You have answered the key question from Tuesday’s blog, you have developed your business idea, you have created (or at least started) a business plan. Now it is time to get serious! As if those actions were not serious enough!
When starting a business, setting up the financial and tax requirements can be one of the most daunting tasks unless you possess a solid understanding of the requirements and processes. If that isn’t your wheelhouse, don’t panic! You may want to start trying to find a CPA to be sure you are doing everything you need to do and starting your business with a solid financial foundation. If you’re not ready for that step yet, here are a few things you need to do to get started:
- Obtain Federal and State Tax ID Numbers – Go to IRS.gov for more information on how to do this
- Trademark your business name (if you haven’t done this yet)
- See if you need a business license in your area, if so, obtain one
- Open a business bank account and potentially obtain a “business only” credit card
- Obtain business insurance
For more information on most of these steps, check out our Start-Up Resource Guide!