How can I create a small business?
Healthcare business resources for your growing business.
How can I create a small business?
Creating a small business can come with some challenges as there are so many options to choose.
What is it that makes you excited? If you said creating a business, keep that momentum and decide what kind of business you want to create.
Planning for your business
Nothing get’s done without a plan and the same goes for your business. Here are example questions a business owner should ask when planning.
- What kind of business do you want to start?
- Have you come up with a name?
- When you do you intend on starting the business?
- Do you want to be a sole proprietor, partnership, or corporation?
- How would you like to be taxed?
- What licenses or permits do you need for they type of business?
- What is your target demographic?
- How do you plan on marketing?
- What kind of qualification do you need the staff to have?
- What is your budget?
File in your state for your business
Name your business and check to see if it’s an available name that is useable. Each state has a registration listing that is public. Intellectual property is a huge deal in any business, which means all new business names need to be unique.
The Secretary of State is usually the starting point for anyone trying to register their business. There are fees associated with what ever option you choose and need to decide on what type of registration makes the most sense.
Business Taxation ID Numbers
Business taxation is going to happen unless your business is a nonprofit corporation in which you will need to prove the premise when applying. The federal government issue a Federal Employer Identification Number (EIN) which will tax businesses depending on the frequency of filings. Quarterly or Annual filing will depict payment and will need to happen to stay in good standing.
States with Withholding tax for their state will often have a Department of Revenue agency that issues a state tad id number. There are also other taxable options depending on the nature of your business which will be identified in the application.
Insuring the Business
Never risk your lively hood always insure your business. This is often required before you can obtain licenses or permits. General Liability and Professional Liability should be purchased and be active before starting. If you have employee’s, you will need workman’s compensation in the event of an accident.
Licensing & Permitting
Licensing can be another hurdle after forming the business. Depending on its nature it may have a regulatory agency that over sees it. Prior to doing business a new business owner should always investigate this and see if a license is needed to proceed.
Permits are often granted secondary after the licenses are concluded and the business is ready to open. Cities, Townships, or County’s regulatory office will depict on whether not a DBA or a business permit is needed to open its doors.
Hiring and finding good people can be a challenge sometimes. Make sure everyone has the correct qualifications and credentials to prove it. Creating policies and job descriptions can help set an expectation. State employer laws come into play every time and must be followed.
Opening your door for Business
Cumulatively, if you followed these steps, you created a small business and are ready to open your door for business. Now it’s time to make money and start your entrepreneurship journey.