Starting a business is a tough task; it not only requires initial amount, but also planning, management, a series of legal formalities and much more.

If you want to start a business in Massachusetts, consider the points below :

• Write a Business Plan – Roadmap is the cornerstone of any business; in fact, a business plan acts as a guide and help business owners at every step. It often includes – business summary, company’s description, market analysis, organisation and management, services and products, financial details, projections, etc.

• Get Training & Counselling – It is a well-known fact starting a business is a complex task, especially if it is your first time. Hence, you should have a proper training, counselling, as well as assistance .

• Select a proper Location – Whether you are a resident of Massachusetts or not, researching new locations should be your primary concern. Choose a location that can provide you with ample opportunities.

• Obtain Finance – Before starting a business in Massachusetts or any where else. You need to explore the most suitable financing options. For that, you need to research to know from where you will get finance.

• Choose a Business Structure – It is one of the most critical elements, whether you want a proprietorship or corporation or partnership or an LLC, choose it according to your business objectives. Your legal advisor will help you in this regard.

• Obtain a “Doing-Business-As” Certificate – A “Doing-Business-As” Certificate (DBA) is the best way to set up your business. However, you also need to register your business with the State before starting a business in Massachusetts.

• Obtain an Federal Employer Tax ID (EIN) – You are also suppose to obtain an “Employer Identification Number,” issued by the IRS. It is easy, apply and obtain online (visit – https://www.irs.gov/filing/corporations)

• Know Tax Rules & Regulations – In order to stay away from frauds or tricks, it is important to understand tax rules and regulations.

• Understand Employer Regulations & Responsibilities – Business is all about the people. Whether you are a resident of Massachusetts or not, you need to understand as well as follow employer’s regulations and be a responsible business owner. You also need to obtain information and resources about hiring, training and managing of employees in your business.

Whether you are about to start your own business or have already taken the required steps, make sure you follow the above procedure to start your business in Massachusetts.