Business 101 Part II – A Step By Step To Start Your Business

Here’s Part II on my 21 steps to help you start your own business:


• Get a Tax ID Number: Learn which tax identification number you will need to obtain from the IRS or your state revenue agency. If you are running anything more complicated than a sole proprietorship or have employees you will likely need an Employer Identification Number (EIN).

• Register for State and Local Taxes: Register with your state to obtain a tax identification number, workers’ compensation, and unemployment and disability insurance. For more information go to: the IRS website or Incorporating your business (SBA).

• Obtain Business Licenses and Permits: Get a list of federal, state and local licenses and permits required for your business. Go to SBA Licenses and Permits by state. Make sure you obtain all the needed licenses and permits before opening your business.

• Understand Employer Responsibilities: As a business owner, it is your responsibility to understand payroll, taxes, and benefit requirements. You must also understand how to manage your employees and you should educate yourself on proper employer etiquette towards employees. There are federal and local laws that employers must adhere to when hiring employees and dealing with disputes. For more information go to: OSHA,,, Department of Labor, and Obama Care.

• Organization and Management: Every type of business is structured differently, so your organization and management will vary depending on the products and services you provide. You might want to research other companies in your industry to see how they have structured their business.

• Money and Business Credit: You will need to consider how you will get payment from your clients or customers. For example, Square is a mobile payment system that anyone with a smartphone and a bank account can use. This sort of system is great for small businesses because it requires a minimal amount of paperwork and the fees are low. The solution you choose will depend on whether you are a brick and mortar company or an online company. You will either need a physical payment system at your business location or a shopping cart feature on your website. If you feel uncomfortable with technology, you can go the old fashioned route and get a merchant account. You should also consider how you will build your business credit. A good way to build up your credit is to apply for business credit card, get a Dunn & Bradstreet account to track your credit score, and then use your card wisely, paying it off every month.

• Social Media: It is a great business strategy to start your social media accounts well before your business is ready to launch. Use Facebook Page, Google My Business, Twitter, Pinterest and any other social media’s to engage with your clients, build excitement and spread the word. You want to build a buzz about your products and services so that people will start to follow your progress. Tip: Keep your business accounts separate from your personal accounts. Claim social media accounts that have the name of your business so it is easy for your potential clients to find you. The messages you send on your business account should be tailored to your market and clients. If you’re not comfortable with social media, this is something your marketing team can handle for you.

• Launch Your Product or Service: When your product is built, packaged, coded, online, and ready to sell, or when your services are fully worked out and ready to go, hold a special event to launch your business. Send out a press release to announce it to the world. Let your social media followers help you out. You can Tweet it, post on Facebook, post on Instagram and encourage your followers to share it! Hold a party and invite people who can spread the word for you. Your launch party doesn’t need to be pricey––purchase the food and drink from bulk discount stores and get family and friends to help with catering (you can give them products or services in return). Now that you have launched your business, you have to take care of it, and there are many tasks you will have to do to ensure its success. Owning a business isn’t easy, but with time you will growth with it and become a seasoned entrepreneur. One of the most important tasks to ensure your success of your business is to Network, Network, Network! Join a local network group or association. Try joining your local Chamber of Commerce Social Networking Groups, or find a group in your area. Visit your neighbors and introduce yourself to find local business connections. Nearly three out of four businesses are no longer in operation after two years. To beat the odds, you will need to find new ways to adapt as your business expands.

Any business must constantly adapt to changing market conditions, new business tools, and new sales opportunities in order to continue to grow and prosper. There are several maintenance tasks you will need to perform regularly to keep your business running smoothly. Update your business plan at least every six months. To keep your clients informed you will need to keep your website up to date and keep up with your social media accounts. Once a year it might be appropriate to hold an anniversary party and send out press releases to keep your company name fresh is people’s minds. You should also perform an annual budget update. Don’t forget to continue to attend networking events to extend your range of clients and partners. Most of all have fun being a business owner! I hope this information has helped prepare you for your next business venture.


Carpe Diem~