10 Crucial Steps For Starting And Maintaining A Small Business

Starting a business involves planning, making key financial decisions and completing a series of legal activities. Although none of this sounds like fun, it's all very important. If you've been on the sidelines waiting for your chance to become an entrepreneur, these steps should clear things up for you. Even if you happen to run an existing small business this may be the time to brush-up and determine whether you may have skipped...or skimped on something that's crucial for your company. These 10 easy steps can help you plan, prepare and manage your business. Click on each step below for more information. To find this and (much) more visit www.sba.gov

Step 1: Templates for Writing a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

And here's another resource. We'e discovered this handy guide to help you compare the best options to fit your particular situation. It includes a list of lenders that offer the best small business loan rates, and provides an in-depth review of each lender including how the company started, the benefits and drawbacks of using each lender, potential origination fees, loan amounts and terms, and more. Check out the guide right here.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name ("Doing Business As")

Register your business name with your state government.

Step 7: Get a Tax Identification Number

Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees. Also be sure to check out How to Hire the Right Person (45 Tips Based on Science).

Let's talk! I'd love to hear what other steps you take to maintain your small business!

Do you have any small business tips to share? I would LOVE to hear from you!

Oh by the way, in case you're looking for something to help with time management, we've got this fun little quiz to test your productivity. Are you a Vodka & Red Bull? A Dirty Dirty? Or a plucky Blue Sapphire? Find out which cocktail you are by taking our quiz right now!

And, if you want more business tips, get my book, But Are You Making Any Money? or contact me to really take your business to the next level!

xoxo M