small business

01 Feb. 22

How to Start a Small Business in Bethalto, Illinois

There is something quite exciting about taking the next time in your dreams of starting a small business and really getting it off the ground and running. When it comes to starting a business in Bethalto, IL, there are so many different types of factors that go into how to start it up. If you are not sure how to start your business, but you have a passion for doing something on your own, this blog is for you! Continue reading on for tips and ideas.

AttorneyChoosing a Business Idea

This is the most important step to creating your first business is having the idea for what you are wanting to go into business for. Take the time to research and explore different ideas, and take into consideration your own interests, skills, resources, and availability. You can even take the time to write down the reasons why you want to form this business and evaluate the pros and cons. Do your research on other businesses like the one that you are trying to open, and figure out their plans, revenue, and so forth.

Creating a Small Business Plan

After you take the important step of choosing the business that you are wanting to open, this is when you would create a business plan to determine what type of money you would be making if you are to open up shop. When this plan is created, you will have a clear idea of the startup costs, different competitors, and strategies for making money. When you need to look into investors and or lenders, they will want to review a business plan before they offer you any financial assistance.

Choosing a Name

One of the fun parts of starting up a business is that you get to pick what name you would like it to be. Choosing your name, however, it’s not just as easy as simply picking one that is best for you, but you will need to do your research to see if this name can be approved, or if this name is already on file with the Illinois Secretary of State. To make this process easier for yourself, you can check for any available names by doing a name search on the SOS website. Once you pick one that you like, you can reserve this name up to 90 days before you open up a business.

Apply for needed Small Business Licenses and PermitsBusiness Plan

If you are selling any type of product in Illinois, you must be registered with the Department of Revenue to collect sales tax. If your company also has employees that you need to pay, you will also need to register them with the DOR for employer withholding taxes. You can do both of these types of taxes, as well as other businesses online or on paper.

These are just the starting stepping stones when it comes to opening up your own company. For more information give our team at Diaz Law Offices a call today!