While a new business can be exciting, there are also many decisions to make. Instead of feeling overwhelmed, talk with your local Small Business Administration to discover 10 things every new business owner should know.
- Write a Business Plan: Outline details about your business, like the products or services, pricing and marketing procedures. This plan changes over time, but the initial document outlines your concrete plans for business success.
- Ask for Help: The SBA matches you with a professional business owner. With free mentoring, you find advice and answers that help you launch your business.
- Choose a Location: Decide if you will work from home, rent office space or buy a building. Consider zoning requirements as well as the location of your suppliers and competitors.
- Obtain Financing: Most new business owners need financing to start and grow their business. We offer unsecured business loans you can use at your discretion. Without an established business credit rating, you can obtain financing options that make your business ownership dreams reality.
- Structure your Business: Forming a Sole Proprietorship, LLC or partnership affects your business’s taxation and liability. Understand the pros and cons of these structures before choosing one.
- Register your Trade Name: Your name provides brand recognition and indicates the services you offer. Choose and register an effective business name.
- Get Tax ID: An Employer Identification Number of EIN allows you to meet certain IRS criteria. Obtain one if you plan to hire employees or form a corporation.
- Register for Taxes: Understand the tax laws and compliance requirements before you make your first sale.
- Obtain Permits and Licenses: Before you open for business, accurately complete permit and licensing requirements in your state and local municipality.
- Hire Employees: Before hiring a subcontractor or employee, understand the difference between the two and complete all necessary paperwork. Non-compliance leads to fines and other unpleasant consequences.
Whether business ownership has been a lifelong dream or a way to supplement existing income, contact your local Small Business Administration or UnsecuredBizLoan and discover the 10 things every new business owner should know.
To apply for funding for your small business, use the form on the right to begin the application process.