There are several things you usually have to know to get your business started. What’s interesting is that while you could have the great idea, there’s some busy work that you have to do and these steps are to get you ready for that busy work.
- Go to the state corporations website. Figure out if you want to go S Corp or LLC, and pay the fee and sign up for that. There will be an annual fee from here on out.
- Go to the IRS and get a EIN. You can sign up for it online.
- Go to the bank with your EIN and your articles of incorporation from #1. Open a bank account.
- Make sure you have accounting software of some sorts. You need to keep track of that stuff as a business owner. Find a great accountant for your end of fiscal year fun tax stuff that you probably won’t want to do yourself unless you’re crazy.
- Find a good attorney to represent your business.
- Make sure you put down corporate minutes as needed. Most businesses fail to do this, and if ever in a legal battle or legal audit, they get messed up here.
- Make sure you pay your annual dues and do your paperwork for the state. This will kill you in an audit too.
- Make sure you have some sort of exit strategy. This can change over time, and be multiple scenarios.
This won’t make you a success, nor will it keep you from failing. But these are things that most people that start up in business actually do not learn nor do they teach you this in business school. It’s good to know how to set it up, and how to dissolve a business since these steps are precursors to your business plan or any actual idea that you may have.