Top 5 things to know before you start a business | Lead Bank

Jul 22, 2021
  • What is my business?  How will I make money? 
  • How am I going to fund my business? What will my business expenses be?
  • How am I going to compete?
  • Do I know the necessary permits and licenses required to register my business?
  • Do I have the financial “know how” and understanding already or do I need training?

A solid business plan should help address the above questions too. Spend time thinking hard about the balance between income and expenses. Don’t confuse one-time start-up costs with the recurring operating costs like wages, transportation, and raw materials, like licenses and big equipment. Don’t forget about paying taxes either. You’ll need to acquire an EIN (Employer Identification Number).  To apply for an EIN, all you need to fill out IRS form SS-4 or file online. The IRS does not charge any filing fee to obtain an EIN and it is a critical piece of information you need.  

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