9 steps to turn your idea into a business | Opinion

9 steps to turn your idea into a business |  Opinion

7. Make sure you have all the licenses and permits you will need. Check with your local (city, county) authorities regarding zoning regulations. 6. Determine if you need a Data Universal Number System (DUNS) Number. Most potential and existing U.S. government contractors, grantees, and loan recipients are required to obtain a DUNS Number for U.S. government registration purposes. It verifies the legal name, physical address, and trade style of each location and is key to starting the Central Contractor Registration process. 8. Determine your insurance needs. Discuss all your insurance needs (liability, property, etc.) with an agent who is familiar with your business industry.

4. Obtain a Federal ID Number (EIN). 3. Visit irs.gov for important information for small business start ups. They have publications to assist you in starting and running your business, including understanding a Federal Tax ID number and filing procedures.

5. Determine if you need to register your business with your state’s Department of Revenue. 2. Decide on a legal structure: Sole Proprietorship, LLC, Partnership, S-Corporation, etc. You may want to consult with an attorney and accountant regarding the legal and taxation ramifications.

Source www.hiawathaworldonline.com

Established in 1973, the Center for Rural Affairs is a private, non-profit organization working to strengthen small businesses, family farms and ranches, and rural communities through action oriented programs addressing social, economic, and environmental issues. 9. Secure funding and prepare your finances. Make sure you can maintain positive cash flow and obtain financing. Consult with a local accountant or bookkeeper to assist with setting up your books correctly.

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