Starting your own business is not as difficult as some may believe. Recent federal budget changes now offer more money to invest in small businesses. This means that entrepreneurs who need loans will have an easier time obtaining traditional loans. And if they can’t qualify for traditional loans there are alternative means to get financing. If you’re thinking about starting a new business here are the essential steps that are guaranteed to get your business up and running.
Create a Viable Business Plan. There are many resources that can assist entrepreneurs in making a workable business plan. Business plans are important as they will be the document presented to investors to convince them to finance your business. The plan will also be a guide to help you keep track of your business’ progress.
Find the Best Financing. Decide how you want to finance your business. Your type of financing may depend on your particular kind of business. There are many options to choose from. Will you obtain private or government loans? Is applying for an SBA loan right for you? Are microloans an option? Can you depend on family and friends? Do your research to decide which would be the best option for your business in the long run.
Obtain a Business Name and Tax I.D.: Register your new business with the state and obtain a tax identification number from the IRS.
Get Your License and All Permits. Get all licenses and permits needed for your type of business.
Choose a Smart Location. Can your business operate efficiently online? If so, it will save you a lot of hassle and expense. But if you choose a brick and mortar location, consider a location that’s easily accessible to customers and resides in your target audience.
Hire an Employee. Before hiring your first employee, get an employer identification number (EIN), set up records for withholding taxes, register with the state’s new hire reporting program, get worker’s comp insurance, set up a recordkeeping system, and get to posting your open positions. The order you do these things will depend on your specific type of business.
The experienced merchants of FAM believe in providing competent merchant loans for startups. First American Merchant has helped thousands of small businesses start profitable merchant accounts, despite bad credit, tax liens, former bankruptcies, or FICO scores.
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