Many small businesses start as a hobby, and then take over a larger and larger percentage of the owner’s time until the proportions flip and the hobby has replaced a full time job. And while this gradual evolution is certainly logical, it can also lead to skipping some important steps when setting up a business.
If you’re thinking about starting a business – or maybe just want to check your progress – have a look at the infographic below. It details the 10 steps necessary for a business to get started on a solid foundation. In short, they are:
1. Research and plan your business
2. Seek assistance from an expert
3. Choose a business location
4. Acquire funding
5. Determine your legal structure
6. Register your business name (also a great time to snap up a domain name)
7. Get a Tax Identification Number (EIN)
8. Register for state and local taxes
9. Obtain business licenses and permits
10. Hire employees
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