Starting a business requires a lot of research and planning. There are specific steps and processes that you need to do to get the business up and running — the right way. You need to make sure that you are setting up the business for success. Plus, there are legal and regulatory requirements that you need to make sure that your business complies.
The Internal Revenue Service offers their checklist of what small businesses need to start their business, as follows:
- Apply for an Employer Identification Number (EIN) if applicable.
- Select a business structure.
- Choose a tax year.
- Choose your accounting method.
- If you have employees have them fill out Form I-9 and Form W-4 (PDF). If your employees qualify for and want to receive advanced earned income credit payments, they must give you a completed Form W-5 (PDF).
- Pay your business taxes.
One Small Business Development Center offers their checklist for starting a business:
- Examine your motivation for starting a business.
- Choose a business suitable for you.
- Evaluate the feasibility of your chosen business.
- Consider startup requirements and common pitfalls.
- Develop your business plan.
- Develop your financing request and obtain initial capital.
- Finalize all startup requirements.
For a more in-depth information, check out PowerHomeBiz.com’s ebook “Checklist for Starting a Business”