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30 Things You Need to Know

30 Things You Need to Know. 1. Determine if the type of business suits you. 2. Use a break-even analysis to determine if your idea can make money. 3. Write a business plan, including profit/loss forecast and a cashflow analysis. 4. Find sources of start-up financing. 5.

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30 Things You Need to Know

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  1. 30 Things You Need to Know

  2. 1 Determine if the type of business suits you.

  3. 2 Use a break-even analysis to determine if your idea can make money.

  4. 3 Write a business plan, including profit/loss forecast and a cashflow analysis.

  5. 4 Find sources of start-up financing.

  6. 5 Set up a basic marketing plan.

  7. 6 Identify the number of owners in your business.

  8. 7 Decide how much protection from personal liability you will need, which depends on your business’s risks.

  9. 8 Decide how you’d like the business to be taxed.

  10. 9 Research the various types of ownership structures.

  11. 10 Think of several business names that might suit your company and its products or services.

  12. 11 If you do business online, check if your proposed business names are available as domain names.

  13. 12 Check with your county clerk’s office to see whether your proposed names are on the list of fictitious names in your county.

  14. 13 For Corporations or LLC: check the availability of your proposed names with the Secretary of State.

  15. 14 Do a federal or state trademark search of the proposed name. If a proposed name is being used as a trademark, eliminate it if your use of the name would confuse customers.

  16. 15 Register your business name with your county clerk as a fictitious name.

  17. 16 Register your business name as a federal or state trademark if you will do business regionally or nationally and will use your business name to identify a product or service.

  18. 17 Register your business name as a domain name if you will use the name as a web address too.

  19. 18 Identify the features and fixtures your business will need.

  20. 19 Determine how much rent you can afford.

  21. 20 Decide what neighborhood would be best for your business and find out what the average rents are in those neighborhoods.

  22. 21 Make sure any space you are considering is properly zoned for your business. (if working from home, make sure your business activities won’t violate any zoning restrictions on home offices).

  23. 22 Before signing a commercial lease, examine it carefully and negotiate the best deal.

  24. 23 Obtain a federal employment identification number by filing IRS Form SS-4.

  25. 24 Obtain a seller’s permit from your state if you will sell retail goods.

  26. 25 Obtain a local tax registration certificate (business license).

  27. 26 Obtain insurance.

  28. 27 Set up your accounting books.

  29. 28 Familiarize yourself with the general tax scheme for your business structure.

  30. 29 Obtain IRS Publication 334, Tax Guide for Small Business.

  31. 30 Obtain IRS Publication 583, Taxpayers Starting a Business

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