Planning and making good decisions is key to starting a business. Westport business owner Ken Watterworth explains how you start a business step by step.
Do market research
Market research can help you determine if your idea is feasible. This is a great way to find out about local businesses and customers. This information can be used to identify competitive advantages in your area.
Your business plan should be written
Your business plan is the basis of your business. It is a guideline for how you will structure, manage, and grow your business. Ken Watterworth adds it will be used to convince others that investing in your company or working with you is smart.
Select a business structure
Your business’ legal structure will affect your registration requirements, your tax liability, and how much you pay in taxes.
Select your business name
It can be difficult to choose the right name. Choosing a name that is both authentic and reflects your brand is important. Also, make sure that your business name has not been used before.
Register your company
After you have chosen the right business name, it is time to register it and protect your brand. You will need to register if you are doing business under a different name than your own.
Get your federal and state tax ID
Your employer identification number (EIN), is used to open a bank account, pay taxes, and other important steps in starting and growing your business. It acts as a social security number for the business. You may also need a tax ID in some states, but not all.
Request licenses and permits
Ensure your business is legally compliant to keep it running smoothly. Ken Watterworth points out that depending on the industry, state, and location, you will need different licenses and permits.
Opening a bank account for your business
A small business checking account is a great way to manage legal, tax, and other day-to-day matters. It’s simple to open one if you have all the necessary paperwork and registrations.
Fund your business
The business plan will help determine how much money you need to start your company. You will need capital to start your business. There are many ways to get the capital you need.
Choose your business location
The location of your business is one of the most crucial decisions you will make. You can make important decisions about your business location, whether you are setting up a brick-and-mortar store or opening an online shop.
About Ken Watterworth
Kenneth Watterworth of Westport, CT, is the owner of Pro-Tect, Inc. the largest fireproofing company in the state of Connecticut.
To learn more about Ken Watterworth, please visit here.