Business Checklist: How to Set Up a Business

Setting up business is so super important! We need to make sure you’re on the right path!

Biz 101 Checklist

Here is a superficial business checklist to get you on the path to getting your business set up properly!

• Choose a name – Make sure you’re not violating any Federal or State trademarks, as well as ensuring your name is available.  Don’t want to get kicked out of business for a mere issue with name. 
  
  
• Choose a structure (Sole Proprietor, LLC, Corp) – You can choose from Sole Proprietor, LLC, C Corp, S Corp, and Partnership structures.  Choose the one that fits your plan – not just what everyone else is doing! 
  
  
• Make the appropriate tax elections with the IRS (if applicable) – You could be saving more money on your Income Taxes through special elections – be sure you’re doing it!
  
  
• Get your sales tax permit – Remit your sales taxes if applicable and be sure you know WHAT products and/or services to charge on.  Careful if you’re doing all inclusive collections without breaking out sales tax; that may be a state law no-no! 
  
  
• Get other appropriate license and permits for your jurisdiction – Don’t get shut down for simply not getting the right licenses and permits for shooting.  Licenses can include extra business licenses on top of your formation.
  
  
• Set up your EIN and Employer account  (if applicable) – Make sure you’re in line with the IRS and State law requirements – get these down!
  
  
• Use the right contracts to protect your business – Are you using the right business forms for your business? You need to make sure you have a contract for EVERY independent contractors, clients and anyone else you do business with! (Contracts can be found here!)
  
  
• Get the right insurance – There are many types to choose from – get 3-5 quotes from various businesses PER type of policy!
  
  
• Set up your budget and retirement savings – Every business needs a budget and appropriate retirement savings. Get these accounts set up!
  
  
• Get an appropriate price list – Make sure you’re actually pricing for success – don’t just fly by the seat of your pants!

Don’t forget you also need the appropriate web presence, client management, and other aspects to drive your business to success!