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Starting a Business

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Starting a Business

Getting off to a good start is important to the success of any business.

If you need help creating a business plan you may want to consider LivePlan to make the process easier. Watch the video below to learn more. 

If you plan on applying for a loan through our Rural Opportunity Loan, contact us before creating a LivePlan account. You may qualify for a free account through us.

Helpful Documents

Start-up-Guide – The Washington State Small Business Development Center hosts this free self assessments to score, choosing a business, feasibility and financing.

Going into Business Checklist – The Washington State Small Business Development Center created this helpful checklist. It includes an overview, assessment, feasibility, costs with Pre-opening budget and Projected Income worksheets.

Helpful Information

What are the options for legal business structures?

Sole Proprietor - the individual is the single owner of the business and therefore accountable for all company's debts or liabilities. 

LLC - whereby the members of the company cannot be held personally liable for the company's debts or liabilities.

S Corp - Pass-through taxation gives the major difference from an LLC, the S Corp must file a business tax return. 

C Corp - Separate taxation. Limit the personal liability of individuals involved in the corporation. Ownership belongs to the board and will run when original owners are replaced. 

What is a business model? And why do I care?

Your business model is how you're business makes money. So to define you business model, you want to explain how you will be paid for your product or service. 

You don't have to reinvent the wheel. Check out these great examples of popular business models. Some of the most successful businesses of the last 20 years have simply applied a different business model to an existing product. 

How do I do research for my business?

Having a business idea is great, but successful entrepreurs know that they need research to determine if an idea is feasible and worth the investment of time and money. Here are a handful of helpful links to start your research:

How to Research Your Business Idea (article)

The library has access to research databases that the public doesn't have access to. Check out all of the research options at the Libraries of Stevens County.

Market Research & Stats:

BizStats
NAICS
BizMiner
US Census Bureau

License, Registration and Tax Considerations

The licensing and permitting issues facing new businesses can seem overwhelming. Licensing requirements differ by city, county and business type, but all new businesses need to obtain a Washington state business license and a Unified Business Identification Number (UBI).

In addition, certain business activities require special registration or agency authorization such as selling liquor, cigarettes, and lottery tickets.

Business owners are encouraged to seek professional legal, tax, and/or accounting advice as appropriate for more detailed explanations.

Business.WA.Gov  Small Business Guide – START your business

New Business Tax Workshop – by Washington Department of Revenue at various locations. This is also offered online.

Employer’s Introduction to L & I – a must for new employers at various locations

IRS Small Business Taxes: The Virtual Workshop – Nine Lessons regarding your federal taxes and your new business

IRS Resources For Small Business Owners – Portal to links for Tax Calendars, Educational Products, Starting a Business: Selecting a Business Structure, EIN, Recordkeeping, etc.

License and Tax Resource Page – Links to more information

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