5 Steps for Starting a Business in Massachusetts

Boston and the other wonderful cities in Massachusetts are some of the best places you can start a business. There are ideas and opportunities around every corner. All you have to do is decide what you want to do and make a success of and then go for it. To help you understand the process of how to get started in this wonderful state, we are sharing the steps that you will need to follow.

1. Plan your business idea – Your business plan is a very important part of the journey. Not only does it tell you what to expect, what you will need, and more, but it also increases the odds that you will follow through on it. Many people get started with a business plan, but then never takes it further. Your first step to success is to plan it and then do it.

2. Choose your business structure – Your business structure will depend on what your aims are and how big your business is or will become. Most entrepreneurs register as an LLC but if your business will be going public or making a lot of outside capital, you may need to register as a Corporation. It is advised that you find out exactly what your business will need to be registered as.

3. Sync your business with the Massachusetts tax code – This is an important and obligatory step. You should have a lawyer or filing service to help you with this process. This step is important to ensure that your business is above board and also to prevent you from paying unwanted extra fees or fines.

4. Get licensed – This is another very important legal step you must take. To make sure that you are following all the laws and can trade or create what you want, make sure that you get all the necessary licenses and permits.

5. Open a business account – Open an account that is solely for your business and not linked to your personal accounts.

Once all the paperwork and legalities are done, you can find a great location, the best team you can find, and get your finances in place. From there, it’s about marketing, creating a brand and good reputation, and continuously learning and growing. Enjoy the ride.

Infographic by: visual.ly

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