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Creating a Business Plan: Creating a business plan is one of the most essential steps you take. Your business plan serves as an important road map for the first few years of your business. The business plan can project up to 3-5 years ahead and outlines the route your new company will take to reach its yearly milestones, including elements such as revenue projections. A well thought out plan will also assist you to take step-back and think objectively about the key elements of your business venture.
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Business assistance and Training: Be sure to take full advantage of training and counseling services for your business to ensure your success! These services will help you successfully prepare a business plan, secure financing, and many other important assets to help you succeed.
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Choosing a Location: Location, Location, Location! Choosing a location is one of the most important steps in starting a business, which requires research and precise planning. Some factors that go into deciding a location are looking at demographics of the area, assessing your future costumers, looking into the competition, staying on budget, understanding state laws and taxes, plans for future growth, and much more.
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Financing Your Business: Find loan programs, venture capital, and research grants to help you get started.
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Filing and Paying Taxes: When you start your business you must decide what form of business entity to establish because your form of business determines which income tax return your business must file for. For example, income tax, self-employment tax, taxes for employers, and excise taxes.
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Register Your Business Name: Naming your business is extremely important for branding. If you choose to name your business anything but your own personal name you must register it with the appropriate authorities, this is the "Doing Business As" process.
- Get A Tax Identification Number: It is necessary to get an Employer Identification Number to identify as a business entity. Depending on your state, they will determine if you need a state number or charter.
- Register for State and Local Taxes: It is important to register with the state that you are in to obtain things like a tax identification number, workers' compensation, unemployment and disability insurance.
- Obtain Business Licenses and Permits: To legally run your business, you must obtain certain federal and state licenses and permits.
- Hire and Retain Employees: It is important to learn the legal steps you must take for your business in order to hire employees.