So, you’ve got a great idea for a new business. If it succeeds, you will get to use your skills to pursue a field you are passionate about, and make a lot of money at the same time.
But if you have never started a business before, getting past the idea stage may seem overwhelming. What are your legal obligations? Beyond that, what must you do to put your business in the best possible position to succeed?
The federal Small Business Administration provides a plan for starting a business that readers may find useful. Here it is:
1. Get business assistance and training. Free training and counseling services exist, including from the SBA, to help inexperienced business people.
2. Choose a location. Besides picking a location where your customers can find you and suits your needs, you may also need to comply with zoning laws.
3. Get financing. This can include government backed loans as well as venture capital and other sources.
4. Determine the legal structure of your business. We have discussed before how different business structures work for different types of Illinois businesses.
5. Register a business name with the state government.
6. Get a tax identification number.
7. Register for state and local taxes.
8. Get all necessary business licenses and permits.
9. Determine your responsibilities as an employer, if you will be hiring employees.
In addition, free training and counseling services, including from the SBA, exist to help inexperienced people check off these steps. Those looking for a little additional help may benefit from consulting with a business law attorney.