How To Start a Small Business

   We all know the basics, Find your passion, research the market, write a business plan, and get to work. What we don't know is how to we make sense of it all  What is legal required and what is not.

 1. Determine the legal structure of your business such as sole proprietor, C-corp, S- corp, Or LLC
       
             Having a hard time figuring this out Check out:    legalzoom.com  and    corpnet.com .

 2. Find out if you  need an  Employer Identification Number ( EIN).  This is often determined based on the business structure that best fits your business. 

 The IRS website is the best resource for determining if you need an EIN or  not and you may also  obtain you EIN through their website by filling out SS-4 Form. The Best new yet is  it FREE
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employer-ID-Numbers-EINs


3.  It is important to remember the legal requirements for small business vary based on county, city, and state.  Federal requirements are all the same no matter were you are located
                  
So contact you local city hall first find out what the licensing process is.
In most cases contractors and other small business require the basic business issued by the county.       Business license vary by county but generally range between $12.50-$200.00

4.  Register for state and local taxes if  you are selling a product you are often required to charge sales tax.  When offer a service in most cases you are not required to charge taxes on the service rendered. 

This is often something that is done at the same place you apply for you business license, so save yourself a trip and get them both at the same time.   

****  Remember that if you have a store front you must display your business license and you tax licenses , Along with the owners name, Address, and contact information.

5.Now that you have your business name, EIN and city license. Start a bank account just for your business. This makes the accounting so much easier

6. Start keeping records (  I will be bringing you details on this soon)

 7. Use your time wisely
These steps can be a time consuming process, so while you are waiting ( AND YOU WILL BE WAITING )  start advertising, spreading the word about the product or services that you are planning to offer. Start making business contacts and getting to know other business owners in your area.  It is important that you begin to form relationships with your local news paper and radio station they help get the word out and may throw you a bone.

 Take to social media it is a free resource that  will help get the word out about your business.

Also find out if your area has a  local chamber of commerce they will often help highlight new business in the paper or on their website.