PLED

PLED start business

Step 10: Define Your BrandThe strongest and most memorable businesses are built on a solid brand. When developing your b...
03/04/2022

Step 10: Define Your Brand
The strongest and most memorable businesses are built on a solid brand. When developing your brand, you should consider:

what your business stands for
what are your core values
what will earn customer trust
Once you feel confident about your answers to these questions, it’s time to move onto your business name. Your business name is the cornerstone of good branding and a successful business. To learn more about creating the best name for your business, read our How to Name a Business guide.

Step 9: Hire EmployeesFor any business (unless you plan to be your business’s sole employee), building a strong team is ...
03/04/2022

Step 9: Hire Employees
For any business (unless you plan to be your business’s sole employee), building a strong team is a crucial next step in starting a successful business. But it isn’t just about finding the right people; you need to ensure you stay compliant with requirements for hiring employees legally. This includes ensuring that you are registered with the IRS for employee taxes.

Once you’ve built your team, we strongly recommend utilizing a payroll service to issue paychecks, track time, and make tax season more manageable.

Step 8: Obtain Permits and LicensesTo operate your new business legally, you will need to comply with federal, state, an...
03/04/2022

Step 8: Obtain Permits and Licenses
To operate your new business legally, you will need to comply with federal, state, and local government regulations. In many cases, this involves obtaining one or more business permits and/or licenses. For example, a restaurant will likely need health permits, building permits, signage permits, etc.

Step 7: Get InsuredBusiness insurance helps you manage risks and focus on growing your business. The most common types o...
03/04/2022

Step 7: Get Insured
Business insurance helps you manage risks and focus on growing your business. The most common types of business insurance you should consider are:

General Liability Insurance
Workers’ Compensation Insurance
Professional Liability Insurance
We recommend that all small businesses, including home-based businesses, purchase a general liability policy. Businesses selling professional advice or services, such as consulting and accounting firms, should also consider a professional liability policy.

Step 6: Set up Business Banking, Credit Cards, and AccountingUsing dedicated business banking and credit accounts is ess...
03/04/2022

Step 6: Set up Business Banking, Credit Cards, and Accounting
Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.

Step 5: Form Your BusinessOnce you’ve chosen your business structure, the next step is to form your business. No matter ...
01/04/2022

Step 5: Form Your Business
Once you’ve chosen your business structure, the next step is to form your business. No matter what formal business structure you choose, there are a few common steps, including:

Step 4: Choose a Business StructureRegistering your company as a legal business entity — such as an LLC, corporation, or...
01/04/2022

Step 4: Choose a Business Structure
Registering your company as a legal business entity — such as an LLC, corporation, or nonprofit — has two major advantages:

Increased credibility
Protection from personal liability in the event your business is sued
Find out which business structure is right for your new business.

Step 3: Get FundingIt’s no secret that you need funding to start a business, but before you can secure the money you nee...
01/04/2022

Step 3: Get Funding
It’s no secret that you need funding to start a business, but before you can secure the money you need to cover startup costs, there are a few things you need to do first. Calculate your business costs before seeking outside funding. This will help you choose the right funding source for your business’s needs. Next, be smart with your spending and get organized by creating a detailed financial plan.

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