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Starting a new business should be an exciting undertaking but can easily become intimidating and overwhelming. The checklist below outlines the basic steps you should follow when starting a business.
- Complete a detailed business plan or click here to have an IncAssist Business Consultant help you develop a business plan. This step is time consuming but should not be ignored, as it will outline how and why your business is going to succeed. A business plan will require you research your industry, your market, your competitors and outline the goals and objectives of your company, show how you plan to achieve those goals and include a timeframe in which the company goals will be achieved. Statistics show that businesses that develop a business plan and follow it from the beginning increase their chances of success.
- Determine the best entity type for your new company. compare here
- Obtain, complete, and file the appropriate paperwork with the state you are forming your business in or click here to have IncAssist form your Corporation or to have IncAssist form your LLC click here.
- Obtain, complete and file the appropriate paperwork for an Employer Identification Number (EIN) from the IRS or have IncAssist complete it when we form your Corporation or LLC.
- Determine what licenses and permits will be needed and obtain them or contact us and we will help you.
- Hold a formal business meeting. Corporations should adopt bylaws, elect a board of directors and other corporate officers, and record minutes from the meeting. LLC's should adopt an operating agreemenet. Banks will usually need corporate bylaws and minutes for corporations or the operating agreement for LLC's in order to open an account.
- Create a Corporate Identity by designing a logo, business cards, letterhead/stationary and envelopes or click here to have IncAssist complete this for you. If you are creating your own, be sure to include your website domain info. Create your Corporate Identity Package with your website in mind for image continuity and branding.
- All businesses should create a professional website or click here to have IncAssist design one for your company. The majority of consumers are online now and your website will help legitimize your company and solidify your professional image, if it's done correctly. Create your website with your Corporate Identity in mind for continuity and branding.
- Select a bank and open the appropriate accounts. For corporations, you will usually need an employer identification number, a copy of your by-laws or minutes from a corporate meeting, articles of incorporation, and a certificate of incorporation to open a corporate account. LLC's will usually need an employer identification number, an operating agreement, articles of organization, and a certificate of limited liability company to open a corporate account.
- Obtain start-up capital. Lenders and investors will often require a business plan and corporate documents. Developing a business plan, forming your corporation/LLC, creating a corporate identity package, and having your website completed will help the lender or investor see your vision instead of relying on them to envision it for themselves.
- Select an insurance agent and obtain the appropriate insurance.
- Determine if you need a bookkeeper/accountant and hire one.
- Prepare an advertising campaign or click here to have an Advertising Executive from IncAssist work with you to develop and implement your advertising campaign.
- Identify business resources now so you will know where to go to get help if you need it. IncAssist's Business Consulting Group will be your first resource, click here to contact a consultant. Also, identify an attorney that specializes in your field and a tax advisor who can assist you with specific questions about your business, if necessary.
Since each business is unique, the checklist should not be construed as all-inclusive. If at any time you need assistance, please contact one of our business consultants for assistance.
Thank you,
IncAssist, LLC
Starting a business? Start with us!
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