How To Start An It Services Company

How To Start An It Services Company

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Launching a new business requires a lot more than coming up with a catchy name You have to deal with dozens of details, including everything from writing a business plan to printing business cards.

How To Start An It Services Company

How To Start An It Services Company

Here, we’ll walk you through everything you need to launch a startup. And as a new business owner you can download our business startup checklist to keep you on track as you take the first step.

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A business plan will help you narrow down your goals and expectations and give you a roadmap to get your company off the ground. If you plan to pitch investors or apply for a business loan, you’ll need a business plan—most won’t consider a pitch unless a business plan is attached.

Depending on the complexity of your business idea, a business plan can be as small as one page or as large as a thick, data-packed document. No matter how simple or complex, every business plan should have at least a few key parts:

If you have some basic business experience or know-how, you can probably write a business plan on your own, but if you’re feeling completely lost or you just want something that will help you move step by step more efficiently, business Plan writing software can go.

BizPlan and Enloop are two examples of business planning platforms with reasonable monthly costs. IdeaBuddy is another platform that’s meant to be used earlier in the process while you’re still generating ideas to help develop and refine your business idea, then guide you to a formal plan.

Before Starting Your Startup Business

Calculating your startup costs will help you appeal to investors and estimate when your new business will start to become profitable.

Spreadsheets are your business financial planning friend—and we have a business budget template to help you estimate monthly and one-time expenses for your business.

Just as homeowners need an emergency fund when the roof starts to leak, so too does your new business need an emergency fund. How much you need depends on the size of your operation and whether you’re keeping your current job or going all-in on your new endeavor. Most startups take at least a few months (and usually more) to become profitable, so if your startup is going to be your main source of income, you need to put away at least a few months of operating expenses and your own living expenses.

How To Start An It Services Company

Avoid family loans and second mortgages. Better loan options include small business associations, your local bank, or newer types of online lenders.

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You can even start a crowdfunding campaign to generate cash—a good way to test the viability of your business idea. Remember, though, that your goal is not to collect money. Your objective is to build a viable business with products or services that truly help your customers.

Before we dive into the details of business registration, a disclaimer: What we’re providing here is a basic overview of the general requirements for most businesses in the United States. If you operate internationally or in certain specialized industries such as long-haul tobacco and jet fuel shipping, these guidelines are one hundred percent guaranteed not to cover everything you need to know about registering your business.

Even if your company is fairly small, your state or county may have specific requirements that are not covered here. Regardless, make sure you do your own research with local and state governments or consult with an attorney to determine the legal requirements that apply to you.

There are four main types of business structures: sole proprietorships, partnerships, limited liability companies, and corporations. For legal and tax purposes, decide which type you will operate under – although you can always switch to a different business type as your company grows.

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Start by writing down every name that comes to mind, including funny names (bad idea brainstorming works!). It will let your creativity flow. Plus, you can pull elements you like from throwaway names and incorporate them into your more serious ideas.

If you plan to register a trademark in your business name, keep in mind what cannot be trademarked:

The U.S. for “distinctiveness” in your name. Trademark Office requirements must also be met, which means your trademark needs to be unique enough to avoid confusion between you and other similarly named businesses.

How To Start An It Services Company

All businesses except sole proprietors with no employees must register with the IRS and obtain an Employer Identification Number (EIN). This is your company’s federal tax identification, which you’ll use when paying taxes, opening a bank account, applying for a business license, and hiring employees.

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You may need to register your business with your state government. Use the Small Business Administration’s state lookup tool to find information for your state. Likewise, check with your local government office to find out if additional registration or permits are required.

With your business plan in hand, it’s time to lay the operational and financial foundation to get your company off the ground.

Even if you run a sole proprietorship and your business is just you, life will be easier if you have a separate bank account to manage your business finances. If you want to accept credit card payments online or in person, see Credit Card Payment Processing Services.

In certain industries, you will need licenses and permits to work legally. This typically applies to industries where there is a risk of customer harm—think construction, hair salons, and financial consulting. Some municipalities require home-based businesses to have a “home occupation permit,” so no matter what industry you’re in, find out what licenses you need before opening your doors.

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If you sell physical goods and you work in a state that collects sales tax, you will likely need to register for a sales tax permit. Most states administer these permits for free or for a nominal fee.

Finances can get complicated very quickly, so you’ll want to have an automated system in place for financial accounting, budgeting, and documentation before starting a sale.

There are many accounting records that small business owners need to update regularly to keep their business finances in order. These tasks include:

How To Start An It Services Company

If you are not very confident in your skills with Excel spreadsheets, you should invest in accounting software or hire a part-time bookkeeper. Check out our list of the best accounting software for small businesses to try out some apps.

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Business taxes are very different from employee taxes. The biggest difference is that small businesses have to file taxes quarterly instead of annually. You need to have enough cash on hand to send payments to the IRS every three months, which can take some getting used to.

If you have employees, you need to remember that employee tax is paid to the government by the employer. If you’ve ever looked at your pay stubs, you’ll know that each contains a record of what taxes were taken from your paycheck. These taxes are not collected directly by the government – they are collected by the employer, who is then responsible for sending the employee’s taxes to the IRS.

As soon as you hire employees, open a physical location, or start scaling your business, you’ll need some form of liability insurance. General liability insurance covers you if someone is injured on your property or as a result of your company’s activities.

For a one-person business, a management system can be as simple as a set of to-do lists to keep track of budgets and schedules. Large businesses need to formalize processes to manage workflow, finance, scheduling, team organization and more.

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When getting your management system up and running, focus on the essentials. At a minimum, you’ll need a framework to manage:

If you are starting with

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