How Do I Start a Small Business?
- Steps to Start a Small Business
- Do Your Research
- Make a Business Plan
- Plan Your Finances
- Choose a Business Structure
- Pick and Register Your Business Name
- Get Licenses and Permits
- Choose Your Accounting System
- Set Up Your Business Location
Do I need a business plan?
- A formal business plan is necessary to show all interested parties, employees, investors, partners and yourself that you are committed to building the business. The business plan should clearly lay out the long-term milestones that are most important to the success of your business.
Why do I need a P&L?
- P&L statement is the record of the good news of sales and the less propitious news of expenses. It provides valuable information to managers and owners including the costs of goods sold, gross margin, selling and administrative expenses, and net profit.
How do I start the payroll process?
- Steps to help you set up a payroll system for your small business
- Obtain an Employer Identification Number (EIN)
- Check Whether You Need State/Local IDs
- Independent Contractor or Employee
- Take Care of Employee Paperwork
- Decide on a Pay Period
- Carefully Document Your Employee Compensation Terms
- Choose a software package to assist
What happens if you don't collect or pay taxes?
- If it's determined you owe taxes and you don't respond or can't pay, the tax authorities can take assets or put liens on them, potentially damaging your credit. Don't ignore notices; even if you can't pay in full, you might be able to set up a payment plan over time.
What skills are essential in a small business manager?
- Financial management. Being able to effectively manage your finances is critical.
- Marketing, sales and customer service
- Communication and negotiation
- Project management and planning
- Delegation and time management
- Problem solving