TEN STEPS TO STARTING A BUSINESS
1. Develop a concept from industry experience and work history (do what you know).
2. Create a business plan showing who, what, when, where, why, and how (convince yourself
that it will work).
3. Use business plan to determine and obtain startup capital (convince others that it will
work after you convince yourself, first).
4. Incorporate or form an LLC (liability protection, taxes, image, reduced audit risk).
5. Obtain Employer Identification Number (EIN) (taxes and hiring).
6. Open a business bank account (funnel all transactions through one account).
7. Get required licenses (occupational, specialty).
8. Set up accounting software (cash flow, manage business, taxes).
9. Form a support team consisting of :
Attorney - Leases, contracts, employment agreements
Banker - Bank account, credit card, financing
Certified Public Accountant - QuickBooks, accounting, taxes
Insurance professional - Property, liability, workers' compensation
Realtor - Brick and mortar location, leases, building
Mentor - Someone who has done this before.
10. Implement marketing plan - nobody knows you are there! - everyone has competition
(website, target markets, direct mail).
ADDITIONAL ASSISTANCE
Classes and counseling at:
University of Central Florida Small Business Development Center (SBDC)
WWW.BUS.UCF.EDU/SBDC/
Service Corp of Retired Executives (SCORE)
WWW.SCOREORLANDO.ORG/
1. Develop a concept from industry experience and work history (do what you know).
2. Create a business plan showing who, what, when, where, why, and how (convince yourself
that it will work).
3. Use business plan to determine and obtain startup capital (convince others that it will
work after you convince yourself, first).
4. Incorporate or form an LLC (liability protection, taxes, image, reduced audit risk).
5. Obtain Employer Identification Number (EIN) (taxes and hiring).
6. Open a business bank account (funnel all transactions through one account).
7. Get required licenses (occupational, specialty).
8. Set up accounting software (cash flow, manage business, taxes).
9. Form a support team consisting of :
Attorney - Leases, contracts, employment agreements
Banker - Bank account, credit card, financing
Certified Public Accountant - QuickBooks, accounting, taxes
Insurance professional - Property, liability, workers' compensation
Realtor - Brick and mortar location, leases, building
Mentor - Someone who has done this before.
10. Implement marketing plan - nobody knows you are there! - everyone has competition
(website, target markets, direct mail).
ADDITIONAL ASSISTANCE
Classes and counseling at:
University of Central Florida Small Business Development Center (SBDC)
WWW.BUS.UCF.EDU/SBDC/
Service Corp of Retired Executives (SCORE)
WWW.SCOREORLANDO.ORG/
The Firm That Really Counts!℠