Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
Register your business to make it a distinct legal entity. How and where you need to register depends on your business structure and business location.
The business structure you choose influences everything from day-to-day operations, to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.
Benefits of business bank accounts As soon as you start accepting or spending money as your business, you should open a business bank account. Common business accounts include a checking account, savings account, credit card account, and a merchant services account. Merchant services accounts allow you to accept credit and debit card transactions from your customers.
How much money will it take to start your small business? Calculate the startup costs for your small business so you can request funding, attract investors, and estimate when you’ll turn a profit.
Register your business name to protect it You’ll want to choose a business name that reflects your brand identity and doesn’t clash with the types of goods and services you offer.
Plan your business You've got a great idea. Now, make a plan to turn it into a great business. Market research and competitive analysis Write your business plan Calculate your startup costs Establish business credit Fund your business Buy an existing business or franchise
Hire and pay employees Before finding the right person for the job, you’ll need to create a plan for paying employees. Follow these steps to set up payroll:
CDC/504 loan program A Certified Development Company (CDC) is a nonprofit corporation set up to contribute to the economic development of its community. CDCs are certified and regulated by SBA. They work with SBA and private-sector lenders to provide growing businesses with long-term, fixed-rate financing for major fixed assets, such as land, buildings, machinery, and equipment.
