Business Planning

So you want to start a business, but are unsure where to begin? Here you’ll learn everything from understanding your EIN and TIN to creating a website. Because of the complexities of starting and planning your business, there are so many things to learn. Let’s start with the top five tips:

1. First, you need to understand the difference between a W-2 employee and a 1099 contractor. As a business owner, you will be responsible for paying taxes on your employees’ behalf, as well as withholding and remitting payroll taxes. On the other hand, 1099 contractors are considered self-employed and are responsible for paying their own taxes.

2. Second, you need to choose the right business structure. The most common types of business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each has its own benefits and drawbacks, so it’s important to choose the one that makes the most sense for your business.

3. Third, you need to get the proper licenses and permits. Depending on your business, you may need to obtain a state sales tax license, a city business license, or a special permit from the county.

4. Fourth, you need to find the right location for your business. If you’re planning on opening a retail store, you’ll need to find a space that’s zoned for commercial use. If you’re starting an online business, you can work from anywhere in the world.

5. Finally, you need to create a business plan. This document will outline your business goals, strategies, and how you plan on achieving them. It’s essential to have a business plan before you start any type of business, as it will help you stay on track and make sure your business is successful.

Most Recent Business Planning Articles

How to Get Business Insurance: A Step-by-Step Guide

Insuring a business helps protect it against unforeseen events—an accident, professional error, property damage, and other such occurrences. No matter what kind of operation you…

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How to Become a Lash Tech in 8 Easy Steps

If you enjoy helping others look their best, you might consider a job as a lash tech. Whether you're already a qualified beauty technician or…

Lash tech business owner working on a client

Bluehost vs GoDaddy: Which Hosting Provider Is Best for You?

Bluehost vs GoDaddy: a classic debate for new websites. Bluehost and GoDaddy are two of the most popular website hosting providers on the market. With…

an illustration of a woman online, with a webpage showing over her, searchng between godaddy vs bluehost to see what would be best for her ecommerce business

PLLC: What Is a Professional Limited Liability Company?

One type of limited liability company (LLC) is a Professional Limited Liability Company or PLLC. This is a business structure designed for professionals operating under…

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Get Your Trucking Authority and MC Number in 10 Easy Steps

Three-fourths of America's tonnage is shipped via the trucking industry, employing millions and generating $732.3 billion in gross freight revenues. [footnote]American Trucking Associations. "Economics and Industry…

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How to Start a Cleaning Business from Scratch

A cleaning company is a unique business due to its low cost of entry and non-traditional operating costs. It's a domestic and commercial service that…

man and woman with cleaning supplies

S Corp vs LLC: What's the Best Choice for You?

When determining your organization's business structure, it's important to consider the tax rules, formation costs, regulations, and ownership options. S Corporations (S Corps) and Limited…

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How to Start an Electrical Business in 9 Simple Steps

If you're passionate about helping individuals and/or businesses with their hard-to-fix electrical issues, starting an electrical business might be the perfect career choice for you.…

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How to Start a Trucking Company: 9 Steps to Ensure Success

The Motor Carrier Act of 1980 deregulated trucking businesses, removing the barriers to entry that inflated trucking rates for decades.[footnote] "H.R.6418 - Motor Carrier Act…

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PLLC vs LLC: Which One Is Your Best Choice?

When it comes to business structures, there are several options from which to choose, one of which is a limited liability company (LLC). But within…

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