“Small business firms accounted for 65% – approximately 9.8 million – of the 15 million net new jobs created between 1993 and 2009” says the SBA website. New business formation is key to America’s economy. Traditionally secure jobs in big corporations have been cut. Many industries have been down sized or become obsolete due to technology. Baby Boomers are retiring. Many people get fed up with ‘working for the man’ and have chosen to spear head their own path. Opening a small business is a brave task. It can be one of your greatest accomplishment.
New Business Formation – Consult An Expert
Jay and his team will help you with each aspect of building your new business. They are qualified to consult with you on the validity of your business, finding your competition, creating financial projections and the many things you will have to think about before opening.
Writing a Business Plan: This is an important step and a big job. It is crucial for your mental health and will help you set realistic goals. Your business plan will be your step by step guide. When you apply for bank funding they will want to see it. They will be the most interested in your financial projections. This will show the bank how you will be able to pay them back.
Choose a Location: Get advice on how to choose a great location and comply with zoning laws.
Choose the Legal Structure of Your Business: Jay and his team will advise you on the ins and out of choosing a legal structure. The legal structure you choose will affect tax planning and income reporting. Types include: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Register a Name (“Doing Business As”): Register your business name with your state.
Get a Tax ID Number: Inquire with the IRS about how to get your tax ID number (also known as EIN). This acts for your new business as a “social security number” does for a person.
Register for State and Local Taxes: Register to obtain worker’s compensation and unemployment insurance.
Obtain Licenses and Permits: Get a list of federal, state and local licenses and permits required for your business.
Understand Employer Responsibilities: Employers have responsibilities under the Occupational Safety and Health Act of 1970. Do your research and make sure you comply. This can save you a lot of trouble and thousands of dollars later!
There are many steps and decisions when you are forming a new business. Numerico is qualified and experienced in all aspects of small business formation. A lot of these steps need to be done at the same time. Do not allow yourself to be overwhelmed before calling in an expert. Jay and his team will coach you through. Let them share their many years of expertise with you. With Numerico there will be less stress in this exciting adventure!