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