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Starting Your Own Business

Managing your own business is an exciting undertaking for someone with an entrepreneurial spirit. Sole proprietorship and franchising are two common ways that an individual can get into business ownership. Managing a business offers many advantages, though ownership involves risks and can have significant costs.

I was doing a random search on the internet and found a helpful website for anyone who has interest in starting their own business. The website is sba.gov. This website has a ton of helpful information and resources that is all related to starting and running a business. One specific article I read and would like to share with all of you is titled “Follow these 10 Steps to Starting a Business”. 

Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. The 10 steps are listed below:
Step 1: Write a Business Plan
Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.
Step 2: Get Business Assistance and Training
Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.
Step 3: Choose a Business Location
Get advice on how to select a customer-friendly location and comply 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 which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Step 6: Register a Business Name ("Doing Business As")
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: Understand Employer Responsibilities
Learn the legal steps you need to take to hire employees.

For more information, go to the following link where you can click on any of the 10 steps to learn more, as well as find more information on start-up resources and related articles. 

http://www.sba.gov/content/follow-these-10-steps-starting-business

-KS

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