Before you can start your business, youБll need to select a business entity, such as a sole proprietorship or limited liability company. If operating as a consultant, a sole proprietor may be the way to go. However, LLCs offer liability protection for your personal assets. An accountant, attorney or successful business professional whom you respect can help guide you. YouБll then need to obtain a Бdoing business asБ permit or register your LLC with the secretary of state.
And apply for a sales tax permit and federal tax ID. YouБll also need an insurance policy. If working out of your home, you may need only general liability coverage. If operating a studio or boutique, youБll want a more comprehensive package that covers you in the event of fire or theft and provides commercial auto coverage and workers\’ compensation coverage. It is easy to come up with an idea to start a business, but not so easy to actually launch and build a profitable business.
Eighty per cent of businesses fail in the first five years. Before you take the risk of starting a business, make sure: When starting a business, there are important differences between starting from scratch, buying a privately owned business and buying a franchise. To know what steps you need to take be sure to read these articles: – for starting from scratch. – if you are buying a franchise in Canada. – if you are buying a business (franchise or independently owned).
You should not skip this important step. even if it means that you just jot your ideas down on scraps of paper or a napkin! Be sure to read: – a practical guide written by the creator of CandaOne s award-winning business plan! – great advice if you find that you have business plan block. Step 4: Register Your Business