Below are the listed and specific steps required to set-up and start your business.
Once you’ve formulated your business idea and know where you’ll obtain the money to fund your new startup, just has we are hopeful for TEF Grant. The next step is to follow these instructions for starting a business for the first time!
1. Select a Name and Legal Structure
You basically have 4 choices when selecting a legal structure.
Sole Proprietorship Partnership Limited Liability Company (LLC) Corporation or S-Corporation
2. Write a Business Plan
If you haven’t already, prepare at least a preliminary business plan.
3. Obtain your Tax Identification Number (TIN)
4. Open the Company Bank Account
Select a bank and open the company bank account.
TIP: Contact the bank prior to opening the account to see what their specific requirements are to open a business checking account; some banks’ requirements are fairly simple whereas some banks’ requirements are extremely complex.
5. Lease Office, Warehouse or Retail Space (if not home-based)
Depending on your type of business (retail, office or warehouse), arrange for office space to be leased. Contacting a commercial realtor in your area can be helpful. Also, make sure to arrange for utilities and office furniture.
6. Obtain Licenses and Permits
7. Hire Employees (if applicable)
8. Set up an Accounting and Record-Keeping System
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years.
9. Obtain Business Insurance
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles.
10. Systemize and Organize
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business.
11. Develop a Business Identity
Order business cards, letterhead and promotional materials for your business. A professionally created logo can make your business look professional and established.
12. Get the Word Out (Marketing)
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer.
Source: - MyCompanyWorks™