If you click at SBA on the webpage of www.Score.org, you will find the following 10 steps to starting your business plus much more. I have added step 11 because as an accountant, I believe it is key to any successful business.
- Conduct market research. Just because you like your product or service, it does not mean it will sell. The Internet will be your best ally to find statistical data.
- Write your business plan. Score will show you two templates that are rather easy to complete. You can use either one.
- Fund your business. You may not have enough money to start a business. However, there are plenty of people with money who will fund you if your business plan gives them confidence.
- Pick your business location. It may be your home, especially for services, offering lots of financial benefits.
- Choose your business structure: Sole proprietorship, S corporation, C corporation, partnership, non-profit, or benefit or B Corp.
- Choose your business name. It may be your own name or a fictitious one. Remember to register it with your state.
- Register your business with your your state and the IRS (Internal Revenue Service).
- Get federal and state ID’s, including workers compensation.
- Apply for licenses and permits. Even home-based businesses require licenses and permits.
- Open a business bank account. This will give you lot of peace of mind, especially when preparing tax returns.
- Start with a computerized accounting system.For instance, QuickBooks Online is inexpensive and easy to run. Start with a well designed chart of accounts, preferably with account numbers that follow standard accounting practices. As an accountant, I know how important this is for your business growth and compliance with local, state and federal entities.
If a non-profit, using the Unified Chart of Accounts (UCOA) could save you time and money when preparing the annual tax return, known as Form 990. It is found at the following link:
https://4good.org/bill-levis/unified-chart-of-accounts-ucoa
