End Goal: Get ready to receive your first customer #

In this step, you will revisit many of the previous steps to finalize all the necessary documents that are needed in order to get your business operational.

Update Your Business Plan: #

Throughout Phase 2 you have explored more in depth items that affect your business plan, including funding options, licensing, employment, and scaling.  Using what you have learned, go back and update your business plan.

Form your business: #

Apply with your state’s secretary of state in order to get the necessary LLC or corporate forms.  Articles of Organization, Certificate, etc. whatever is needed.  Your FEIN is another piece of information needed at this point.

Licensing: #

You need to apply for and get all of your licenses before you can go any further.  Some licenses take some time to come through so get this going as soon as you have your business formed so that you can have everything in line ready to go.

Set up for Accounting: #

If you are planning on doing bookkeeping on your own you will need to select which software you will want to use.  Quickbooks is Turtlesmith’s preferred software. You will want to get the initial books set up, incorporate your bank account, and get started understanding how to use the software.  You may also meet or hire a bookkeeper/accountant to get things going. 

Set up for Employment: #

If you are planning to hire employees you will need to get a few things together before you are ready.

1. Employee Manual – You will need some type of manual to make sure employees understand what is expected of them and what they can expect in return.  Several employee manuals are available online, but they discuss things like work schedule, time off schedule, explanation of benefits if any, etc.  
2. Set up Accounting Software for payroll or contract with a payroll preparer.  You will need to either get some accounting software set up or meet with a payroll preparer in preparation of hiring.  You should have this in place.
   1. Self-preperation using Quickbooks
   2. Payroll companies ADP, Paycom, ETC.
3. Set up tax payment logins as needed.
   1. EFTPS.gov – this is where federal payrol l taxes are paid.  You must apply through eftps.gov and request a pin number using your federal id and business bank account.  You need this before you can start payroll so you can pay your taxes.
   2. State government sites.  In Oklahoma we use oktap.gov and eztaxexpress.  Each state will have their own. 

Payment Processing: #

How will you be accepting payment for your goods/services?  Quickbooks does have invoicing options so you can get paid directly through them.  If you will need a more robust payment processing service you will need to look at credit card processing.  Also, it’s a good idea to understand cash processing.

Organize your bill pay: #

Funding: #

Get your funding in place.  You should have all the necessary starting capital deposited to your bank account so you can be ready to receive your first customer.