Why to start your own business?

If you have a great idea, you can change the world when you start a business. Some of the biggest companies today started in a garage or a college dorm room. Starting a business would be the first step to achieve those goals.

How to start your own business?

Here are the basic steps to start your own business:

1. Business plan

   A business plan is the foundation for the business success. Business plan can be structured in components of executive summary, mission statement, business profile, organization management, products/services offered, market research, budgeting and financial funding, performance evaluation, etc.

2. Business training and finance

   Depends on your skills or past work experience, you may need some basic business training on how to setup the company, hiring employees and etc. Also, a successful business must be well funded for the long term. There are many private or government funding programs to help you start a business.

3. Determine business name and legal structure

   Learn about business structures and find out which one is most suitable for your business. Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), C corporation, S corporation, nonprofit or cooperative. Each structure can have various legal/tax benefit and restriction.

4. Register business name and apply for business licenses/tax identification number (Federal, State and Local government)

   Register the business name with the State government. Use the Business License Application to apply for many State licenses, registrations, and permits, including a Unified Business Identifier number (UBI or tax registration number); file trade names and and apply for city licenses. You can apply for some city licenses at the same time you are applying for State licenses and registrations.

Here is the link to start your business license application.

Washington State Business Licensing Services http://bls.dor.wa.gov/startbusiness.aspx

The above information is provided by:

Tony Wu, CFP®. VP of SUNBC

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