entrepreneurship 101 starting a business checklist
TRANSCRIPT
Growing Alabama’s Economy,One Small Business at a Time
Entrepreneurship 101 Starting a Business Checklist
Presented By
Andrea Rogers Mosley
SBDC Director
Alabama SBDC and Alabama PTAC at
Alabama State University
Growing Alabama’s Economy, One Small Business at a Time
About US
• The Alabama Small Business Development Center network is a statewide, inter-institutional program to enhance economic growth in Alabama by providing management and technical assistance to small businesses.
• Professional Business Advisors are available in 10 Small Business Development Centers (SBDC) located at our member university partners across the state.
Growing Alabama’s Economy, One Small Business at a Time
The Alabama SBDC Network is funded in part through a cooperative agreement with the U.S. Small Business Administration. Hosted by the University of Alabama –Office for Research & Economic Development. Nationally accredited by the Association of SBDCs.
All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA, or The University of Alabama.
Growing Alabama’s Economy, One Small Business at a Time
Growing Alabama’s Economy, One Small Business at a Time
Growing Alabama’s Economy, One Small Business at a Time
Checklist for Starting a Business❏ DYR - Do your Research (Is it a valid idea)
Feasibility Assessment and SWOT Analysis
❏Write the plan When you write it down, it brings the vision to reality)
❏ Identify Funding Options (Skin in the Game, Bootstrapping, FFIs)
❏ Identify a BAIL TeamBanker, Accountant, Insurance/IT Specialist/Lawyer
❏Determine the Legal Structure of Your Business - Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, or nonprofit.
Growing Alabama’s Economy, One Small Business at a Time
Checklist for Starting a Business
❏ Register a Business Name — Register your business name with your state government.
❏ Get a Tax Identification Number — Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.
❏ Register for State and Local Taxes — Register with your state to obtain a tax identification number, workers' compensation, and unemployment and disability insurance. Register for retail sales taxes if you are selling a product.
Growing Alabama’s Economy, One Small Business at a Time
Checklist for Starting a Business
❏ Select a Suitable Location; if applicable
❏Obtain Business Licenses and Permits
Get a list of federal, state, and local licenses and permits required for your business.
❏ Understand Employer Responsibilities
Learn the legal steps you need to take to hire employees.
❏ Understand the Regulatory Environment
❏ Insurance Options
❏ Launch Your Business – Take the Leap of Faith
Growing Alabama’s Economy, One Small Business at a Time
Ready for the Next LevelPrepare Your Business for Federal Contracting in 8 Steps
1. Research if federal contracting is a good idea for your business
2. Research the demand and pricing for your product or service within the government
3. Avoid costly errors and potential legal problems by researching the regulations and laws for federal contractors
4. Create a business plan
5. Look up the North American Industry Classification System (NAICS) code
6. Determine whether your business is eligible for any special labels (set-aside types) or programs
7. Register for a Data Universal Numbering System (DUNS) #
8. Register in the System for Award Management (SAM), www. sams.gov
Growing Alabama’s Economy,One Small Business at a Time
Alabama State UniversityCollege of Business AdministrationSmall Business Development Center
Andrea Rogers MosleySBDC Director
915 South Jackson StreetMontgomery, AL 36104
Tel: 334-229-4138Email: [email protected]: www.asbdc.org