Much like juggling, it’s harder than it looks
Wednesday, January 14th, 2009
The sheer volume of things that must be done to legally start a corporation in the state of Florida is astounding:
1.Register with the Department of State of Florida, Division of Corporations
2.If necessary, make sure you have an occupational license
3.Get an EIN (Employer Identification Number) from the IRS
4.Elect and file the paperwork to be a subchapter S corporation from the IRS
5.Pay to be licensed with the county and city, as required.
6.Don’t forget your license to collect sales tax, or pay unemployment tax
7.How about a worker’s compensation waiver?
That is just the legal and tax stuff someone has to go through, let’s not forget about actual business planning, for example:
1.Writing a business plan
2.Creating a marketing plan
3.Registering your domain name (in case you should want to have a web presence, which is highly recommended in this day and age)
4.Establishing your budget, pricing, cost structures and profitability
…to name but a few.
There are also miscellaneous things like bookkeeping software, hiring employees, and exit strategies that should be established.
It really makes me wonder why anyone would want to start their own business, but then I remember what one of my clients at the bank said to me, “Jer, if you do what you love, you’ll never work a day in your life.”
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