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

Business Forecasting: The Planning Strategy Your Business Needs

If you want to secure the continued success of your business, it's important that you practice business forecasting. Successful organizations have a lot of time…

business forecasting

Exploring Your Small Business 401(k) Options

As a business owner with multiple employees, you may be looking into your small business 401k options. Did you know, almost half of the workforce…

small business 401k

8 Small Business Legal Requirements to Consider

If you're considering starting a business, there are some small business legal requirements to consider. Recently, business regulations have come to the forefront as so…

small business legal requirements

How to Write a Business Plan That Encompasses Your Vision

Learning how to write a business plan is a major step for any budding entrepreneur. Business plans can be a great way to track and…

colorful note cards hanging on a string with clips ready for someone to write how to write a business plan

What is a Business Impact Analysis (BIA)?

Just as you plan for things to go right, it's important to have plans like a business impact analysis in place for when things go…

business impact analysis

How to Name a Business

Many entrepreneurs question how to name a business when just starting out. Trying to find a name for your business can be a complicated process.…

Secure Your Future with a Business Continuity Plan (BCP)

If the past year has taught us anything, it's that things can happen unexpectedly, and the best thing you can do as a business owner…

business continuity plan

Startup Costs: How Much Does It Cost to Start a Business?

Creating a business is an exciting venture in any small business owner's life but there are startup costs to this milestone to be aware of.…

startup costs

EIN Lookup: How to Find My EIN

An EIN lookup is necessary for more occasions than one might think. Just as every citizen in the U.S. has a social security number to…

how to find my ein

Tax ID Lookup: How to Find My TIN

With tax season just around the corner, many are flocking to find their tax ID lookup. While you have probably heard of a Social Security…

a magnifying glass on a table to symbolize business tax ID
popup
low risk bullseye icon

Accept Payments
for Your New Business

FREE QUOTE

VeriSign Secured

Your information will not be distributed

FREE QUOTE

VeriSign Secured

Your information will not be distributed