Who are you, anyway? Here’s an outline with descriptions of a business plan’s key parts: That may sound like a lot, but don’t think that your business plan needs to be dozens of pages. Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. This starting a business checklist includes the most important tasks to get you started. Starting a business is exciting and challenging—and it takes a lot of hard work and planning. Although it’s not always required to open a separate bank account for business income, we recommend doing so for several reasons. 5 Best Lead Tracking Apps: Maximize Your Productivity and Sales. Get paid $1,000 to shop at small businesses for the holidays, 7 Best Workers Compensation Insurance Companies for Small Businesses 2020, Climate and seasonality (for example, a snowy climate may not be the best location for a surfing instructor business), Geography, travel, and distribution needs, Physical demands, such as parking, hardware, and manufacturing, State and local taxes, regulations, and licensing rules. If you’re not sure what to do next, these resources can help you juice up your online business presence: No business is without risk, and some organizations require more protection than others—that’s what business insurance is for. Here are some examples of federal business licenses you may be subject to: One final note: keep good records. Whatever works for your business, we’ve got the resources to help you get started: When you create a website, you have to pay someone to host it on the internet. Don’t be one of the 20% of small-business start-ups that don’t survive their first year—use this start-up checklist to plan, finance, and run your business successfully. What do you want your business to be known for? The truth is, it’s not. It’s important to note that the rules for making your business legal differ by state—and sometimes even by local community. Setup your funding and create a budget for starting the business; Have a logo created; Order business cards, envelopes and stationery for the business. The IRS says to get an EIN if any of the following apply: To get an EIN, complete and submit an application with the IRS. There are a few less common types of business structures too. Starting a business begins with answering three questions: Who are you? Starting a business takes commitment, patience, and hard work. But a home-based business carries some potential risks and drawbacks, such as extra distractions or a lack of human interaction. The 5 Best Mobile Credit Card Readers for Your Small Business. Depending on the kind of business you do, you may need special licenses or permits to operate legally. Visit your state government’s website to learn the details. You operate as a corporation or partnership. You’ve got to have money to get your business off the launchpad. Following a plan—like this checklist—can make your entrepreneurial process easier and more successful. Whether you’re a new entrepreneur or a business veteran, use our start a business checklist to bring your ideas to life. With expert research and comprehensive tools, BizFilings does the dirty work of finding which licenses you need to stay legal. Get finances in order 4. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. 17-point checklist for starting a business All businesses start with an idea. Your choice of location affects several factors, from the costs you pay to the services and hardware you need. Working from home is an appealing option for many small-business owners. This can affect which services appear on our site and where we rank them. What gives? Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. Your domain name can be anything you’d like, but—as with your business name—it should be short and easy to remember. Choosing a name for your business is one of the most important aspects of becoming an entrepreneur, but it doesn’t have to be daunting. You may choose to open a storefront in a leased or purchased building, work from your home, or even travel to a coworking space where you share an office with different businesses. Our advice? For offices that need multiple lines, you can get traditional phone, digital voice, or Voice over Internet Protocol (VoIP) services—or a combination. Yes, you’re going to have to work hard, and commit to working on it at all hours of the day, but actually getting set up is simply down to making sure you’ve “checked all the boxes,” which is exactly what this business startup checklist aims to help you do. By signing up I agree to the Terms of Use. Learn how to choose a point-of-sale system that works for you and which POS system we recommend for restaurants, cafés, and bars. Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform. From registrations to licenses and every cost and fee you pay, record and store the information securely. Here at Business.org, we’re all about supporting local small businesses. Starting a new business can be a bit overwhelming. If you’ve done any research on the topic, you may have noticed that business internet tends to be more expensive than residential services. Make sure you have the right structure, financial plan, services, and protection for your business to keep customers happy and the money flowing. Page Last Reviewed or Updated: 09-Nov-2020, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, IRS Tax Calendar for Businesses and Self-Employed, Electronic Federal Tax Payment System (EFTPS), Apply for an Employer Identification Number (EIN) if applicable, Treasury Inspector General for Tax Administration.