Friday, April 1, 2011

Thinking About Starting a Business: Things to Consider

The purpose of this blog is to help future and current entrepreneurs make educated decisions about their businesses, so I thought it would be helpful to review what things you should consider BEFORE opening your business.

The Fox Business Small Business Center has a nice slideshow titled "10 Steps to Start a Business". This checklist is a great way to get a quick overview of tasks to do if you are thinking of starting a small business. There is a lot of work involved in starting up a small business, so this list can help you determine if entrepreneurship is right for you. If you go through the checklist and are confident that you want to open a small business, then you can get more in-depth information on how to complete these tasks from Penn State Cooperative Extension and your local Small Business Development Center.

The Checklist
1. Create a Business Plan
2. Get Business Assistance and Training
3. Choose the Right Location
4. Finance Your Business
5. Determine the Legal Structure of Your Business
6. Register a Business or 'DBA' Name
7. Get a Tax Identification Number
8. Register for State and Local Taxes
9. Obtain Business Licenses and Permits
10. Understand Employer Responsibilities

As a current ag entrepreneur, did you consider all of these things before opening your business? Do you have any advice for future entrepreneurs on how to complete these tasks? Are there any other things you would add to this checklist?

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