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Steps for starting a business

Starting a business can be an exciting and challenging opportunity for many individuals with the dream of starting their own business. The process of starting a business involves many key considerations. A new business start-up requires planning and financial and legal considerations. Carefully understanding the requirements involved in starting a new business and carefully planning can help set your business up for success.

The first important step when beginning the dream of starting a business is to write a business plan. The details included the business plan will help the new entrepreneur start and run the business to achieve a successful business. It is important for individuals starting their own business to be familiar with local and other resources that may help them with their business start-up. The next step is to select a business location and ensure that the location is good for customers and will not lead to any conflicts with local zoning laws.

It is also important to carefully research financing options and select the right options for the entrepreneur and the business and the entrepreneur's goals for the business. The next big decision that has important and lasting tax and liability consequences is deciding which business form to select. There are several to choose from including sole proprietorship, partnership, Limited Liability Company (LLC), corporation or S corporation. The selection of a business form should be customized to the needs and goals of the business with the future in mind. It is then necessary to register a business name.

Finally, it is important to understand tax liabilities, license and permit requirements, as well as the legal implications of having employees. There are many considerations, decisions and determinations to be made when embarking on the exciting opportunity of starting a new business which is why it is important to be educated concerning the different considerations that must be made to help ensure the success of the venture.

Source: U.S. Small Business Administration, "10 Steps to Starting a Business," Accessed Feb. 3, 2016

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