Ben Worrell, Business Development Manager
 765.482.5761
 [email protected]
Resources for New Startups
Step 1: Write a Business Plan
 SBA has great written articles on what the appropriate elements are
(https://www.sba.gov/category/navigation-structure/starting-managing-business/startingbusiness/how-write-business-plan)
 ISBDC – Business Ownership Initiative has great templates to work from:
http://www.businessownership.org/business-templates
Step 2:
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Get Business Assistance and Training
Free Training and Assistance from SCORE mentoring program (https://www.score.org/)
SBA Learning Center (https://www.sba.gov/tools/sba-learning-center)
ISBDC Business Planning Resources (http://isbdc.org/business-planning/)
Step 3: Choose a Business Location
 This is where the Boone EDC comes in! Contact the Boone EDC to discuss site options
([email protected]) or 317-719-1990
 Reference your business plan (created in Step 1) to determine best market location
Step 4: Finance Your Business
 Sometimes this is the most difficult part! Reference your business plan and any financial
projects to get your starting capital amount needed
 Contact the Boone EDC about a microloan option (<enter Boone EDC microloan online website>)
 Communicate with friends, family, and funders for additional capital options
o Don’t forget to utilize the mentoring and coaching in Step 2!
 Work with a loan officer at a bank for additional loan and funding options
Step 5: Determine the Legal Structure of Your Business
 This could happen simultaneously with Step 1, 2, and 4. Your Business Plan will help you
determine how you want to run your organization: Sole Proprietorship? Partnership? Limited
Liability Corporation? Your funding options may dictate your business formation and structure
too.
 Work with your mentors and coaches as well as a trusted attorney who is well grounded in
business formation. You need strong documents going forward from here to register and open
your business. You can also get some insight on permitting that you will need to obtain from
your business attorney.
Step 6: Register a Business Name (“Doing Business As: DBA”)
 The Indiana Secretary of State website is where this will need to be done. Register your
business online at http://www.in.gov/ai/appfiles/sos-registration/landing.html
 The Indiana Secretary of State website (http://in.gov/sos/) will be a critical source of
information for your businesses ongoing filings and permitting.
Ben Worrell, Business Development Manager
 765.482.5761
 [email protected]
Step 7: Get a Tax Identification Number
 The process you chose to organize your business may affect your tax identification number
process – check with your legal counsel for further information on this.
 Ultimately, your tax identification number will be ordered from the IRS
(http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-EmployerIdentification-Number-%28EIN%29-Online) Filing online can help to expedite this process.
Step 8: Register for State and Local Taxes
 If you have not sought out your businesses tax/accounting software or an accountant, this is the
step to do it!
 The Indiana Department of Revenue (http://www.in.gov/dor/index.htm)
Step 9: Obtain Business Licenses and Permits
 For Building Permits and processes, you will need to consider the following
(http://www.in.gov/core/bg_facility.html):
o Construction and Building Renovation
o Plan Review
o Elevator Safety
o Boiler and Pressure Vessel Safety
o Fire Safety
o Environmental Protection
 Air permits
 Water permits
 Solid and Hazardous Waste Permits
 Wetlands Areas
 Flood Plains
 These are critical elements to you actually opening your doors. Specific licenses and their
application processes are for (http://www.in.gov/core/bg_licenses.html) :
o Alcoholic Beverages
o Health Issues
o Retail Foods
o Wholesale Foods
o Contractor Services
o Day Care Centers and Day Care in Homes
o Financial Services
o Consumer Related Financial Services
 Persons making or purchasing consumer loans are required to obtain a loan
license
 Agreements
 Budget Services
 Pawnbrokers
 Check Cashing/Payday Loan
Ben Worrell, Business Development Manager
 765.482.5761
 [email protected]
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Securities, Investments, Collections, and Brokering
Transportation and Registration of Motor Carriers
 Operating Authority
 Oversize/Overweight Vehicles
 Motor Carrier Fuel Taxes
 Interstate Carriers
 Intrastate Carriers
o Regulated Professions
 Accounting
 Genetic Counselors
 Architects
 Health Facility
 Auctioneer
Administrators
 Barbers
 Physicians/Medical
 Cosmetology
Licensing
 Engineers
 Nurses
 Funeral and Cemetery
 Optometry
Services
 Pharmacists
 Home Inspectors
 Psychologists
 Interior Design Registry
 Marriage and Family
 Land Surveyor
Therapists
 Manufactured Home
 Mental Health
Installers
Counselors
 Massage Therapy
 Speech-Language
 Plumbers
Pathologists/Audiologis
 Private Investigators
ts
and Security Guards
 Veterinarians
 Acupuncture
 Hearing Aid Dealers
 Athletic Trainers
 Occupational Therapists
 Behavioral Health and
 Optometrists
Human Services
 Physical Therapists
 Chiropractors
 Podiatrists
 Dentists
 Respiratory Care
 Dietitians
Cities and Towns may have their own ordinances and conditions. You should consider and
adhere to these zoning regulations and signage issues in your community. For more
information about local zoning and ordinances, please visit your community’s local website for
contact information.
Step 10: Understand Employer Responsibilities – Hiring Employees
 Your tax identification number will come into play most often here. At this level, you will need
to coordinate with your accountant and/or your payroll company to follow all of the
appropriate steps for recording your employees’ wages, taxes, other withholdings, etc.
 Important Documents you will likely come into contact here with include:
o W-4: Federal Income Tax Withholding (IRS)
Ben Worrell, Business Development Manager
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 765.482.5761
 [email protected]
W-2: Federal Wage and Tax Statement (IRS)
State and Local Tax information can be found here (http://www.in.gov/dor/3489.htm)
(IN DOR)
I-9: Employee Eligibility Verification (DHS & US Customs and Immigration)
http://www.uscis.gov/i-9
Register with IN New Hire Reporting Center (http://newhire-reporting.com/INNewhire/default.aspx)
Obtain Worker’s Compensation Insurance – speak with your accountant or payroll
consultant regarding options here
Post Required Notices – your industry may have more specific rules, regulations, or
notices that would be required to be posted. Check with any state or local association
or with your payroll/legal counsel about the notices you are required to have. Be wary
of employment poster scams that may seem like an invoice, but are actually just a sales
tactic to get you to purchase posters you may not need! Always consult your legal
counsel or reach out to the Department of Workforce Development
(http://www.in.gov/dwd/2455.htm).
File your Taxes in a timely manner – coordinate with your accountant and stay informed
of necessary deadlines. Your payroll technology vendor or software company will be
helpful for this as well
Other Important Things to Consider:
 Keep Records of EVERYTHING! Make sure you establish a system and process for recording all
pertinent interactions between your business and the world! If you are not sure of what may
need to be kept and what might not be important, check with your legal counsel or attorney!
o Consider an auditing process with your accountant
o Maintain safe, confidential, and effective filing systems for your important documents
and transactions
o Make copies of all of your important business documents for your legal counsel,
accountant, and banking representatives and consider keeping them in a safe deposit
box at your local bank branch
o Keep detailed copies of employer-employee interactions including disciplinary actions,
hiring, firing, and employment-performance reviews.
o Work with your accountant and legal counsel on succession plans in case something
were ever to happen to you
 Consider connecting with National, State, and Local agencies and associations to stay informed
of key changes within your industry. You can visit a local library for access to association lists in
your state or around the nation. Infoplease has an alphabetical listing of many registered
associations too (http://www.infoplease.com/ipa/A0004878.html)