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Business Review – Is your business set up correctly?

Business Review – Is your business set up correctly?

Whether you’ve recently started your business or have been working at it for a few years, there are some things every small business should do. Review these 10 things to be sure you have it covered.

Market Test –Do some research and polling to see if there is a need or demand for the kind of business you are doing? Maybe there is an aspect of the service you provide that is more in demand?

Business Plan –Develop a business plan. This is a blueprint for every part of your business from your location to operations. Revisit your plan every year and make adjustments. There is a free business guide where you can write out your plan.

Capital –Determine how much money you will need to start and sustain your business. Know where the funds be coming from.

Location –Figure out where you’ll be conducting this business. This could be out-of-your-home or renting a space to accommodate your services and supplies.

Business Structure –What kind of business do you need to set up? Sole proprietorship or a corporation? There are resources to help you determine what the best business set up would be for you. Most startups and small businesses set up as a Limited Liability Company (LLC).

Name –Create the business name and brand. Get a company logo and website. This will give your business credibility.

Register –  You may need to register your business to protect the name. There are four ways to do this: state registration, federal registration (trademark), Doing Business As (DBA) and a domain name.

Tax ID –Your business will need an employer identification number (EIN) to pay federal and state taxes, hire employees, open a bank account, and apply for business licenses and permits.

License –Get your business license. Most businesses in California need a license. You apply for one in the city where you operate your business. You’ll need to get a federal license or permit if your business activities are regulated by a federal agency.

Contractors can get their license onlineRequirements and fees depend on your business activity and the agency issuing the license or permit.

Bank Account –Open a business bank account to handle all the money you will be making.

There’s a wonderful free online business guide by the U.S. Small Business Administration that covers all the components to building a successful business.

Running your own home improvement business is a lot of work. TheHomeMag wants you to be successful. Please contact us (949-478-3951) to help you market your business. Check out THM Toolbox, our website for business professionals.