If you choose to organize a new business from scratch, you should prepare a clear plan that takes your idea and forms it into a profit-making business. An attorney, accountant, and/or qualified business consultant should be contacted before buying, starting, or franchising a business, or licensing your product to another business.
Starting a business can be overwhelming. The following provides a list of items to consider before opening your new business:
-Business plan
-Business license
-Bank account
-Insurance (business and medical)
-Accounting system
-Accountant
-Attorney
-Office Space
-Office furniture
-Computers, phones, copiers, etc.
-Voice and data services (phone, fax, website, email)
-Employees
-Marketing and advertising plan
-Industrial health and safety regulations
-Environmental regulations
Understanding the Time Commitment: Few people understand the extensive time commitment that is required to start your own business. This time commitment is heaviest at the beginning, but is still significant as you run and maintain your business over time. You will be putting in late nights, weekend hours, and be at the office far past when others leave. Therefore, you must truly be passionate about what you're selling--AND in the reality of business ownership. The 80+ hour workweeks are horrible if you aren't really enjoying what you're doing.
Plan Well: Be sure to invest time and money into planning, including both market analysis and business fundamentals. If you're starting a business, chances are you do not have unlimited funds. By establishing a framework for how and what you're going to accomplish, you'll save time, money, and effort down the line.
Enlist the Assistance of Others: Just because you're "the boss" doesn't mean you have to do it all yourself. Be sure to ask for assistance from friends, relatives, and other colleagues. Even if it's just advice, or feedback on business plans or direct mailers, the feedback and participation of others will make your work better and more enjoyable.
New Hire Paperwork: When you start a business, you will need some required governmental forms. Many of these forms can be found at http://www.dor.state.wi.us/forms.
Form I-9: Under the Immigration and Nationality Act, you must verify the identity and employment eligibility of anyone you hire for employment in the United States. This includes citizens and non-citizens alike. The Employment Eligibility Verification Form I-9 was developed by the Immigration and Naturalization Service (INS) to verify that persons are eligible to work in the U.S. You should complete a Form I-9 for every employee hired after November 6, 1986. After the form is completed, sign it and retain the completed form for your files. You can download a Form I-9 by clicking here:formi9.pdf
W-4: To know how much income tax to withhold from employees' wages you should have a form W-4, Employee's Withholding Allowance Certificate, on file for each employee. Ask all new employees to give you a signed Form W-4 when they start and make the form effective with the first wage payment. If a new employee does not give you a completed Form W-4, withhold tax as if he or she is single with no withholding allowances. You can download a W-4 by clicking here. 04formw4fillin.pdf
