Americans have it good when it comes to being our own boss. Our country allows for so much opportunity, creativity, and expansion for anyone with that great idea. PayTech loves coming alongside new small business owners and helping to launch their small business the right way.
3 Tips for Starting a Small Business
Make a Business Plan.
You should start out by writing down everything. From meetings to brainstorming, keep a record of everything that occurs once you decide to start a small business. Create a small business plan that roadmaps the next 3-5 years ahead and outlines where you intend to take the company as it expands. You’ll want to include a mission statement too!
- Real Estate:
Location is only part of starting a small business. While it might be the most important aspect of beginning this journey (as it affects clientele, revenue, growth, etc.). Keep in mind things like access to your supply chain, the brand image you want to portray, and zoning regulations! We have heard many horror stories of improper zoning after the investment has already been made. Contact a PayTech consultant for help with real estate planning!
- Legal Structure
The not-so-fun part of starting any small business is securing your personal and business finances, employees, and property. First things first, decide which kind of business entity you want to start. These decisions will affect your taxes (income tax, self-employment tax, employer tax, excise tax). Do you know the different kinds of small business formats you can choose from legally? Sole Proprietorship, Partnership, Corporation, S Corporation, and Limited Liability Company (LLC).
- Registration, Licenses, Permits
More legal issues! Yay! Consider this your official PayTech reminder to check all federal, state, and neighborhood licenses and permits you’ll need to open and run your business. Everything could affect these forms: type of product, location, hours of operation, etc.
2. Find Finances.
- Tax Identification Number
EIN numbers are easy to obtain, but there is a lot of other complicated paperwork that goes into confirming your small business in the eyes of the government, IRS, and state regulations. You can apply for an EIN number here!
- Employer Responsibilities
- Startup Resources
At the end of the day, you’re the boss now. Know where all of your funding is coming from, whether it’s your grandmother’s investment club or a board of people. Also know how much control you have compared to those investors.
3. Determine Your Culture.
Now here comes the fun part. PayTech takes care of the aforementioned paperwork, keeping you 100% informed and involved along each step of the way while you create a company mission, goal, and culture. Success comes from confidence, originality, and taking advantage of opportunities. If you are bogged down in paperwork and legal technicalities, your new small business will suffer! Take advantage of our inexpensive small business packages and consulting. Give us a call to get started with your small business dreams!