For New Business Startups

Looking to start your business off on the right foot?

We have put together a checklist of start-up actions you can take to get your business up and running.

Here are your business start-up steps

Initial Business Setup

STEP 1:  LEGAL ENTITY

If you choose to set your business up as a legal entity with the state, first check availability to ensure no one else has already claimed the business name. Check availability here.

 

We also recommend consulting with an attorney. To start the process, (for NC) go here:

*For outside of NC, check with the state where your business resides.

*If you decided to form an S-Corp, there are extra steps to setting that up. For more information about this, go to the form 2553, here

STEP 2:  FEDERAL TAX ID

Once approved as a legal entity with the Secretary of State, go here to set up your FEDERAL TAX ID:

*Be sure to keep a copy of the SS4 - EIN application or Tax ID Number application provided.

Set Up Your Financial Framework

STEP 3:  OPEN A BUSINESS BANK ACCOUNT

Once you have received your articles of organization from the state, as well as, your SS4 from the IRS (Proof of Federal Tax ID), you can open a business bank account using your legal business name with the bank of your choosing.

STEP 4:  SALES TAX AND PAYROLL WITHOLDING

If you are required to report any state sales tax for your business, you will need a sales tax withholding number. For NC, go here:

If you have payroll, go to the NCDOR to get set up with a WITHHOLDING NUMBER here:

*If you are responsible for sales tax withholding and payroll withholding, then the withholding number can be the same for both Be sure to do so when applying for the number. 

*If you do not have employees, you can skip this step.

SET UP State Unemployement for Payroll Employees:

With your payroll number assigned to you from the state, the next step is to set up state unemployment benefits through your state's Department of Commerce website here for NC:

*For outside of NC, check with the state where your business resides.

Business Planning 

This step is where you begin writing your business plan, start planning your budgeting, management and operations for your business. What is your mission, values and goals? Start writing this out so you know what you are working towards.

It's very important to understand your
CORE BUSINESS FUNCTIONS. Every business must have a good understanding what these 4 core functions are and why they are meaningful. Your 4 core functions are:
  1. Operations - How you deliver your products, services, or goods.
  2. Financial - The funding for your business
  3. Management - Your team, employees and stakeholders
  4. Marketing - How you promote your products, services or goods.

*All four functions overlap and support one another.
Should you desire more guidance and direction for your business planning, whether new or established, sign up for Peridot Consulting's Business Roundtable Series.

For more information about our Business Roundtable Series, go here:

Set Up Your Marketing Tools

The role of marketing is to bring AWARENESS of your business to get things going. At the end of the day, it's always about sales.

It's important to understand that marketing alone cannot help a business grow. It takes all 4 core business functions to keep a business headed in the right direction.

Here are the marketing tools you will want to include in your business plan:

  1. Branding / Logo

  2. Website

  3. Collateral materials

  4. Social Media

  5. Email

  6. Networking

  7. Advertising

Once you have these tools up and running, it's also important to pay attention to their functions, track their influence and growth so you know where to make adjustments along the way.

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Common Startup Mistakes

  1. Applying for a Federal Tax ID before registering your business as a legal entity before being approved by the secretary of state office.
  2. Selling products, services, or goods before applying for a sales tax withholding number. 
  3. Hiring and paying employees before receiving a payroll withholding number.
  4. Not setting up a bookkeeping infrastructure.
  5. Not taking the proper steps in creating a legal entity with the state.
  6. Not taking all the correct steps to become an S-Corp. There is an extra form (2553) to fill out.
  7. Knowing the difference between a payroll employee vs. an independent contractor when it comes to the correct tax forms.
  8. Having NO business plan.

We can help!