How to Become a Business Owner

[minisoji]

Becoming a business owner requires several steps, which, for the most part, you should complete in chronological order. For example, you don't want to register your business venture without first researching if you can obtain a reasonable percentage of your target market. The most important consideration when starting a new business venture is whether or not you have the financial and technical competence to run a successful business and compete with others doing the same thing.

Instructions

1. Create a business plan. Include a mission statement, a profile of your board of directors and research information about your expected target market. Attach a list of operating costs, marketing expenses, and future funding needs.

2.Select a business name that distinguishes your business from competitors. Visit the business name registration to check the availability of your proposed business name.

3. Register your business with the Secretary of State. You can identify your business, for example, as a sole proprietorship, Limited Liability Company (LLC), corporation or partnership. Registration requirements vary by state.

4. Apply for an employer identification number (EIN), which is issued by the Internal Revenue Service (IRS) for tax purposes. Use your EIN when filing your business' tax documents for the year. Visit the IRS's website to apply.

5.Apply for permits and licenses, such as a Sales Tax Permit or Vendor's License from your state or local government if you plan to sell products. You will be required to collect sales taxes.
Apply for industry-specific operating permits from state and local government agencies.

6. Create a company handbook. Provide policy information, such as hiring procedures, employee code of ethics and salary guidelines. Create copies for your board of directors.

7. Purchase financial software, which you can use to document employee salary records as well as profit-and-loss statements. Handwritten records are an alternative option.

Keywords: Business, business news, business discussion, starting business, business idea

[puzzlemaster]

Thanks for posting this valuable information

[Halden]

Its very easy to become the a business owner but it takes really hard work to maintain the your business with reasonable return.A new comer in business will have the confront many surprises when entering into practical business.

[Livesey]

Thank you for sharing this great post, I like it, Your post is very helpful for me for leading my business. Hope you will post here more knowledge.