All for the small businesses
IN.GOV / INBIZ
This will be on your top 12 things to do first. You will be using this site to set up your business. You will be able to create Sole Proprietorship, Corporation, LLC, General Partnership, Limited Partnership, Limited Liability Partnership, and Nonprofit / Charity. I would highly recommend that you do your research as to the structure that best fits your needs now and in the future.
This website also allows you to create your business name, set up your board structure if you decide to have one. If you don't have a space to conduct business yet, that's ok. Just for the time being, use your home address. This information can always be changed in the future. There's a ton of great information on this website and I would highly encourage you to read through as much of it as you can, it's valuable.
Internal Revenue Services
Getting your Federal ID #
You will have to deal with IRS but don't let them scare you! You have a big responsibility now. If you have employees, taxes need to be paid, you might be required to pay taxes on things your business buys / sells. You will either need to know this information or have access to a knowledgeable tax professional.
When you are at the beginning stages the only thing, you'll use this site for is to obtain your Federal ID Number. You will have to get your articles of incorporation prior to getting the Federal Tax ID Number. As I stated in the section above, you might not have a commercial location yet, and that is just fine. I would, personally, recommend using your home address until a space is secured.
How to Apply for an EIN | Internal Revenue Service (irs.gov)
Leasing a commercial space
This is going to be, in most cases, a long process. You will want to do your market research about the area you are wanting to work in. It might not be wise to put a barbershop right next door to another barber shop. Do your homework. You will also want to have a great commercial real estate agent. You will want to do your research to find a great agent that will work for you, be on your side, have your best interest in mind and is proactive about finding properties that will work for you.
Great places to search for properties for free are:
Crexi - https://www.crexi.com/
Loopnet - https://www.loopnet.com/
Sharplaunch - https://www.sharplaunch.com/
Commercialsearch - Commercial Real Estate & Office Space Listings | CommercialSearch
Don't ever be against just driving around the area you want to be in either. There are several property owners that would prefer to manage their own property, so they put signs in the yard. You can also find 'for lease' signs up but not see the property online. If you are driving around, take a passenger with you so they can take photos, write down address and agent information.
Commercial Insurance
Coming from a place of experience, Insurance is one of the most important pieces of starting your own business. Make sure that your business is set up properly so that you aren't putting everything in your world at risk. It's very important to find a trusted Insurance agent that can help you get the proper coverage to protect you. After a combined 22 years in the independent insurance world, we truly understand that having proper coverage, even if never used, is one thing you don't want to go without.
Bill has been an independent insurance agent with a focus on commercial coverage for 15 years. He now owns his own independent insurance agency, Indiana Insurance. He works with several carriers for personal and commercial insurance. He does not write life or health products.
Bill can help with all listed below:
Personal (standard & non-standard) / commercial auto
Homeowners / renters
Umbrellas
Event Insurance
Commercial coverage for most business types
Bonds
Real Estate insurance for just one property or 100's
Personal Liability / liquor liability
He can even handle high risk insurance for SR-22's
He can be reached at - Home | Indiana Insurance Agency LLC | Indianapolis, IN (yourindianainsurance.com)
317-983-1244
Facebook : Indiana Insurance Agency LLC | Indianapolis IN | Facebook
Aspire Economic Development / Chamber Alliance
Don't skip getting in contact with Aspire. They are an amazing support resource for new business and existing business alike. There is always new thing to learn and new people to meet.
Aspire Economic Development + Chamber Alliance drives economic development and business success in Johnson County, Indiana and southern Indianapolis. We lead the area’s business community by leveraging community development opportunities and providing comprehensive member services for entrepreneurs, small businesses and large corporations. There so much to say about them and I don't have enough space. Check out their website to get more information about how they can help you be successful!
Connect with Aspire here - Aspire Economic Development + Chamber Alliance l Indiana (aspirejohnsoncounty.com)
1499 Windhorst Way, Suite 160, Greenwood, IN 46143
66 Water Street, Franklin, IN 46131
317.888.4856
Facebook page - Aspire Johnson County | Greenwood IN | Facebook
SCORE
For the life of your business!
"SCORE can help you start, grow or successfully exit a business. Small business owners who receive three or more hours of mentoring report higher revenues and increased growth. Enter your zip code into the search bar on their home page to find a mentor in your area." You can never have too many people in your corner, and it helps when they've been where you are.
They offer a mentorship program.
Free webinars.
Workshops.
Online courses.
Business planning and financial statement templates.
Website - Home page | SCORE
Facebook - SCORE Mentors | Facebook
Things we do or use as a small business
Start small. There's no need to go out and buy the fanciest, most expensive of anything you need for your space. Always look at a more cost-effective option to save yourself money. Once you are up and going then you can upgrade. There is so much to learn when you are just starting out. You might think you have the greatest idea ever and once you start it could turn into something completely different. Give yourself grace. I don't know that any first-time business owner ever became a millionaire from their first day of business.
Social media - use it all the time. It can be your best friend and allows you free advertising. Network with as many people as you can find in your field. I talk to as many nonprofits as I can. I personally have had great luck with Facebook, but you have access for free to so many platforms. X (twitter), Instagram, Tik Tok, Nextdoor, Linkedin and I'm sure there are more that I've missed.
Square Point of Sale - it works great for us. It is a versatile platform that can be used for invoicing, payroll, point of sale, cataloging and even website building.
GoDaddy - after research and using a few mock builders, GoDaddy is where I landed. We purchased our website address, used their website builder, branded email addresses and we can do direct donations through them. It was the best option for what we were looking for, plus they are affordable and easy to use.
