Starting a Business: 50 Things You'll Need to Do

Starting a successful business requires specific actions.

Are you ready to start YOUR business? You are in an elite group. Every year, thousands of brave Americans catch the entrepreneurial spirit, launching small businesses to sell their products or services. While some new endeavors thrive; many fail. The more you learn about starting a business, the more likely you will form a company that will reward you and your associates with a lasting source of income and satisfaction. The following list is the minimum criteria necessary to assist you. By no means can any list be completely comprehensive. The list is a starting place. Your journey must include constant learning. dba020.com cannot guarantee your success. Your success is dependent on your personal constant actions.

Evaluate and Develop Your Business Idea



1. Research your ideal type of business.
2. Make sure your new business idea will make money (use factual not delusional data).
3. CREATE your business plan - DO NOT OMIT ANY SECTION FOR A TYPICAL business plan.
4. Get funded - be creative. Use friends, family, banks, angel investors, venture investors, etc.
5. Establish your company's first marketing plan.




Learn the best legal entity for your new startup



6. Choose your parthners but choose them well. Or, you can even go it alone!
7. Determine what type of protection you need in the way of licenses, insurances, etc, based on your business.
8. Consult with a Certified Public Accountant to determine your tax structure.
9. Determine if your company would ever need to raise moneys from the sale of stocks.
10. Research the various business structures:
• Sole proprietorship
• Partnership
• LLC
• C Corporation
• S Corporation
11. Consult with a qualified attorney before you settle on a structure.




Naming your Business



12. Visit websites that assist you in brainstoming business names based on your products or services.
13. If you paln to do online business, pick a domain name and business name that complements eeah other
14. Consult with your local county clerk's office to see if your proposed names are not already listed as fictitious or assumed business names in your county.
15. For entities other than sole proprietorship consult with your State's Secretary of State or other corporate filing office.
16. Search the proposed names against the USPTO - United States Patent and Trademark Office. You should not use a name that is listed or even closely resembles one on the list (think hard about this - you might have an exception).
17. Finalize on your new company's name.




Register the chosen Name



18. Register your business name with your county clerk as a fictitious or assumed business name, if necessary.
19. Register your business name as a federal or state trademark if you'll do business regionally or nationally and will use your business name to identify a product or service.
20. Register your business name as a domain name if you'll use the name as a Web address too.




Prepare Organizational Paperwork



21. Partnership:
• Partnership agreement
• Buyout agreement (also known as a buy-sell agreement)
22. LLC:
• Articles of organization
• Operating agreement
• Buyout agreement (also known as a buy-sell agreement)
23. C Corporations:
• Pre-incorporation agreement
• Articles of incorporation
• Corporate bylaws
• Buyout agreement (also known as a buy-sell agreement or stock agreement)
24. S Corporations:
• Articles of incorporation
• Corporate bylaws
• Buyout agreement (also known as a buy-sell agreement or stock agreement)
• File IRS Form 2553, Election by a Small Business Corporation



Establish a place of operation



25. Determine the image you want for your business.(
26. Use your business plan to determine how you will obtain your facilities - purchase, reant or lease.
27. Decide the best location for your business.
28. Verify proper zoning regulations for the location as they apply to your business. (If working from home, verify any zoning restrictions for home offices.)
29. Before signing a commercial lease, have your lawyer and CPA examine it carefully and then negotiate the best deal.




File for Licenses and Permits



30. Obtain a federal employment identification number by filing IRS Form SS-4 (unless you are a sole proprietorship or single-member limited liability company without employees).
31. Obtain a seller's permit from your state if you will sell retail goods.
32. Obtain state licenses, such as specialized vocation-related licenses or environmental permits, if necessary.
33. Obtain a local tax registration certificate, a.k.a. business license.
34. Obtain local permits, if required, such as a conditional use permit or zoning variance.




Obtain Insurance



35. Based on your business plan, determine what needs to be insured.
36. Contact an insurance agent or broker to answer questions and give you policy quotes.
37. Obtain vehicles insurances as necessary for all vehicles, personal or not, that will be used in your business.
38. Obtain liability insurance for your premises if customers or clients will be visiting.
39. Obtain product liability insurance if you will be involved in manufacturering any products.
40. If home-based, verify that your home owner's insurance will cover all contingencies for your new endeavor.
41. Determine if you are required by law to have and offer health & disability insurance for yourself and your employees.




Tracking the Moneys



42. Consult with your CPA for the most appropriate system of accounting for your type of business.
43. Consult with your CPA to determine your fiscal year.
44. Setup and use the accounting system for all transactions relating to your business.
45. Until your business is profitable, USE your CPA setup then audit your books. After your are established, you should consider hiring a bookkeeper or accountant.
46. Leagally purchase an accounting software package. Quicken Home and Business (Intuit), QuickBooks (Intuit) offer small business accounting software. Check with Microsoft to see if they offer a free copy of their bookkeeping software.




Set Up Tax Reporting



47. Know how your business will be taxed. It will affect pricing of goods and services.
48. Know what you can consider legal business deductions and depreciation.
49. Obtain IRS Publications 334, Tax Guide for Small Business, and 583, Taxpayers Starting a Business.
50. Obtain the IRS's Tax Calendar for Small Businesses.

Starting a business involves quite a few initial decisions concerning policies and paperwork. For more information about and help with starting a business, You should read all entries on this site and join our forum as an associate. You can also visit StartupNation(tm), as well as, many business centers offerd by American Express(tm), MasterCard(m), Yahoo!(tm), and others.

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