Are you looking to start a new business in Indiana or anywhere in the United States? If so, this is an exciting time for you! You may not even be starting a new company; maybe you are restructuring what you currently have to adapt to our changing times. That can be like creating a new business, so this article is for you, as well!
As you begin the process of setting up your new business, you may feel a little overwhelmed. You are not the only one who has felt this way in these circumstances.
This is an understandable reaction to what’s going on; after all, you have a lot of decisions to make and things to do. Luckily, you have come to the right place. We help businesses grow and develop!
Our group of business professionals at Best of Indy can assist you with taxes, bookkeeping, information technology (IT), legal issues, graphic design, website development, printing, registering your domain name, marketing, and so much more.
Not only can we help you with the many aspects of starting a new business, but we’ve been where you are today! Who better to get advice from than the people who know what you’re going through right now? We know what struggles you are facing and the challenges that come with these changes. We also know how to succeed in the business world.
In this article, we will go through a “starting a new business” checklist, so you can see exactly what you need to do to get started. Plus, we have a little advice sprinkled in from a few of our top business professionals. Don’t worry; by the time we are finished, you’ll have everything you need to know. Let’s get started and get you moving in the right direction today!
How to Start a New Business in Indiana (A New Business Owner’s Guide)
Step One – Decide on the Right Business Structure for You
Deciding the legal structure for your business is a very important decision because it impacts your legal liability, your tax implications, the cost of business, the flexibility you have available, and the future needs of your company.
There are pros and cons that come with each decision, and you should weigh those before deciding on your business structure. It’s a good idea to seek advice from a qualified attorney.
The main types of business entities you can choose from include:
- Sole Proprietorship
- Partnership
- Corporation
- S Corporation
- Limited Liability Company (LLC)
Make sure when you choose your business type, you understand the articles of organization associated with each type of business.
With a sole proprietorship, you are the sole owner of your business. A partnership involves two or more people who own a business together. Forming a corporation is a more complicated choice because you would be creating a legal business entity, but you would be more protected than some of the other options. Finally, with an LLC, you get the best of several options.
Again, each option has pros and cons; it’s a good idea to understand what articles of incorporation are if you want to form an official corporation. You’ll want to protect your business and personal assets from liability.
Business owners need to understand all of this and more! Because it can be a bit complicated, it’s recommended you work with an attorney during this process. An attorney can help you find the right liability protection for your product or service.
The website for Indiana’s Secretary of State has even more information on the different types of businesses for you to choose from. Check out its website to start your business planning today.
Step Two – Choose Your Business Name
Do you have a swarm of business ideas that you want to use as part of your business name? It’s time to start narrowing those choices down, but that can be tough!
You may have a name in mind or want to use a DBA (Doing Business As). A DBA is a registered name that is not the legal business name; it’s also known as a trade or assumed name.
Since naming your business can be a struggle, especially if you don’t know where to start, it’s a good idea to work with a marketing professional.
He or she will know how to do the right marketing research to make sure your name is available and memorable. If you choose to use a DBA, a marketing expert can assist with that. You want to pick a name that speaks to your brand and signature product or service.
Step Three – Register Your Business with the State
You can reserve the name you want with Indiana’s Secretary of State. That is the first step in registering your business name with the state. You are able to reserve it for 120 days on that website. Try not to get overwhelmed with all the links and information provided in this article; it’s all meant to help you succeed, and of course, we can help with any questions!
Now, after your initial registration, you must meet certain requirements, as stated on the government’s website. You’ll also need a registered agent, or you can be your own. This may sound a bit confusing if you are new to the business world, but that’s what’s great about our team – we can help! Be sure to reach out to us if you are feeling snowed under!
Step Four – Get Your Federal Employer Identification Number
Your Federal Employer Identification Number (EIN) is like your social security number, except it is for business purposes, not personal.
The Secretary of State does not issue identification numbers for new businesses. You will want to contact the Internal Revenue Service or Indiana’s Department of Revenue to do this.
You’ll also want to keep in mind how to pay taxes for your new business. Our business tax consultant can help get you started with a thorough tax consultation. You may have a million questions racing through your head. Can you deduct business expenses like your new office space, or how does it all work?
Work with a qualified tax professional to get the best tax benefits and guidance for your new business. The right tax consultant can help you with your taxes and represent you in the event of an audit, so make sure you know the difference between a tax accountant and a tax professional.
Step Five – Set Up the Finances for Your Company
It is recommended that you open a business bank account and get a business credit card for your business expenses. These things will help you separate your personal and business finances. You’ll also want to set up an accounting system for your new company and hire employees if you need them, and they are part of your business model.
If you are unsure whether these things apply to you or not, you may want to meet with a business consultant who can help you structure your business in the most successful way. A business consultant can also advise you on the best ways to get things started, including which business form you need for which purpose. They can also help you with your business plan.
You may want to create your own business plan based on a business plan template (check out these instructions on how to write a business plan), but you may find it to be more cost-efficient to work with an expert who understands many of the things you may not know about.
Step Six – Obtain Your Business License and Insurance Policy
A business license authorizes your company to do business in your city and state. You’ll need to register for state taxes and permits and purchase the right insurance policy for your company. A successful business protects itself from certain liabilities, such as company vehicle damage. Not all businesses require a license, but it is a really good idea to have business insurance.
Step Seven – Start Marketing Your New Business
One of the final steps in starting a new business is marketing it. You need potential customers to know you exist. A marketing consultant can help you with this. One of the first things you need to think about is a logo for your business. After that, they can even spread the word about your business via social media, advertisements, and a website that showcases the best features of your company. Frequently Asked Questions
Why is now the right time to start an Indiana business?
Customers’ needs have shifted over the past year. Rather than having a slew of customers waiting in line outside your office, your phone is ringing off the wall. You can now meet those new needs by adapting your current business plan or developing a new business idea. Whatever your game plan is, get started today with an Indiana business!
Why do many small businesses fail on their own?
Regardless of the type of business that you decide to start, remember that many small business owners fail because they believe they can do it all – on their own. Instead of doing things the wrong way, consider growing a profitable business by using resources available for you at the Best of Indy.
How can I get started with my printing needs as I form an LLC?
Once you have your licenses and permits, you will know the name of your business. As a new business owner, you will want to work with a professional printing company to get the right business cards, brochures, and other printing products. Our printing specialist can meet all your needs.
Where can I find the technical support I need for my small business?
In our Indiana small business group, we have an information technology (IT) specialist who provides technical support and more to small businesses to help them succeed and flourish in this ever-changing climate we work in. He helps business owners meet challenges and find the flexibility they need to see optimal results.
Conclusion
Do you want even more details on how to create a business in Indiana? The U.S. Small Business Administration has a 10 Step Starting Your Business Checklist with details for each list item (much like this list). Their website also has valuable resources like information on how to apply for the licenses and permits you need to get your business started the right way.
Another valuable resource when starting your new business is the State of Indiana’s one-stop resource called INBiz. Their website is full of valuable information on how to register your business’s name, how to fill out the correct required paperwork for your company, and how to ensure you are in compliance with Indiana’s state laws and regulations.
Do you think you are ready to start a new business in Indiana now? If you are looking for help with anything from marketing to legal contracts, find the right new business startup help with Best of Indy’s premier group!
We can help you get started the right way because we’ve been in your shoes! Sure, you can maybe go faster alone, but you can go much further with a team. Why not join ours today to find out all the ways that we can help you achieve success with your new business?
