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It covers business readiness, choosing and validating a business idea through market research, estimating startup costs, and building a business plan. The guide further addresses legal structure, beneficial ownership reporting, intellectual property, licensing, taxes, insurance, cybersecurity, marketing, hiring, workplace and federal poster requirements, and guidance for creating solid financial management practices.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/guide-to-starting-and-operating-a-small-business-revised-july-2025/249438/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/guide-to-starting-and-operating-a-small-business-revised-july-2025/249438.png","ImageObject",442,249,{"name":88,"@type":89},"Mason","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-21","2026-09-12",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What steps does the guide recommend for starting a small business in Michigan?","Question",{"text":108,"@type":109},"It provides a step-by-step process including readiness self-assessment, selecting a business idea, performing market research, refining viability and feasibility, analyzing startup costs, writing a business plan, completing a startup checklist, securing financing, and starting the business.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What legal and regulatory topics does the guide cover?",{"text":113,"@type":109},"It explains the importance of legal planning and covers choosing and filing a legal structure, selecting and registering a business name, filing beneficial ownership information with FinCEN, protecting intellectual property, licensing and permits, Michigan business regulations, and business taxes and withholding.",{"name":115,"@type":106,"acceptedAnswer":116},"How does the guide address financial management and cybersecurity?",{"text":117,"@type":109},"It covers bookkeeping and recordkeeping, creating separate business bank accounts, cash flow and cash flow projection, and the need for serious cybersecurity practices, including ransomware dos and don’ts.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},249438,1789251683,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":140},5909887256941,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","Guide to Starting and Operating a Small Business  \nBrought to you by the Michigan  \nSmall Business Development Center  \nRevised July 2025  \nTABLE OF CONTENTS  \n1  \n2  \n3  \nWelcome!  6  \nStarting a Business  \nAre You Ready to Start a Business?  7  \nStep 1: Self-Assessment: Are You Ready to Start a Business?  7  \nSteps to Starting a Small Business  8  \nStep 2: Select a Business Idea  9  \nStep 3: Perform Market Research  10  \nMarket Research Checklist  14  \nStep 4: Refine and Reevaluate Your Business Idea—Is It Viable?  16  \nStep 5: Analyze Your Startup Costs  17  \nStep 6: Refine and Reevaluate Your Business Idea—Is It Feasible?  22  \nStep 7: Write Your Business Plan  23  \nStep 8: Complete the Startup Checklist  24  \nStep 9: Secure Financing for Your Business  26  \nStep 10: Start Your Business  26  \nMichigan SBDC Business Plan Outline  \nSection 1: Company Introduction and Description  28  \nSection 2: Market Analysis  28  \nSection 3: Management and Operations  32  \nSection 4: Financials  34  \nSection 5: Appendices  35  \nFinal Touches  36  \nBusiness Legal Issues  \nAttending to Legal Issues Is Crucial for Planning and Operating Your Business  38  \nChoosing and Filing a Legal Structure for Your Business  38  \nSelecting and Registering a Business Name  44  \nFiling Your Beneficial Ownership Information with FinCEN  44  \nProtecting Your Business’ Intellectual Property  45  \nLicenses, Permits and Business Regulations  46  \nNavigating Michigan’s Business Regulations  46  \nBusiness Taxes and Withholding  48  \nStreamline Your State Taxes with Michigan Treasury Online  50  \nBusiness Insurance  51  \nSpecial Considerations for Selling to the Government  52  \nAPEX Accelerators (formerly Procurement Technical Assistance Centers PTAC) Can Help With Government Bidding  52  \nBecoming a State of Michigan Contractor  53  \nSmall Business Certifications  54  \n4  \n5  \n6  \nFinancial Management  \nThe Benefits of Financial Management  56  \nBookkeeping  57  \nCash Flow and Cash Flow Projection  58  \nFinancial Recordkeeping  58  \nOther Recordkeeping  58  \nCreate Separate Bank Accounts for Your Business  59  \nCyber Security: Take It Seriously  60  \nRansomware Attack Dos and Don’ts  62  \nMarketing Your Business  \nWhat Defines Your Brand?  66  \nSetting a Marketing Budget  67  \nCreating a Marketing Plan  68  \nDeveloping Your Message  74  \nThe Four Ps of Marketing  76  \nPublicity and Public Relations  77  \nThe Power of Online Marketing  78  \nUsing Your Website to Grow Your Business  79  \nAttract New Business Through Social Media  81  \nConsider Pay-Per-Click (PPC) Advertising and Other Paid Online Advertisement to Gain New Visitors to Your Site  82  \nManaging Online Reviews  85  \nHiring Your First Employee  \nCraft Your Hiring Strategy  88  \nThe Importance of Professional Assistance  89  \nEmployee vs. Contractor  89  \nTraining and Developing Employees  91  \nCreate Clear Expectations With an Acceptable Use Policy  91  \nNew Hire Reporting Requirements  91  \nPayroll Taxes  92  \nEnsure Your Compliance with Employment Laws and Regulations  94  \nHealth and Safety Standards  96  \nRequired Workplace Posters for Michigan  97  \nRequired Federal Workplace Posters  98  \nMichigan Small Business Development Center  \nStart and grow your business with the help of a Business Consultant! The Michigan SBDC’s team provides one-on-one consulting, business education, market research and technology commercialization to entrepreneurs in all 83 counties.  \nStarting a small business can feel tough, but you don’t have to do it alone! The Michigan SBDC is here to connect you with insight and resources to help your small business succeed. Contact the Michigan SBDC for assistance with:  \n Business Plan Development  \n Market Research  \n Raising Capital  \n Business Education – In-Person & Online Training  \n Technology Commercialization  \n Financial Management  \n Export Strategy  \n Strategic Planning  \n Human Resources & Organizational Development  \n[michigansbdc.org](michigansbdc.org)   \n1  \nSTART","cbCaikVL7LKXegwL","https://ap.wps.com/l/cbCaikVL7LKXegwL","pdf",1901815,100,"English","# Starting a Business\n## Are You Ready to Start a Business?\n## Step 1: Self-Assessment: Are You Ready to Start a Business?\n## Steps to Starting a Small Business\n## Step 2: Select a Business Idea\n## Step 3: Perform Market Research\n## Step 4: Refine and Reevaluate Your Business Idea—Is It Viable?\n## Step 5: Analyze Your Startup Costs\n## Step 6: Refine and Reevaluate Your Business Idea—Is It Feasible?\n## Step 7: Write Your Business Plan\n## Step 8: Complete the Startup Checklist\n## Step 9: Secure Financing for Your Business\n## Step 10: Start Your Business","[{\"question\":\"What steps does the guide recommend for starting a small business in Michigan?\",\"answer\":\"It provides a step-by-step process including readiness self-assessment, selecting a business idea, performing market research, refining viability and feasibility, analyzing startup costs, writing a business plan, completing a startup checklist, securing financing, and starting the business.\"},{\"question\":\"What legal and regulatory topics does the guide cover?\",\"answer\":\"It explains the importance of legal planning and covers choosing and filing a legal structure, selecting and registering a business name, filing beneficial ownership information with FinCEN, protecting intellectual property, licensing and permits, Michigan business regulations, and business taxes and withholding.\"},{\"question\":\"How does the guide address financial management and cybersecurity?\",\"answer\":\"It covers bookkeeping and recordkeeping, creating separate business bank accounts, cash flow and cash flow projection, and the need for serious cybersecurity practices, including ransomware dos and don’ts.\"}]","Guide to Starting and Operating a Small Business - Revised July 2025 | PDF",35]