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What are the requirements of starting a small business?

I would like to start my own business (when I am older and have business and accounting experience.) I am wondering if there are any qualifications by the state that one must meet in order to own and run a small business. What are some things I would need to do? What are some things I COULD do to help my business be more successful? #business #accounting

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Michael Louis’s Answer

Hi Rachel,


It does depend on the specific field and locale, but realize that starting a business is the United States is relatively easy.


You should start by thinking about your business structure. At a high level, this would be a sole proprietorship, a partnership or a corporation. For a sole proprietorship, you can use your Social Security number as a tax ID. But for most businesses, it is best to get a separate Tax ID from the government. You need this ID number to open a bank account and file tax returns. Here is the link to the US IRS Taxpayer ID information site:


https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin


I started my Subchapter S corporation in 1994 to run my corporate consulting business. Study your accounting well! It will pay you great dividends as an entrepreneur.


Good Luck!
Mike Pastor
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Gail’s Answer

Hi Rachel,


First, contact the city and state you want to work in and ask for the steps you need to take. Each state is different. Secondly, write up a business plan and seriously answer the questions. It makes you focus on what services you want to provide, who is your competition, estimate your budget, figure out how you are going to market you product and so on. It is the best thing I ever did for my own business. The problem I had was that I didn't listen to answers that didn't match what I wanted to hear. It is hard, but do that.


Good luck!
Gail
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Nick’s Answer

This is a fun question! While I was in college, I started a small business with one of my friends. We were both passionate about data analytics in accounting. We would go get lunch together, usually at Chinese food restaurant, and discuss our plans and dreams. Then, over the course of the month, we did research into how to start a business in our college state, which was Utah. After we were officially a company, we had to start finding people to do business with. We would go around asking other small businesses if they needed help automating their accounting systems. It was a lot of fun when we found business, but a lot of hard work too!

After college, my friend and I dissolved our business so we could begin our traditional, entry-level jobs. I still have dreams of starting my own business again after my personal career's lifetime ends. Then, I hope to have really mastered accounting and data science, my two passions, and offer that to smaller firms that don't have access to the same resources as large companies. My recommendation is to not give up on your dream, but work hard to learn the skillsets you need to pursue the small business you hope to start one day!
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