1.
How to Start a Business
PHOTO CONNECT MURFREESBORO

2.
BUSINESS PLAN
Business plans define the WHO, WHAT, WHEN, WHERE, and HOW of your business and the products and/or services
you plan to provide. Business plans clearly outline the goals of the business, explain the operating procedures, detail the
competition, include a marketing plan, and explain the company’s current and desired funding.
If your company plans to seek funding in the form of a traditional loan, a thorough business plan will be required for the
application process.
Resources:
• One-Page Business Plan ― http://100startup.com/resources/business-plan.pdf
• Detailed Business Plan Template ― https://enloop.com

3.
BUSINESS
ENTITY
• Sole Proprietorship
• Limited Liability Company
• Partnership
• Corporation
Forming a business as a
corporation or limited liability
company helps protect the
owner’s personal assets from the
debts and liabilities of the
business.
Common types of business
formations:

4.
FEDERAL
TAX ID #
A nine-digit number that the IRS
uses to identify your business for
tax purposes.
A Federal Tax Identification
Number is also called an
Employer Identification Number or
EIN and is obtained through the
Internal Revenue Service (IRS).
Online Application:
https://sa.www4.irs.gov/modiein/in
dividual/index.jsp
FEDERAL TAX ID #
Most businesses need a business
license in order to begin
operations. Licenses may be
required for your city, your
municipality, your county and/or
state.
Online Application:
http://www.tncountyclerk.com
BUSINESS LICENSE
BUSINESS
LICENSE
A document that authorizes you
to do business in your city and/or
county.

5.
BUSINESS
BANK
ACCOUNT
It is very important to keep the finances of the business separate from those of
the owners. To open a business bank account, most banks require information
on the company, such as its formation date, type of business, and names and
addresses of its owners.
Some banks require corporations to provide a resolution from the board of
directors or LLC members/managers authorizing the opening of the business
bank account.
OPEN A BUSINESS BANK ACCOUNT

6.
OTHER INSURANCE & GOV’T
REQUIREMENTS
• Workers’ Compensation
• Sales & Use Tax
• Self-Employment Tax
• Federal Tax
• Social Security & Medicare
• Federal Unemployment Tax
• State Unemployment Tax
REQUIREMENTS
N
MAYBE
Y
INCLUDED
INCLUDED
N
N
SELF-EMPLOYED
Y
MAYBE
N
Y
Y
Y
Y
CORPORATION / LLC

7.
LEASE
OFFICE
SPACE
Non-home-based businesses will
likely need to lease office space
and purchase or lease furniture
and office equipment.
For home-based businesses,
ensure you are meeting city
zoning requirements for your
area.

8.
BUSINESS
ACCOUNTING
You may decide that your accountant will handle the accounting for your
business, or you may want to handle the accounting yourself with a small
business accounting software. Either way, you’ll want to ensure that you are
prepared to properly account for all business disbursements, invoices, and
accounts receivable/accounts payable.
SET-UP YOUR BUSINESS ACCOUNTING

9.
CONVINCING
PHOTOS
Create a logo, website and business cards to build business identity.
BUSINESS MATERIALS

10.
MARKETING
PLAN
Increase the likelihood for
success with a plan for
promoting your products and
services to your target market.

11.
THANK YOU

12.
BUSINESSVISER
BUSINESS MANAGEMENT | BOOKKEEPING
www.businessviser.com | 615 -804-9655