Starting a Business? Steps by Oleksiy Nesterenko You Don’t Want to Skip
The internet has made starting a business from the comfort of your own home more possible now than ever before. Although there is nothing easy about being an entrepreneur, it is common knowledge that the outcome of starting a venture is very rewarding. The most difficult part is actually getting started. Some people have business ideas that never leave their notebook. Others just want to own a business but don't know where to start.
In the excitement of starting a business, there are several steps that you don’t want to skip; here are some of them suggested by Oleksiy Nesterenko for his clients:
- Registering your business entity (LLC Or Corporation). While you can do business as a sole proprietor, registering your business entity with your state provides a legal separation of your personal assets and your business assets. This can be important if your business is ever sued — your personal savings and other assets are protected.
- Getting your business license, sales tax permit, and other governmental permits and licenses. Many people skip this step because they don’t want to pay for the license or don’t know where to go. We have state-by-state business startup resources available on our website. If you start your business without the proper licenses and permits, when you are caught or finally go in to register, you will be liable for penalties in addition to the cost of a license.
- Filing your income taxes correctly. Even if you have a small profit the first year (or a loss), you should include the correct amounts on your income taxes (corporate, if you are a corporation; personal, if you are an LLC). Again, when it finally catches up to you, you will be liable for penalties and interest (not to mention the extra services your accountant will charge you for.)
- Complying with labor and safety laws. Each state has different requirements for workers’ compensation insurance, unemployment insurance taxes, and other wage and hour laws. Before you hire your first employee, be sure you understand the requirements of your state AND plan to meet them. Our Employer’s Manual is a great way to plan for hiring your first employees.
Without a doubt, starting a business is one of the most exciting and busiest times of your life. Don’t skip these important steps when you are starting your business.
If need any help, contact Oleksiy Nesterenko Startup Finance +1 (310) 710 4248
We'll get you up on your feet and operating in the most effective way, as soon as possible. Oleksiy Nesterenko Startup Finance and Consulting Services is qualified and equipped to assess your business and all of its needs before you have to make any important decisions.
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