Starting a small business can seem overwhelming at first, but if you are reading this blog post, chances are you are brave enough to consider it or already have. Since small business make up 99.7 percent of the U.S. economy it seems like you aren't the first and won't be the last. But, if you have that entrepreneurial gene, what you want is the best.
Whether you want to start a business with 5 employees or 300, the fundamental and basic steps are essentially the same. The U.S. Small Business Administration lays out these steps for starting a business that might just be the beginning of a beautiful relationship between you and your dream.
- Write a business plan
- Get business assistance and training
- Choose a business location
- Finance your business
- Determine the legal structure of your business
- Register a business name "doing business as"
- Get tax identification number
- Register for state or local taxes
- Obtain business licenses and permits
- Understand employer responsibilities
- Contact Eagle Point Insurance about a commercial policy
We added number 11, but we think that having the right insurance for your business is an important step in the process! Whether you're starting a flower shop or an auto body repairs shop, following these simple and fundamental steps is bound to set you up for success.
Noelle Kimble with Foremost Blog
Image courtesy of KROMKRATHOG at FreeDigitalPhotos.net