Top Tips for Starting a New Business

Ahhh, the wonderful mind of the entrepreneur. Your dreams of actually starting that pottery studio are finally coming together! But wait… have you thought about insurance? Licensing requirements? What about hiring employees or getting a business loan? These are questions that every new business owner will face, and one wrong misstep can end up costing you. It’s important that you are prepared and knowledgeable before opening those studio doors.

Here are a few basic items that you will need to consider when starting a new business:

1. Come up with a game plan
Our first recommendation would be to contact your local Small Business Development Center (SBDC). They will help you develop a business plan, conduct market research, and also help prepare you for a business loan. Many of their services are completely FREE!

2. Fund your business
Do you have a nest egg that you plan on investing, or will you need a loan? Most financial institutions partner with the Small Business Administration (SBA) to offer start up loans. Talk to your local Idaho Central branch, they will have a Commercial Loan Officer get in touch with you.

3. Choose a business structure
The basic structure types are Sole Proprietorship, Partnership, Limited Liability Corporation (LLC), and Corporation. We highly recommend consulting with an attorney that specializes in business law, as well as speaking to a reputable CPA. They will help guide you in deciding on what type of entity best fits your business model.

4. Register your business
Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the Secretary of State and in some instances the federal government.

5. Apply for your EIN number
You’ll use your Employer Identification Number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business.

6. Open a business banking account
So we are a little biased on this one, but it’s true that Idaho Central offers great options for business accounts! One of our talented Business Relationship Officers would be happy to assist you in choosing the right bank account for your new business. Contact our Business Relationship Department for more information.