10 STEPS TO STARTING A BUSINESS - By: Mayor Timo

Starting a business involves making key financial decisions and completing a series of legal activities. Here are basic ideas to help you plan, prepare, and manage your business.

Step 1: Research and Plan Your Business

Use the necessary tools and resources to help you prepare your business plan and become a successful business owner.

Step 2: Get Business Assistance and Training

Take advantage of free training and counselling services, from preparing a business plan to getting financing, and help expanding and relocating a business.

Step 3: Choose a Business Location

Get advice about choosing a customer-friendly location and complying with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide whether you are going to form a sole proprietorship, partnership, LLC, corporation, non-profit or cooperative.

Step 6: Register a Business Name

Register your business name with your state government.

Step 7: Get a Tax Identification Number

Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Employer Responsibilities

Learn the legal steps you need to take to hire employees.