Start Your Business
By Jean Murray, About.com Guide to US Business Law / Taxes
Learn how to start your own business from idea to opening day. If you have a great idea for a product or service you want to offer, you will need to go through this process step by step. You will begin by choosing a name and location, and selecting a form of organization. Then you will estimate your startup costs and operating income and expenses. Finally, you will put everything together into a business plan and to actually start your business.
- First Steps to Business Startup
- Choose a Business Name and Location
- Choose Your Business Legal Type
- Starting a Business - Legal Types of Business
- Prepare to Pay Business Taxes
- Create Your Financial Projections
- Prepare a Business Plan
- Find Startup Financing for Your Business
First Steps to Business Startup
The first steps to business startup involve obtaining licenses and fees, setting up a business bank account, obtaining a business phone number, and in general establishing your business presence, either online or in your community.
- Apply for an Employer ID Number
- File a Fictitious Name (DBA) Statement
- Select Your Tax Year and Accounting Method
Choose a Business Name and Location
Creating a name for your business and finding a location may be the most difficult part of your business. Learn how to create a great business name and find a location that will work for you.
- Select Your Business Name
- Register Your Business Name
- Trademark Your Business Name and Logo as a "Brand"
- Select Your Business Location
Choose Your Business Legal Type
This decision is one which gives lots of new business owners problems, because there are so many possibilities, and the consequences of your decision can affect your business future. We will look at the criteria for selecting a legal form of organization and compare the various types of businesses - sole proprietorship, partnership, limited liability company, s-corporation, or c-corporation - to help you make an informed decision.
Starting a Business - Legal Types of Business
Each type of business - sole proprietorship, limited liability company, partnership, corporation - has different requirements for start-up. Learn about the specific steps to start the type of legal form for your company.
- Forming a Limited Liability Company
- Starting a Partnership
- Starting a Sole Proprietorship
- Starting a Corporation or S Corporation
Prepare to Pay Business Taxes
As you start your business, don't forget about taxes you must pay. Some, like sales tax, are collected and turned in to state or federal agencies. Other taxes are paid on your business income. Learn about these taxes and how to get registered to pay them.
- All the Taxes Paid by Businesses
- Get Started with Sales Taxes
- Income Taxes for Your Business Type
- Prepare to Deduct, File, and Pay Payroll Taxes
Create Your Financial Projections
One of the most important tasks in starting a business and obtaining financing is to put together financial projections. How much will the business take in as income? What is needed for startup? How much will the monthly expenses be? All of these questions need to be thoughtfully researched and determined. This section will discuss each step in the process of preparing financial projections.
Prepare a Business Plan
If you don't need money to start your business, congratulations! Even in this circumstance, you should still have a business plan, to help you chart your course and plan for all eventualities. In this section, you'll go through the process of creating a business plan, using a simple business plan template.
Find Startup Financing for Your Business
Now that you have done all the work of preparing a business plan, you are ready to start taking it to banks and investors and others. But how do you do that? Where do you go? What do you say? In this section, we will provide the answers.
