Opening a new business is very
challenging. There are many decisions
and actions that an entrepreneur must make to successfully get the new business
up and running.
Things you will need to consider
include:
- Do I
have a good business idea?
- How
viable are my products or services?
- Who
are my competitors and potential competitors?
- How
large is my potential customer market?
- How
will I market my products and services?
- Local
advertising
- Direct
mail
- Internet
advertising
- Web
site design and maintenance
- Other
- Is
there a qualified labor pool available to provide employees for my
business?
- Employee
training sources
- Temporary
employment services
- Should
I prepare payroll in-house or out-source this service?
- Can I
obtain a good location and equipment for my business?
- Lease
versus buy decisions
- Licensing
and zoning issues
- Environmental
issues
- How
much capital will be required?
- Do I
have enough equity?
- How
can I find financing?
- What
form of organization should I use to operate my business?
- C
Corporation
- S Corporation
- Multi-member
limited liability company
- Single-member
limited liability company
- General
partnership
- Sole-proprietorship
- Do I
have good legal counsel available to assist with business formation?
- Will
my business grow too fast and exceed my ability to generate working
capital?
- How
will I keep my business records?
- Computer
based programs such as QuickBooks?
- Computer
based programs for specific functions, such as billing or inventory
- Employee
payroll records
- What
taxes will I need to deal with?
- Payroll
taxes on employees wages
- Estimated
taxes to pay my own tax on profit to federal, state and local agencies
- Ohio Commercial
Activity Tax (CAT)
- Ohio Sales and Use
Taxes
- Federal
excise taxes, such as on heavy highway vehicles
- State
severance taxes
- Licensing
issues: federal, state and local
While we can assist with all of the above, inexperienced
entrepreneurs often get an economical start in this process by first visiting
with organizations designed to assist start-up businesses. A good local source is the Small Business
Development Center
at Ohio University. Here is a link to their website: http://sbdc.voinovichschool.ohio.edu/Default.aspx
