Stay updated on the topic of SBA loans in this section of StartUpaSmallBiz.com .
Stay updated on the topic of commercial loans in this section of StartUpaSmallBiz.com .
When you start a small business, one point of business to take care of is getting an employer identification number (EIN). It’s a quick and straightforward process that can be completed in a matter of minutes.
An EIN is commonly connected to your personal social security number when you run a sole proprietorship or single member LLC. However, it gives you a degree of separation from your personal information when conducting business.
For instance, when suppliers or business contacts need your tax information in order to pay you, you might not feel comfortable giving an SSN to a stranger. When you have an EIN you can give that instead.
Stay tuned to this section of StartUpaSmallBiz.com to learn more about the benefits of having an employer identification number EIN and how to get one for your new small business.
When you register a new business, sometimes you may have to get a business license. Getting a license to operate a company is different from the general registration process.
Certain types of businesses require a license — some licenses are on the local level, some on the state level and others that you have to get from the federal government. Businesses that commonly need a special permit to operate include:
– food vendors
– bars and restaurants
– construction companies
– real estate
– nail salons and other cosmetic services
– health-related services
The SBA offers a business license search tool that you can use to figure out if the startup you have in mind requires special permission from the authorities. Stay tuned to this section for more information on the licensing process.
Many small business owners opt to register their new companies as a Limited Liability Company (LLC). This is because an LLC offers a number of benefits. It’s like having a sole proprietorship with the protection of a corporation.
LLC benefits include:
– easy to organize
– protects individual owners from debts and personal liability
– owners can report their business earnings on personal taxes
– a professional business name (My New Business, LLC)
Browse this section of StartUpaSmallBiz.com to learn about starting a Limited Liability Company LLC.
Many small businesses start off as either a sole proprietorship or partnership. They are the simplest business formations and often require minimal registration with your state.
A sole proprietorship is formed as soon as you start transacting business — when you sell something at a profit, whether it’s a service or an old pair of shoes, technically you’re running a sole proprietorship.
A partnership is formed when two or more people write an agreement to be in business. The contract is usually submitted to the state commerce department so that it will be an officially recognized business.
Learn more about whether a sole proprietorship or partnership is the right business formation for you in this section.
When you start a small business, one of the most important steps is to write a business plan outline. Once you have that outline prepared, all you have to do is fill in the blanks.
You may be surprised at how simple it is to fill in the outline once you have it in front of you. All of those thoughts that you’ve been having about the business that you want to start will start flowing out of your brain and onto the page.
A good business startup outline includes (but is not limited to) the following:
– executive summary
– summary of your proposed product or service
– marketing plan
– how you’ll implement this plan
– management summary (who will be running this company?)
– the financial plan (one of the most challenging parts to write)
Stay tuned to this section of StartUpaSmallBiz.com for advice and guidance on how to use a business plan outline to start your small business.
Whenever you need some assistance and advice for how to start up a small business, it’s a good idea to turn to the Small Business Administration and its wealth of resources for guidance.
The U.S. Small Business Administration (SBA.gov) publishes information on the following topics related to starting a business:
– starting and managing
– loans and grants
– contracting
– local assistance
and more. This section focuses on Small Business Administration topics that will help you decide and plan your new business. Stay tuned for updates and information.
Come to this section of StartUpaSmallBiz.com for entrepreneur ideas to inspire you to start your new small business.
An entrepreneur is officially defined as someone who “organizes and manages a business undertaking, assuming the risk to make a profit.” Does this sound like it could be you?
– Do you really like the idea of being your own boss?
– Are you comfortable with the challenges involved in starting a small business?
– Can you handle the pressure involved when starting up a small business and money doesn’t flow in as quickly as you’d like it to?
– Do you have money set aside to invest in your business ideas and pay your bills while setting up your small business?
– Do you like innovating and creating new things?
If the answer to these questions is yes, then keep this page bookmarked for inspiration and useful entrepreneur ideas.
Visit the entrepreneur ideas category page >>
Bookmark this page for home business ideas that may inspire you to start your new small business.
You don’t have to establish a separate business location in order to start a business — you can start your new company from home. Here are a few common home business opportunities you might want to look into:
– virtual assistant
– content writer
– online store owner/manager
– medical transcription
– tech support for people who aren’t computer savvy
– travel agent (setting up travel itineraries for clients)
– tutoring
– website developer or designer
Keep this page of StartUpaSmallBiz.com bookmarked for more home business ideas.