The American Dream is, and always will be, to come up with an idea, start a business, and become rich from your own efforts. Based on this motivation, thousands of businesses fail each year, due primarily to not being familiar with the basics involved in running a business.
Today I will give you a number of suggestions you can use to better guarantee your chances for success. I am writing this with the warning that any and every business venture contains certain inherent risks and any number of alternatives. I’m not saying that there is only one right way or that my suggestions are the only way. On the contrary, I advise that before investing any money in a business venture, you seek counseling and help from a qualified accountant and/or attorney.
- Name your business
- Decide how to structure your business
- DBA “Doing Business As”
- LLC(Single or Multi-Member)
- SCorp
- Partnership
- Corporation
- Register your business with the state
- Apply for an EIN number with the IRS
- Determine who will file your taxes
- Do it yourself
- Hire a tax preparer
- Determine if you have a sales tax filing requirement (My state does not)
- Determine if you have a payroll tax filing requirement
- Determine if you need to do a 1099 filing
- Open a checking account for your business
- Choose a filing system…online or paper
- Decide who will do your bookkeeping….you or someone else
I won’t go into advertising your products, services, or business here, but there is something along these lines you should always keep in mind. The best kind of advertising your business can receive is that you don’t really pay for – word of mouth..
When something unusual happens to you, your business, or your employees – that’s news, so be sure to write on your social media platforms about it! Do this consistently!
In closing, let me say that the most important ingredient of your eventual success will be the soundness of the planning you did before you started your business. Any number of bad things can really throw your business into a tailspin, but if you’ve done your homework well – really set up a detailed business plan before starting – your losses or setbacks will be minimal. Success takes planning, and I’ve shared with you a basic checklist…The rest is up to you…Good luck, and may your life overflow with success in all that you undertake from this moment forward.