It takes a lot of planning, financial decision-making, and having and checking off a legal compliance list to start a startup. If this all sounds overwhelming, The Harding Group is here to help. Here is a streamlined look at some things you need to do to start your startup and ensure it is successful.
Use Market Research to Your Advantage
You might have a bright idea that seems profitable. However, you’ll never genuinely know if your startup will succeed if there isn’t a market. It’s essential to conduct market research because you’ll be able to gather information about potential customers and competitors.
Create a Business Plan
A business plan is a roadmap that details how you’ll structure, run, and grow your startup. Writing a business plan is crucial because it is your business’ foundation. You can use your business plan to convince people that working with you and investing in your company is a wise investment.
Figure Out How to Fund Your Startup
Your business plan details how much money you’ll need to start your company. You must raise or borrow the capital if you don’t have that amount. Fortunately, there are various ways to gather money to start a business.
Choose a Location
Choosing where you want to locate your business is one of your most important decisions. Whether you have a physical store or launch an e-commerce store, your choices affect your legal requirements, taxes, and revenue.
Select a Business Structure
The legal structure you pick for your company impacts business registration requirements, how much money you pay in taxes, and your personal liability.
Come Up with a Business Name
It’s harder to pick a business name than you might think. Choosing a name that reflects your brand and captures who you are as a person is best. You also want to ensure that someone else doesn’t already have your business name.
Register Your Company
Once you’ve reached that “aha!” moment on your company’s name, make it legal and protect your brand by registering it.
Obtain Federal and State Tax IDs
Your employer identification number (EIN) is essential for steps that will help your business start, grow, and expand, such as opening a bank account and paying taxes. Essentially, the EIN is like a social security number for your business. You might also need a Maryland state tax ID.
Keep Your Business Legally Compliant
Keep your business legally compliant by applying for licenses and permits. The licenses and permits you’ll need will vary by industry, location, and other factors.
Open a Small Business Checking Account
You undeniably want to separate your business dealing from your personal bank account. A small business checking out can help you handle legal, tax, and day-to-day issues. Opening a small business checking account is straightforward if you have the proper registrations and paperwork.
You can also seek advice from The Harding Group. We offer business advising, tax planning and preparation, and bookkeeping and accounting services.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.