{"id":2398,"date":"2019-11-19T14:00:03","date_gmt":"2019-11-19T21:00:03","guid":{"rendered":"https:\/\/iccu.lndo.site\/blog\/uncategorized\/top-tips-starting-new-business\/"},"modified":"2025-03-24T11:28:29","modified_gmt":"2025-03-24T17:28:29","slug":"top-tips-starting-new-business","status":"publish","type":"post","link":"https:\/\/www.iccu.com\/blog\/financial-education\/top-tips-starting-new-business\/","title":{"rendered":"6 Actionable Steps to Launch Your New Business Successfully"},"content":{"rendered":"<p style=\"text-align: left;\">Your dreams of starting a new business are becoming more concrete and you&#8217;re ready to take the plunge! But wait&#8230;have you thought about insurance? Licensing requirements? What about hiring employees or getting a business loan? These are questions that every new business owner will face and one wrong misstep can cost you. It\u2019s important to take the proper steps before officially launching your business. Here are 6 actionable steps to take to set yourself (and your business) up for success:<\/p>\n<p style=\"text-align: left;\"><strong>1. Come up with a game plan<\/strong><br \/>\nContact your local <a href=\"http:\/\/idahosbdc.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Small Business Development Center (SBDC)<\/a>. SBDC resources can help you develop a business plan, conduct market research, and to prepare for a business loan. The best part? Many of their services are completely free<\/p>\n<p style=\"text-align: left;\"><strong>2. Fund your business<\/strong><br \/>\nDo you have a nest egg that you plan on investing or will you need a loan? Most financial institutions partner with the <a href=\"https:\/\/www.sba.gov\/\" target=\"_blank\" rel=\"noopener noreferrer\">Small Business Administration (SBA)<\/a> to offer start-up loans. Contact your local <a href=\"https:\/\/www.iccu.com\/branches-atms\" target=\"_blank\" rel=\"noopener noreferrer\">ICCU branch<\/a> and ask to have a Commercial Loan Officer get in touch with you.<\/p>\n<p style=\"text-align: left;\"><strong>3. Choose a business structure<\/strong><br \/>\nThere are four basic business structures: Sole Proprietorship, Partnership, Limited Liability Corporation (LLC), and Corporation. If you are unsure which structure will best suit your business, consult with an attorney specialized in business law and a reputable Certified Public Accountant (CPA). These professionals will become critical assets to your business and can help you decide which entity best fits your business model.<\/p>\n<p style=\"text-align: left;\"><strong>4. Register your business<\/strong><br \/>\nOnce you\u2019ve established your business name, make it legal and protect your brand! You\u2019ll need to register your business with Idaho&#8217;s <a href=\"https:\/\/sos.idaho.gov\/\" target=\"_blank\" rel=\"noopener noreferrer\">Secretary of State<\/a> and, in some instances, the federal government.<\/p>\n<p style=\"text-align: left;\"><strong>5. Apply for your EIN number<\/strong><br \/>\nAn EIN number is like a social security number for your business. You\u2019ll use your Employer Identification Number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/how-to-apply-for-an-ein\">Apply for free<\/a> through the IRS and be wary of fraudulent websites that charge for this service.<\/p>\n<p style=\"text-align: left;\"><strong>6. Open a business account<\/strong><br \/>\nIt&#8217;s no secret that ICCU offers great options for <a href=\"https:\/\/www.iccu.com\/accounts?type=business\" target=\"_blank\" rel=\"noopener noreferrer\">business accounts<\/a>! One of our talented Business Relationship Officers would be happy to assist you in choosing the right products and services for your new business. Contact our <a href=\"https:\/\/www.iccu.com\/business-relationship-officers\">Business Relationship Department<\/a> for more information.<\/p>\n<p style=\"text-align: left;\">Now you have the steps to start your new business off right! We, at ICCU, are excited to support you in your new venture!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your dreams of actually starting that pottery studio are finally coming together! But wait\u2026 have you thought about insurance? Licensing requirements? What about hiring employees or getting a business loan? These are questions that every new business owner will face, and one wrong misstep can end up costing you. It\u2019s important that you are prepared and knowledgeable before opening those studio doors.\u00a0<\/p>\n","protected":false},"author":5,"featured_media":2399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[89],"tags":[94,96,100,101],"class_list":["post-2398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-education","tag-business","tag-small-business","tag-account","tag-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>6 Actionable Steps to Launch Your New Business Successfully- ICCU<\/title>\n<meta name=\"description\" content=\"Your dreams of starting a new business are becoming concrete and it\u2019s important to take the proper steps before officially 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