how their
business is structured. Marketing is key for any small business.
Brainstorm ways you can market your business and create a niche in
your chosen area.
Step Four
Prepare a Business Plan or Plan of Action. Writing a business plan can
be a daunting task. If you are planning to apply for a small business loan,
having a business plan is helpful. However, not everyone is prepared to
write a full plan and many successful businesses have started without a
complete business plan. If writing a business plan is not something you
wish to do, at least take time to write a simple Plan of Action. Your plan of
action should include your financing needs, marketing ideas and step by
step action to take you to your goal of starting a functioning small
business.
Select the type of small business you want to start. Start with something
you are passionate about or at least interested in. The possibilities are
virtually endless. See business ideas for start-ups under $500.00.
Step Three
Research the field you are entering. The Internet has made it very simple
to perform research. There is lots of free information that will aid you in
your task. Examine the field, find your competitors and see how their
business is structured. Marketing is key for any small business.
Brainstorm ways you can market your business and create a niche in
your chosen area.
Step Four
Prepare a Business Plan or Plan of Action. Writing a business plan can
be a daunting task. If you are planning to apply for a small business loan,
having a business plan is helpful. However, not everyone is prepared to
write a full plan and many successful businesses have started without a
complete business plan. If writing a business plan is not something you
wish to do, at least take time to write a simple Plan of Action. Your plan of
action should include your financing needs, marketing ideas and step by
step action to take you to your goal of starting a functioning small
business.
Step Five
Determine how you will structure your business. Choose between a sole
proprietorship, partnership, corporation or LLC. Each type of structure
has different rules and liabilities. The simplest structure is a sole
proprietorship and if you have no employees there is no need to become
a corporation right away. It's easy to upgrade your business to a
corporation down the road. However, if you have employees or plan to
sell a product that may trigger a lawsuit, you might want to consider
incorporating sooner than later. See How to Structure Your Business
Determine how you will structure your business. Choose between a sole
proprietorship, partnership, corporation or LLC. Each type of structure
has different rules and liabilities. The simplest structure is a sole
proprietorship and if you have no employees there is no need to become
a corporation right away. It's easy to upgrade your business to a
corporation down the road. However, if you have employees or plan to
sell a product that may trigger a lawsuit, you might want to consider
incorporating sooner than later. See How to Structure Your Business
Register Your Business Name
When starting a new business always register your business name, even if
it's a home-based business. If you decide to incorporate, your business
name will be registered in accordance with your State's incorporating
requirements. If you structure your business as a sole proprietor register
your business in the appropriate county or province.
Registering your business is a very important initial step in starting a
business. It not only allows you to see if someone else has registered a
business in that name, but also enables you to open a business checking
account.
When starting a new business always register your business name, even if
it's a home-based business. If you decide to incorporate, your business
name will be registered in accordance with your State's incorporating
requirements. If you structure your business as a sole proprietor register
your business in the appropriate county or province.
Registering your business is a very important initial step in starting a
business. It not only allows you to see if someone else has registered a
business in that name, but also enables you to open a business checking
account.
| Copyright RebuildCreditScores 2008. All Rights Reserved |
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Step One
Calculate how much
available capital you'll use
to start your small business.
The more money you have,
the wider your options for
the type of small business
you can start.
Consider getting a business
loan or begin to build
business credit to finance
your business start-up.
Calculate how much
available capital you'll use
to start your small business.
The more money you have,
the wider your options for
the type of small business
you can start.
Consider getting a business
loan or begin to build
business credit to finance
your business start-up.
10 Steps to Building Business Credit
Building business credit can be accomplished regardless of your personal
credit history.
Micro Business Loans
Do you need just a little cash to grow your business try a microloan from the
SBA.
Business Loan Sources
A little Creativity and al lot of determination can get you the money you need.
Getting a Business Loan without a Business Plan
Increasingly small business owners are bypassing tradition and obtaining
financing without a business plan.
Building business credit can be accomplished regardless of your personal
credit history.
Micro Business Loans
Do you need just a little cash to grow your business try a microloan from the
SBA.
Business Loan Sources
A little Creativity and al lot of determination can get you the money you need.
Getting a Business Loan without a Business Plan
Increasingly small business owners are bypassing tradition and obtaining
financing without a business plan.
More Resources
Related Topics
 | Bad Credit Business Loans | |
| 8 Steps to Start a Business | |
| How to Structure your Business | |
| Social Lending for Business Loans | |
| Business Loans for Veterans | |
