Industrious individuals thinking of starting their own business may feel at a loss when they first delve into the world of entrepreneurship. That’s because there are many important steps involved in running a company, from formulating a plan to attending professional networking events. Dedicated to growing the economy in St. Charles County, MO, the team at the O’Fallon Chamber of Commerce & Industries knows exactly what it takes to nurture your vision.

Professional Networking & Other Tips for Starting a Business

1. Create a Plan

Every company begins with a written business plan. It should include a company profile and description, a summary of your goals, products, and services, and projections for your financial profile. Include marketing information, and analyze the competition’s performance in the marketplace.

2. Seek Help

Your local Chamber of Commerce offers excellent opportunities to help your business come to life. Foster valuable skills, attend professional networking events, and speak with established leaders for assistance. All of these can make a significant difference in your growth.

3. Focus on Finances

You will likely need a loan to get your business off the ground. Determine the best source for your funds, and seek out grants and other forms of capital as needed. Your business plan should allocate funds for all necessities, including but not limited to real estate, equipment, and payments.

4. Confirm Legalities

You’ll need to legally establish your company into a specific category: corporation, S corporation, cooperative, nonprofit, sole proprietorship, partnership, or limited liability company (LLC). Be sure your company’s name is registered in the state, set up a tax identification number with the Internal Revenue Service (IRS), and obtain the proper permits to legally operate within your locality.

5. Determine Employee Duties

Hiring employees for a thriving business is imperative to its continued success. There are several regulations involved with the process, from creating an employee identification number (EIN) to maintaining records for taxes and new hires. You must also verify your employees’ documentation and file taxes annually.

If you’re thinking of starting a local business, get in touch with the professionals at the O’Fallon Chamber of Commerce. You’ll enjoy professional networking opportunities, expand your business development skills, and learn how to create a plan that’ll put you on the path to success. Visit their website to learn more, or call (636) 240-1818.