Assignment

10-Step Business Start-Up

Worksheet

Step 1: Create a Business Plan

For this step, you will need a business

plan. A business plan can support your

strategic understanding of how you will

pursue success for your business plan.

Please outline in a minimum of 25 words

what your business will product/service

will be and how you plan to dedicate time

to successfully completing this plan in this

course.

I would like to start a business which markets

personal protective equipment. I will dedicate time

to this plan by splitting it into small increments each

night after work, as opposed to trying to complete it

all in one setting. Splitting it up will reduce any

stress or anxiety I may have in completing the

business plan on time.

Step 2: Local Free Resources

In step 2, you will want to know what local

resources are available to you to continue

supporting your journey beyond the course.

Many local organizations and government

agencies offer free training, help in finding

funding, and much more. What are two

local resources that you could use and their

contact information (include website,

address, and phone number)?

In my research, I found that Woodforest National

Bank is holding a free seminar on how to: Predict

their businesses; federal, state and local tax

liabilities. Prepare for tax obligations and establish

proper accounts and obtain the proper licenses for

their business and meet reporting requirements at

400 S. Gay ST in Mount Vernon. 740-397-4678

woodforest.com. ohiomeansjobs.com also has a ton

of free seminars on stress and time management, as

well as decision making and can be reached at 740-

392-WORK.

Step 3: Business Location Analysis

Location, location, location…you may

have heard this adage before when

discussing opening a business. Where you

choose to open your business in a physical

location or the web address you choose, in

many cases, impacts your success. Please

share your location selection or web

address and briefly explain why this is a

feasible choice. If it is a physical location,

does it comply with zoning laws?

There are already available store sites for rent on

commerce drive here in Mount Vernon. These

locations would be prime because they are located in

the industrial park closest to where my potential

consumers work. They are already zoned for

business as well. I would choose a web address that

would be catchy and easy to remember like

allPPE.com or AffordablePPE.com.

Step 4: Business Financing

Financing a business can be challenging.

Many times, financing holds many people

back from pursuing a dream in

entrepreneurship. Let’s evaluate some

opportunities for business financing. Share

one government loan, one government

grant, or one venture capital firm that you

might consider evaluating further as part of

your business financing plan and why.

There are government grant sites specifically for

Ohio that I would check into first, as grants do not

have to be paid back. This resource is found at

grantstart.org. Grants are a great start with no

liability attached. There are other local resources

that help women specifically like

womensfundcentralohio.org.

Step 5: Legal Structure Selection

Legal structure selection of your business

is a crucial step in entrepreneurship.

Choosing the right legal structure can

impact areas of accounting, legal

protection, and even your oversight and

ownership of your business. Consider the

following options, select one, and explain

briefly why you have chosen that structure:

sole proprietorship, partnership, Limited

Liability Company (LLC), corporation, S

corporation, nonprofit or cooperative.

I would start with a sole proprietorship for a few

reasons. A sole proprietorship is a relatively easy

start up. Also, being the only person working allows

me to avoid additional paperwork, taxes, and

liabilities of others such as a partner or employees. I

also like knowing everything that is going on and

the ability to make decisions without waiting for an

others’ approval. I like to be the one in charge and

the one to be held accountable in success or failure.

Step 6: Business Name Selection

What’s in a name? Your business name

selection sets the stage for branding your

business, marketing strategies, and links

the business directly to you among other

considerations. What name have you

selected for your business and why?

Business names are registered with the

State and go together with the process of

contacting the Internal Revenue Service

(IRS) and state revenue agencies to

determine what other tax identification you

may need (e.g., Federal Tax ID, Sales Tax

License).

I like the name Affordable PPE. It is simple to

remember, and easy to identify what I am marketing

to those that would need it. I like the adjective

affordable because it is important to promote the fact

that the consumer can afford it, as it is reasonably

priced. The word affordable is something people

want to hear, you do not want to overpay, but at the

same time calling it bargain, or cheap, also cheapens

the name. Those adjectives make it sound as though

it is PPE of a lower quality, which is not what

anyone is looking for when it comes to personal

protective equipment.

Step 7: State and Local Taxes

Speaking of state revenue agencies, please

share your state agency information (web

address, phone number) that you would

need to use to contact the agency about

receiving a tax identification number,

workers’ compensation, and disability

insurance. Do you need to apply in-person,

online, phone, or multiple options? Which

route would you use?

I would use taxid-gov.us/oh, as it is a trusted

government site. It also has small explanations next

to each required field for more clarity on how to

properly fill it out. The application is completed and

submitted online, which makes access easy, with no

business hours to limit when it can be filled out.

Step 8: Business Licenses and Permits

In addition to taxation filing, disability

insurance applications, and more, your

federal, state, and local agencies will have

a list of licenses and permits that each will

likely require for your business. Please

conduct some research and share what you

I will need to meet all OSHA regulation on safety. I

will need a 534-A license for a sole proprietorship,

as well as an ST-1 vendors license. I will not be

selling any consumables, so food safety inspections

are not necessary. I will need water inspections for a

public restroom.

will need here in terms of required licenses

and permits for your business.

Step 9: Hiring Employees

Hiring employees may not be something

that you do as an entrepreneur right away.

However, many businesses do grow to a

point where they may need to hire workers

or start off right away needing to hire

support. What is the basic process that you

will need to hire an employee.

Decide if you want an independent contractor or an

employee

Ensure new employees return a completed W-4 form

Schedule pay periods to coordinate tax withholding

for IRS

Create a compensation plan for holiday, vacation

and leave

Choose an in-house or external service for

administering payroll

Decide who will manage your payroll system

Know which records must stay on file and for how

long

Report payroll taxes as needed on quarterly and

annual basis

Step 10: Small Business Administration

The Small Business Administration is a

federal agency that offers a great deal of

support to entrepreneurs. Where is your

local agency located? What are their

hours? Please name three services that

they provide that may interest you in

learning more about.

My sba is in Columbus, Ohio 401 N Front St Ste

200. (614) 469-6860. They are open M-F, 8-4:30pm.

They also have programs such as; SBA’s Roles in

Lending,

Find a Mentor or Counselor, and

Federal Business Opportunities.

SUMMARY ANALYSIS

To begin my plans, I will use the 10 steps of business start-up that I have filled out

already. I will dedicate my evenings after work at least 4 days a week, 2-3 hours each day for

researching all educational websites that I have deemed credible. I will begin speaking to the

places I have selected about their grants and what I am qualified for. I will fill out my tax

identification forms for both state and federal, and ensure they are free of errors. I will keep

referencing all my available resources online, as well as seek out advice from established small

business owners here in town. I will focus on the ones who have been in business for an

extended period of time, as they have made it past the usual breaking points. I plan on holding

off on hiring any employees at this time, until I feel it is necessary, at which time I will follow

the basic hiring process, as well as follow all state and federal regulations. These regulations can

be found on the small business administration website. I will commit to taking a least one

program or seminar on business start-up until I feel comfortable with the pertinent information to

become successful. Finally, I will take the leap into entrepreneurship, and give it all the passion,

motivation, and perseverance it requires to have a healthy start.

References

10 Steps to Start Your Business. (2017). Retrieved from sba.gov: https://www.sba.gov/business-

guide/10-steps-start-your-business/

Columbus District Office. (2017). Retrieved from www.sba.gov:

https://www.sba.gov/offices/district/oh/columbus

Hire and Manage Employees. (2017). Retrieved from www.sba.gov:

https://www.sba.gov/business-guide/manage/hire-manage-employees-benefits-

contractors

Knox County Chamber of Commerce. (2017). Retrieved from knoxchamber.com:

http://www.knoxchamber.com/

The Women's Fund of Central Ohio. (2017). Retrieved from Grants:

http://www.womensfundcentralohio.org/grants/