The Boss of You

The Steps On Becoming a Business Owner in Maryland

Starting your own business.

You have thought about it a hundred times and now you have decided you are ready to become an entrepreneur. Where do you start? What is there to know?  There are resources at your fingertips.

Starting your business is a big challenge, but it is also a rewarding experience. Among the skills you will need to possess in order to be a successful business owner are these basics: good communication skills; a working knowledge of record keeping; financial management; break-even analysis; product or service knowledge; knowledge of personal and business taxes (federal, state, and local); knowledge of legal structures. You will also need to have a good business plan and you will need to be prepared with the facts and resources necessary to legally run and successfully compete in your field of business.

According to the Maryland Small Business Development Centers Small Business Start-Up Toolkit, there are four steps to startup success:

·        Conceive your business – everything from researching a great idea for a business to looking at feasibility, choosing and registering a business name, writing a business plan, determining location, secure and build a website.  

·        Structure your business – choose a business entity, consult professionals (accountants, attorneys, etc.), set up and manage recordkeeping and financial systems, deciding on hiring of employees, contractors, etc., set up system for tracking information for income tax forms.

·        Prepare all necessary Federal, state, and local forms, permits, and licenses – register your business entity, obtain Federal Business Identification Numbers for tax purposes, obtain State Business Identification Numbers for your legal entity, obtain all necessary licenses and permits, secure intellectual property, open bank account, fulfill all Employer Requirements, determine and fulfill all tax requirements, and obtain business insurance.

·        Fund your business - learn about and secure best financing option for growth capital: traditional commercial loans, alternative financing options, government financing assistance.  

Starting your own business will be challenging, but with the proper planning, resources andgood skills set, you can be on your way to reaching your goals. 

Click here for more detailed information on how to start a small business in Maryland.