Top 10 Fail Proof Ways Startup Business Can Suceed In A Floundering Global Economy Columbus, GA Wednesday, August 26, 2009 By

Dr. Dwayne D. Jakes, CMC

"Startup Business Coach"

1. Writing an effective Strategic Business Plan is one of the first steps a new business owner should develop. The plan should include; Executive Summary, Company Background, Vision Statement, Mission Statement, Values Statement, Environmental Analysis, Long Term Objectives, Strategic Analysis and Choice, Plan Goals and Implementation, Financial Projections and Analysis, Critical Success Factors, Controls and Evaluation.

2. Choose the Right Business Structure. The most common business structure; Sole Proprietorship, Partnership, Corporation, S Corporation, Limited Liability Company, Non Profit, and Cooperative

3. Financing the Business, Federal, State, and Local Governments offer a wide variety of financing programs to help small business start and grow these business through small business loans, government grants, seed and venture capital.

4. Selecting a Business Location, involves basic considerations such as proximity to customers, ease of access, leasing and zoning restrictions.

5. Register a Business Name (Doing Business As), your business legal name is required on all government forms and applications, including your application for employer tax ID's, licenses, and permits. A fictitious name (assumed name, trade name, or DBA name, short for "doing business as") is a business name that is different than your personal name, the names of your partners or the officially name of your LLC or Corporation.

6. Market and Advertise on Social Networks. Build your brand and build relationships through social networks linkedin, facebook, twitter, ning, youtube, and myspace.

7. Get a Tax identification Number. All businesses are required to pay federal, state, and in some cases, local taxes. Most businesses will need to register with the IRS, State and Local Agencies, and receive a Tax ID Number and Permit.

8. Secure Business Licenses and Permits, Every business needs one or more federal, state, or local licenses, or permits, to operate. Regulations vary by industry, state, and locality. Not complying with licensing and permitting regulations can lead to expensive fines and put your business at serious risk.

9. Register Business Entity for Local and State Tax. Register with your local and state government to obtain a tax identification number, workers' compensation, unemployment and disability insurance. The most common types of tax requirements for small businesses include; tax permit, income taxes, and employment taxes.

10. Human Capital Development. Learn the legal steps required to hire and train employees:

- Obtain an Employee Identification Number (EIN)

- Set up records for Withholding Taxes

- Employee Eligibility Verification (Form 1-9)

- Register with your State New Hire Reporting Program

- Obtain Workers' Compensation Insurance

- Unemployment Insurance Tax Registration

- Obtain Disability Insurance

- Post Required Notices

- File Your Taxes

- Develop Employment Manual