Anonymous
Anonymous asked in Business & FinanceSmall Business · 9 years ago

How to start a business?

I'm planning to start a local bra business. What would be the best way to go about that? How much money would be good to start with? How do I get the word out? Is there a checklist that I should do to ensure the best process of starting my business?

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  • Henry
    Lv 7
    9 years ago
    Favorite Answer

    Starting a business involves planning, making key financial decisions and completing a series of legal activities

    Step 1: Writing a Business Plan

    This written guide will help you map out how you will start and run your business successfully. Go to http://sba.gov/smallbusinessplanner/plan/writeabus... or http://www.score.org/template_gallery.html for instructions on how to write a business plan and sample business plans.

    Step 2: Get Business Assistance and Training

    Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Go to http://www.score.org/mentors and enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a volunteer SCORE mentor. They will guide you through the process and you can meet with them as many times as you need.

    Step 3: Choose a Business Location

    Get advice from a commercial real estate agent on how to select a customer-friendly location and comply with zoning laws.

    Step 4: Finance Your Business

    Find government backed loans, venture capital and research grants to help you get started. Any bank will require a business plan that shows that you can pay back the loan. You should have a credit score of at least 700. You will personally have to put up 30% of the funds as no bank is going to assume all of the risk. If you cannot get a loan, look at peer to peer lending sites such as http://www.kickstarter.com/ and http://www.prosper.com/

    Step 5: Determine the Legal Structure of Your Business

    Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative. You can do it yourself by going to your states website and then to the Secretary of the State section. There you will find a downloadable form. Fill it out and mail it in, together with the filing fee and in about a week, you will be an LLC.

    Step 6: Register a Business Name ("Doing Business As")

    Register your business name with your state government. Go to your states website and then to the Secretary of the State section.

    Step 7: Get a Tax Identification Number

    Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency. http://www.irs.gov/businesses/small/article/0,,id=...

    Step 8: Register for State and Local Taxes

    Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

    Step 9: Obtain Business Licenses and Permits

    Get a list of federal, state and local licenses and permits required for your business.

    Step 10: Understand Employer Responsibilities

    Learn the legal steps you need to take to hire employees. http://www.irs.gov/businesses/small/article/0,,id=...

  • dakch
    Lv 4
    5 years ago

    I suggest you learn "Skip College: Go Into Business for Yourself." It's an e-book, and the hyperlink is hooked up. There are tons of examples given, and methods to hold it useful. You are undoubtedly historical sufficient to begin your possess industry, however you undoubtedly desire a plan. You additionally have to discover some thing you are passionate approximately - you can be much more likely to experience it, and much more likely to make a well residing. Also, take into account that you can certainly not cross flawed serving to different individuals make THEIR desires come precise.

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