How to Start a New Business

Copyright (c) 2009 Sherry Tingley

The economy has forced many people to consider alternative lines of income and many are starting their own businesses. There are a lot of ways to make money with your own business, but before you start there are a few things you should learn.

First things first, you must be very clear on the type of business you are to set up. Success begins when you have clear goals and know how to take actions to achieve these. Before starting, you must write down your business idea clearly. This will help you plan strategically. Different types of business have different types of strategic approaches and marketing strategies in order to become successful. You should also set your goals based on your skills. Let’s be realistic here. Being successful in business also depends on your skills and attitude. If you think your expertise is not adequate, then you can ask for help and assistance from business professionals. In order to start your business properly, be sure you have sufficient financing. And one thing more, choose a good spot to start your business. Upon considering all of these, things will go on smoothly.

There are other things you need to get started legally and officially. You cannot just put up a shop and sell products without having some permits. Above all, you need a business permit/license to start. This is a universal truth, whatever state or country you live in, a business permit must be obtained. In the US, business licenses are issued by the state, so expect some differences in requirements and guidelines per state. You can get a business license online or go directly to the county clerk’s office. It is suggested you go directly to the clerk’s office and Occupational License Department to get answers to your questions right away. Sometimes, there are areas or zones where certain business establishments are not allowed.

Another thing you need to do is to register your business name with the Internal Revenue Service. You are required to have either a Federal Tax Identification number or an Employee Information number. This can be obtained online at www.irs.gov. You will want to estimate approximate taxes and business fees that you will need to pay. These things may appear tedious but after getting everything done legally, you won’t be facing any more problems regarding your business.

A resale certificate or a wholesale license is also needed. Any business establishment that sell products need a reseller’s permit. Having this permit allows you to collect sales taxes. For more information on how to get a reseller’s permit, you can go to http://www.businessnameusa.com. You may also want to visit http://www.business.gov for more details on starting a business.

Here are some useful links you might want to visit to help you with your business plan and strategic planning:

http://www.themanager.org/pdf/Businessplan.PDF

http://www.sos.mo.gov/business/corporations/startBusiness.asp

http://www.state.nj.us/njbusiness/starting/

http://www.sba.gov/smallbusinessplanner/

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