Starting your own business can be a challenging but rewarding endeavor. Planning for success is one of the best ways to ensure your efforts will be profitable. Before you establish your own business, make sure you've taken these essential steps.

Naming your company:
Think of a name that is unique, and lets potential customers understand what you do. This will allow you to spend less money on advertising and marketing. You should also consider filing a trademark to secure the name you've chosen.

Writing a Business Plan:
Every budding enterprise should have a business plan to focus the direction, outline operations, and help secure investors. The more prepared you are before you start your business; the more successful it will be in the long run.

Financing your Business:
If you use your own money to start your business, you'll have more control over the cash flow and fewer debts to repay in the future. However, using your own capital may require you to start out with a smaller business.

Choosing a Location:
If you plan to rely on outside investors, be prepared: Securing a loan or finding investors can take anywhere from two to three months, or longer. You may also be expected to contribute your own money to finance between 25-30% of the start-up costs.
Many small businesses receive funding from friends and family. When using this option, writing contracts to ensure everyone understands the inherent risks of investing is advisable.

Establishing your Business:
The types of licenses required for starting a new business vary from state to state, city to city, and county to county. Before operating your business you need to ensure that you comply with the state, county, and local government agencies. Our firm can help you identify the licenses and permits required for your business. By providing us with some details about your operation, our team of dedicated researchers can identify the license and permit applications your business needs.
Next, you'll want to establish yourself as a business entity. This means taking the steps to legally add LLC or Inc. to your name. There are many reasons to establish a business entity; including protecting your personal assets and creating additional tax benefits.
Once you have established your business entity, you'll want to establish Employer Identification Number also known as a Federal Tax ID Number (TIN).

If you plan to have employees, it's a good idea to secure both unemployment insurance and workman's compensation insurance. Remember to prepare an employee handbook to set forth expectations and establish guidelines for your staff.

While you focus on the most important decisions that shape your business, the experts at SHANE FINANCIAL group are ready to provide the assistance you need to:

1. Establish your business entity.
2. Obtain your Employer Identification Number (EIN).
3. File your Doing Business As (DBA) form, also known as a Fictitious Name Filing.
4. Obtain business licenses and permits.
5. Qualify to do business in multiple states.
6. File Annual Reports and Franchise Tax.

Our services are affordable and easy to use. We can assist you in forming your corporation or LLC at a fraction of the cost of using an attorney. You can work with a Business Specialist by phone or complete your application online in as little as10 minutes.