Business Startup Steps
Starting your own business can be overwhelming. We will help you set up your business forming a solid foundation with the major components in place and well-organized from day one. Just follow the business startup steps.
Business Startup Steps: The Checklist
1. Business plan. Formulating a business plan prepares you and your support team for the challenges ahead. It also allows you to stay focused on the larger goals originally planned, so that you stay on course.
2. Capital. Do you need start-up capital and money to grow and expand? Banks will want to see your financial records, and those of your other investors if applicable. We will assemble the required data for your presentation to a financial institution.
3. Legal Business Structure. Setting up the proper legal business entity will have an impact on your finances, protection and on your credibility. We will provide advice and information based on your specific type of business and future goals.
4. Federal Employer Identification Number (EIN). Should you decide to incorporate your business, you will need an EIN. We will file the documents and promptly provide this vital number for you.
5. Bank account and/or Merchant Account. You must set up a business bank account, separate and unique from your personal accounts. It is important to immediately create your company-internal system for keeping records and tracking all transaction into/out of your new business bank account(s).
6. Business Credit Card. Do you really need one? Most likely. Business credit cards, used wisely, can help you bridge those times when receivables are slow and you still need to make operational purchases.
7. Accounting Procedures. Setting up proper accounting and bookkeeping systems and procedures from day One, will save you time and mistakes in the future. We will advise you on the best systems, software packages, and provide training so that these tools are properly used.
8. Taxes Time. Don’t wait until March when your tax filing is due! Our tax planning consultation will set you up so there will be no surprises come tax season. In addition we will help you get the optimal tax deductions for your first year in business.
9. Employee Payroll & Employee Taxes. It is vital that you correctly set up payroll, health care (if applicable), payroll taxes, payroll deductions, child support payments, garnishments etc.
10. Sales Taxes. This is a hot topic for new companies, especially those who provide goods or services to both Washington and Idaho. Having a sales tax system that you can rely upon will ensure that everything is paid in full and on time, so there is no late fees/fines or unnecessary stress.
11. Financial Reports & Budgeting. It is critical that you have a financial report in your hand at the end of every month. This will allow you to know what is working, what is not and where the problems are coming from. Without this report it impossible to get the financial reality of your company and properly budget for growth.
Other Items to Consider:
1. Choosing A New Business Name
2. Protecting Your Company’s Name
3. Registered Agent
4. Business Licensing Requirements
5. Liability Insurance
6. Internal Operational Business Documents
7. Business Promotion
8. Business Collateral
For More Information Read Our New Business Checklist