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Task or Activity (not in any order of importance or listed sequentially)
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Is your business concept feasible? You may wish to discuss your ideas with Muskegon - SCORE. Call 231-722-3751 for an appointment. SCORE can assist you with each of these actions.
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Choose a name for your business or product – check out trademarks and Internet domain names.
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Research your target market, competition and your industry.
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Develop a sales plan which focuses on your plans (be as detailed as you can) to sell your product or service to your target customers.
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Identify start-up costs: and identify each on-going monthly or periodic expenses; determine whether you will require start-up money assistance.
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Determine a location for your business. If it is a home-based business, identify the space you will need. Check if local zoning permits a business at your site.
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Write a business plan. Concentrate on marketing and target customers, your sales plan, what differentiates you from your competitors, and, importantly, do financial/cash flow projections for your business.
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Determine what business organization best suits your business needs. Sole Proprietorship? Partnership? LLC? For a simple LLC registration, go to: Michigan Business One Stop . You may require legal services such as drafting a partnership agreement or a LLC operating memorandum.
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Register your business name: if your business is a sole proprietorship or partnership and is local, file “doing business as” form with your County Clerk. If your business will be multi-county or inter-state, will be an LLC or other type of corporation, register with the State of Michigan.
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Depending upon your businesses organization, you may need to obtain a Federal Employer Identification Number (EIN) from the IRS; required if you plan to hire employees.
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Register with the IRS (www.irs.gov/businesses) and Michigan Department of Treasury (www.michigan.gov/taxes) for payment of taxes.
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Obtain any required licenses or permits from the city, county or the State.
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Determine what insurance requirements your business may need; consult with a multi-lines insurance agent. Obtain competitive quotes.
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Establish a business address; print business cards.
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Open a bank checking account for your business and transact all your company’s business through this account.
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Establish proper accounting procedures & practices; at a minimum, keep & maintain all copies of all business related records separately from your personal records.
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You may wish to establish a relationship with an accountant and/or CPA to assist you in your business recordkeeping, doing payrolls, and filing taxes.
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Determine if you will need a Business Credit Card.
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Most importantly: get started.
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