Starting Your Business A Step by Step Guide

Starting Your Business: Even in the midst of the current health pandemic and challenges for business, there are still individuals like you that are thinking about starting a business. Now is a good time to do the planning and take the steps to opening your own business and making it a reality.

1) Conduct Market Research: Market research will tell you if there is a realistic opportunity to turn your great idea into a successful business. Research Determine Identify Summarize Research the demand for your product or service Determine the size of the potential market/buyers Identify who will actually buy your product/service Summarize the competition already out there

2) Write Your Business Plan: Your plan will get your thoughts and ideas down on paper and form the roadmap or gps for getting from a starting/conceptual point to actually opening your business. Use a traditional business plan format or a ‘lean’ one-page business plan summary The plan will be useful as a communication tool for discussions between you and interested partners, family, and lenders The plan is a great marketing tool that communicates the potential of your business and your steps to ensure success

3) Fund Your Business: Once you have your business plan you can figure out how much money you will need to start. 1 2 3 Start with how much you need, not how much you want Determine how much you have on hand- saved, etc. to invest Explore other options including government or bank loans, crowdsourcing, and investors

4) Pick Your Business Location: Your location can affect taxes, legal requirements, revenue, and probability for success. ❖ Many businesses today are virtual operations ❖ Operating from home is an affordable way to start ❖ Some businesses are dependent on a brick and mortar commercial location ❖ Check out ‘incubators’ where you could locate your business, obtain support services, and share costs with other companies

�If it is just you and you do not choose a formal legal structure by default you will be a sole proprietor 5) Choose a Business Structure: The legal structure you choose will impact business registration requirements, what you pay in taxes, and your personal liability. �If you start with a partner you will be a partnership �Many individuals starting their business choose LLCs or Sub-Chapter S corporations that provide tax benefits, liability protection and enable owners to raise capital

6) Choose Your Business Name: Try and pick the perfect name that reflects your brand captures your vision. � A name should be easy to spell and pronounce � Your name should describe what you do or what products and services you offer � Check with the Ohio SOS office to ensure the name you want to use is available and not being used already (www. SOS. gov)

7) Register Your BUSINESS: Make your business legal and protect your brand by registering the business. If you are a sole proprietor, you will register your name with the Ohio SOS office (www. SOS. gov) • Businesses > filing > forms > name registration If you elected an LLC or corporation as your legal structure, when you form your LLC or corporation and register that legal entity with the Ohio SOS you have also registered your business name Trademarks may be registered at the US Patent Office (www. USPTO. gov)

8) Get Federal and State Tax IDs: You will use your employer identification number (EIN) for important steps to start and grow your business. � Apply for your EIN by completing an SS 4 form on IRS website (www. IRS. gov), search forms and instructions � Sole proprietors may use their social security number � If you are forming a Subchapter S Corp you will need to complete a 2553 form on the IRS website (www. IRS. gov)

9) Apply for Licenses and Permits: Keep your business running smoothly by staying legally compliant! ❖ You may need a federal license depending on your industry i. e. agriculture, firearms, fish and wildlife ❖ Many businesses have no federal license requirement ❖ While Ohio does not have a business license requirement, most businesses will need a state permit, once again depending on your industry ❖ Check your requirements on 1 st stop business permit center (https: //clients. ohiosbdc. ohio. gov/folder. aspc? f=392)

10) Open a Business Bank Account: A small business checking account can help you handle legal, tax, and day to day operations. Open an account using your business EIN number Business account will provide you liability protection, help you track business expenses and present a professional presence

Now You Are Truly Open For Business! Make Your Dream A Reality! Need help navigating through all the forms and steps? We at SPICE are here for you! Call us at 740 -394 -2200 Or email us at: spiceohio. map@gmail. com