Business Glossary 

Starting a Business

Create a Business Plan

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Employer Tax ID Number

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Select a Business Structure

Pay Your Business Taxes

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Starting a Business

For more information on how to start, manage or expand a small business within a specific industry, click here. 

Business Feasibility Checklist

A feasibility checklist is the first step in evaluating a business idea before investing extensive time, money, and effort. This checklist will help determine if an idea represents a real business opportunity.

Select a Business Structure 

There are several ways to organize businesses in Illinois, each having advantages and disadvantages. A businesses structure must be determined before it can be registered with any entity. 

Selecting a Business Name

Before selecting a business name, entrepreneurs must make sure their desired name is not already trademarked by searching through the Trademark Database.

Create a Business Plan

A business plan is a description of a proposed or existing business. It is a basic management tool that will help guide the future of a company and is a mandatory document when seeking business financing. 

Marketing Tools

Marketing is the key to the success of a business. It is the way a business advertises to its consumers and customers, ultimately creating a stream of revenue.

Financing Your Business

Financial resources available to small businesses can vary, ranging from personal resources to outside funding. There are a variety of financing options available.

Acquire Permits and Licenses

All business must obtain the proper permits and licenses to operate lawfully. These will vary from industry to industry, so it is important for an entrepreneur to verify the requirements for their particular business.

Registering Your Business

To ensure that your business is operating within the confines of town, city, county, state and federal law, a business must be registered with all the proper entities.

Employer Tax ID Number

An Employer Tax ID Number, EIN, or Federal Employer ID Number is used as a businesses taxpayer identification. With the exception of a few sole proprietorship setups, all business owners must obtain this free number. 

Pay Your Business Taxes

Taxation for small businesses will depend on the size, business structure, and type of operation. The following information outlines major taxes. Note: Tax liability for each business is different and business owners should consult with an accountant. 

McLean County Demographics

When deciding on the location for a business, it is important to understand the market the business will be servicing. Business owners can use demographics to determine their clientele. 

Business Glossary 

Business lingo can be a source of confusion for many. The business glossary will help entrpeneurs to avoid misunderstandings while starting their business.

CONTACT THE

Illinois Small Business Development Center

of McLean County at

Illinois Wesleyan University

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