So You Want To Start A Business Part 2 | STACIE RAYE

So You Want To Start A Business Part 2


You've taken a hard look at the thought of starting you own business and you've decide to proceed. Good! Welcome to the world of entrepreneurship!

We are going to take a practical look at steps you need to take to make your business legit.


1. First things first. You need a name. What are you going to called yourself? What is your dba (doing business as)? You can use your given name or choose something catchy. Pick a name and register it with the MN Secretary Of State. If your name is clever and you want further protection from copycats, you may want to trademark it. Be prepared to spend around $500 to do so.


2. Choose a form of business organization. Will you be a Sole Proprietor, which is a business owned solely by you? Or do you want a Partnership, LLP, or Corporation? I will say that being Sole Proprietor is the easiest way to start a business an you can be up and running in no time. What ever you choose, make sure you do your homework!


3. Work on your business plan. I'm not going to spend a lot of time on this. I don't believe it needs to be real fancy. But you should know that you need some sort of idea on paper of how your going to plan out your business. You need to write the vision and make it plain. Like a road map, if you don't have anything written down, how will you know where your going and when you have arrived? Nuff said!


4. Get your business taxes together. Are you selling goods? Then you need a MN Tax ID number. You can apply for one online at http://www.taxes.state.mn.us/. You may also need a Federal Employer Identification Number, depending on your business organization. The

MN Dept. Of Revenue offers classes to help you with this process.


Well, I think I've given you a lot to work on for now. If you want more, stop at your local library and pick up a copy of "A Guide To Starting A Business In Minnesota", or search your states for resource materials on starting a business.

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