10 Steps to Starting a Home Based Business

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Home Home Business Tips 10 Steps to Starting a Home Based Business
Published on January 24, 2016

Before you starting a home based business, you need take necessary steps to ensure that your home based business is setup properly.

Here are 10 steps to follow when starting a home based business:

Step #1: Write a Business Plan

Form goals & objectives for your new company.

Start with a detailed outline of what you plan to accomplish.

Step #2: Obtain Start-Up Capital

Whether you use onw savings or obtain loans, starting a business requires money and the process can take months to complete, so Start early.

Step 3: Set Up a Legal Business Structure

Setting your company up as a corporation or LLC are popular entity structures for many small business.

This protects owners’ personal assets from business debts and liabilities.

Step 4: Obtain a Federal Employer Identification Number (EIN)

Otherwise know as an EIN, Incorporated businesses that hire employees must have one of these.

They are issued by the IRS.

Step 5: Satisfy Business Licensing Requirements

Most state, county & local governments require businesses to obtain licensing before they begin to operate.

Step 6: Establish a Web Presence

Having a website is essential in today’s business world of internet searches and social media.

Register a URL that is memorable and relevant to your company and/or industry.

Step 7: Develop Business Collateral

Business use customized letterheads, cards, and forms with their company name logo and website to establish credibility.

Step 8: Open a Bank Account & Merchant Account

To protect their corporate or LLC veil, businesses must maintain separate business and personal accounts and records.

Step 9: Identify Where to Get Help

Know where and when to seek advice from other sources, such as attorneys and accountants, to assist you with specific questions about your business.

Establish a board of advisors or mentors to help you along the way.

Step 10: Follow Government Rules

Operating a business means satisfying ongoing government and legal requirements to maintain the compnay’s good standing.

Stay aware of the steps needed to maintain your company’s status.

Resources: Read more tips at http://www.incorporate.com/tasks

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