Starting a new business can be very exciting, but it is definitely hard work too. If you want to turn your business idea into a reality, then you have your work cut out for you. Here are five things that you should put on your new business checklist to make sure you don’t forget anything important:
- Have your employees fill out proper tax forms– One of the first things you need to do is have all of your employees fill out the proper tax forms. The tax forms that they fill out will be determined largely by what business structure you choose to create. You want to make sure that they fill everything out completely so that you aren’t held responsible for anything that you could have prevented with proper forms.
- Obtain federal, state, and local tax information- Aside from getting your employees setup with the proper tax forms, you want to make sure that your business is properly registered for taxes. You need to make sure you obtain federal, state, and any local tax information that will be necessary for your business to be completely. Once all of this is taken care of you’ll get to focus on the more exciting parts of starting a business.
- Select the business structure- One of the biggest decisions you will make with your business is what kind of structure you want. Do you want to create and LLC, become incorporated, or a partnership. What you plan on doing with your business and the goals that you have will determine which business structure you go with. You want to choose something that will allow you to grow and will also protect you financially as the business owner.
- Write a proper business plan- Just as you wouldn’t head into the NBA Finals without a game plan, you don’t want to start a business without having a plan of where you want to go. Your business plan should include a plan for spending and expenses so that you can make sure enough funds are in place to get you off the ground. You also want to make sure you have clear plans for growth and marketing so that you keep moving forward. The more thorough you can be with your plan, the better you’ll be able to identify and solve potential problems before they happen.
- Get the space- Once you have everything in place to start your business, then you want to start looking for office space. Choosing the right office is a really important decision because you will likely have to sign a long-term lease. Once you find a space that you think will work, negotiate with the landlord to get the best deal possible.