The Basics Behind New Business

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Posted on April 26th, 2017 in Budgeting, Business Banking, Community by vgmforbin |

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A mouthwatering dish your grandmother made you, a leaf falling across the park, or one of the endless questions your preschooler has begun to ask you; the truth is great ideas can come from anywhere. If you have a concept you are itching to turn into a reality, there are some key components you’ll need to make it happen. At Security State Bank, we were founded upon our commitment to small and medium sized business, and we are thrilled to help you transform your inspiration into a live entity.

 

To complete the process from conceptualization to implementation, there are ten key components to ensure your business has all the legal qualifications necessary. Simply follow these helpful prompts, and if there are any components you’d like further clarification on, never hesitate to reach out! Our experienced team of commercial lenders is here to answer any questions or inquiries you or your business partners may have.

 

Register Your Business Name

Your company’s business plan should detail the purpose and differentiators associated with your business. SBA.gov is an informative resource to help you determine all the required components for your proposed document.

Register as an LLC or Corp.

An LLC is the most common choice for new business because the Corporation classification does mandate a $10,000,000 revenue requirement.

Finance Your New Business

There are a variety of ways to finance your business. Whether debt or equity based, our dedicated team can help you determine which route is best suited for your business.

 Determine Your Business Location

Keeping your budget in mind, purchase or lease the space you’ll be using for your location. If you’ll be working from home be sure to take advantage of the associated tax benefits.

Register for EIN...

Before you hire any employees, you’ll need to register for your Employer Identification Number for federal taxation purposes.

Register Your Business Name

You can choose to register your business as a DBA, or Doing Business As, or you can choose to register your company name and/or logo as a trademark. Both options will allow you to operate under your desired business name.

Open a Designated Banking...

Separating your personal finances from your business is imperative in keeping accurate accounting records. Additional tools such as Quickbooks Self Employed can help you manage all aspects of your finances at home or on the go.

Complete Registration

Business taxes are set up differently than your personal taxes. Be sure you’re accounting for all the variables before you open the doors.

Receive Business Licenses

If you plan to sell alcohol or firearms, you may need federal licenses in addition to the various state requirements.

Structure & Start a Mktg

Marketing is an ongoing effort, but to get customers in the door, they’ll need to know you’re an option. Get the word out with a strategic marketing initiative, and make a yearly plan to keep new clients coming in.

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