When In Williamsburg

This week’s post is from Beyonka Wilson, Director of Business Development. She lists a few first steps that entrepreneurs will need to take to get their businesses up and running. 

Quick Tips for Starting Your Billionaire Business

• Develop a business plan.

  • Contact your local SBDC or access SCSBDC.com for assistance with a business plan if needed.

• Register your new business at scsos.com.

  • Once the name of the business is registered, you will be sent a Certificate of Existence by email or mail.

• Apply for a Federal Employer Identification Number (Form SS-4) through the IRS or on scbos.sc.gov.

• Apply for a city or county business license at city hall, the county courthouse or administration building.

• Open a business checking account at your local bank.

  • An EIN number/Certificate of Existence will be needed to open an account.

  • If you need a bank loan, you must have a completed business plan along with a three-year forecast of financials for the bank lender to review as part of the loan application.

• Contact an insurance broker to obtain fire and accident, liability, theft, worker’s compensation and other types of commercial insurance needed to operate your business.

• All businesses must adhere to OSHA standards. Please see scosha.llronline.com to learn more.

Adapted from the book “Billionaire In Training (Instant Success Series)” 

by Bradley Sugars