As times change, businesses change as well. We’ve seen a boom in entrepreneurial businesses throughout South Florida. If you find yourself feeling the bug, here are EPGD’s 10 simple steps to starting your own business.
Step One: Prepare a business plan
A sort of roadmap for business success. Usually, it projects 3-5 years ahead and outlines thoroughly the route a business intends to take to gain
Step Two: Create a logo, or trademark for your business
There are many amazing designers that can help you along this particular path. You may be asked brand image specific questions that often help you get a clear picture of what you’re going to offer. Services or goods.
Step Three: Incorporate your business or form an LLC
To protect your personal assets from business debts and liabilities.
Step Four: Get an accountant and an attorney
Making sure that your finances check out with with your new company will save you headaches down the road. For example, many things can arise if taxes are filed wrongly. The IRS is not a force to be reckoned with.
Step Five: Get tax identification numbers
Employer identification number (EIN) is like a social security number and is required for corporations and LLCs that will have employees.
Step Six: Licenses and permits
Getting all necessary licenses required for your business is complicated and time consuming, and can thus delay your opening. Multiple governments and agencies have different requirements and it is best to start with a top down approach starting with the federal level, then the state, and finally the local.
Step Seven: Insure your business
I.e. unemployment insurance, workers’ compensation, etc.
Step Eight: Open a business bank account
Once you’ve created a Corporation or an LLC, you’ll be required to show proof of use. Bank accounts are necessary in doing so.
Step Nine: Arrange your business accounting and apply for loans
Many credit lines offer great deals for Small Business Owners. Research your options or ask your accountant for possible recommendations. A financial planner can also be of great help.
Step Ten: Prepare your workspace
Lease office space, purchase furniture and office equipment, etc. Virtual offices have become a commodity for small business owners. It provides great flexibility if you’re on your own until you find the need to grow your staff.
If you find yourself needing further guidance on any of the above, EPGD Business Law is more than happy to help. Contact us at info@epgdlaw.com or call us 786-837-6787.
