Your dreams of starting a new business are becoming more concrete and you’re ready to take the plunge! 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 cost you. It’s important to take the proper steps before officially launching your business. Here are 6 actionable steps to take to set yourself (and your business) up for success:
1. Come up with a game plan
Contact your local Small Business Development Center (SBDC). SBDC resources can help you develop a business plan, conduct market research, and to prepare for a business loan. The best part? 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. Contact your local Idaho Central branch and ask to have a Commercial Loan Officer get in touch with you.
3. Choose a business structure
There are four basic business structures: Sole Proprietorship, Partnership, Limited Liability Corporation (LLC), and Corporation. If you are unsure which structure will best suit your business, consult with an attorney specialized in business law and a reputable Certified Public Accountant (CPA). These professionals will become critical assets to your business and can help you decide which entity best fits your business model.
4. Register your business
Once you’ve established your business name, make it legal and protect your brand! You’ll need to register your business with Idaho’s Secretary of State and, in some instances, the federal government.
5. Apply for your EIN number
An EIN number is like a social security number for your business. 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. Apply for free through the IRS and be wary of fraudulent websites that charge for this service.
6. Open a business account
It’s no secret that Idaho Central Credit Union offers great options for business accounts! One of our talented Business Relationship Officers would be happy to assist you in choosing the right products and services for your new business. Contact our Business Relationship Department for more information.
Now you have the steps to start your new business off right! We, at Idaho Central Credit Union, are excited to support you in your new venture!