How to Open a Business

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To open a business, make sure that the proper licensing is acquired, such as a tax ID number, a state sales tax certificate and a business license. Open up a new business with advice from a certified public accountant in this free video on starting a new business.

Part of the Video Series: New Business Tips
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Video Transcript

Today's topic is How to Open a Business. There is a plethora of information that you ought to know and research and look into regarding whatever business it is you're interested in. Perhaps you don't know which business you want to be in to, you just know that you were born to be an entrepreneur. So here are a handful of tips, and really bullet items of what you want to take a look at if you're looking at opening a business. You want to make sure, really, foremost, that you're licensed and on the radar of all your appropriate federal, state and local governments. Find out what the requirements are for business licensing. You know, with the feds you want to get your tax I.D. number. Same with the state for your sales tax or income tax, whatever it is you have to have with them. And locally, there usually, but not always, is a business license and may also be a sales tax licensing to go with that. Once you have all that nailed down before you open your doors, and actually, before you get moving, make sure that you know enough about your industry. Make sure you've talked to other people in your industry. Make sure your area has room to grow in the direction you want to grow in your industry, or else, you know, the worst case is you open up and your market doesn't need your product. Best case is, you've done your research, and it flies off the shelf or you're busier than you could ever conceive. And in doing that research, you're going to want to put together a business plan, if not for a bank for financing, then for your own personal use, to make sure that you stay on target with your goals and that you are following through on what you wanted to do. It's very easy to get off course, or to change things because of ease or because of regulations, but it's important for your own purposes to stay on course and to meet the goals that you set. And it's very satisfying.

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