Subscribe

Get Real Founder Stories and Practical Frameworks Delivered to Your Inbox Weekly!

Home /

Starting A Business In Maryland Checklist

By: Startup 101
Last Updated: November 15, 2024

Share With Friends

X
Email

Table of Contents

Table of Contents

Get Exclusive Startup Stories and Trending Business Ideas Delivered to Your Inbox

'); printWindow.document.close(); printWindow.print(); } function printContent(content) { const contentElement = document.querySelector(content).innerHTML; const printWindow = window.open('', '', 'height=600,width=800'); printWindow.document.write('Print Content'); printWindow.document.write(contentElement); printWindow.document.write(''); printWindow.document.close(); printWindow.print(); } function updateCompletedSteps(checkbox, completed) { const completedElement = document.querySelector(completed); let completedCount = parseInt(completedElement.textContent); if (checkbox.checked) { completedCount++; } else { completedCount--; } completedElement.textContent = completedCount; } config.forEach(item => { const contentElement = document.querySelector(item.content); const rightElement = document.querySelector(item.right); if (item.section === '.b_first') { contentElement.style.display = "block"; rightElement.innerHTML = svgVisible; } else { contentElement.style.display = "none"; rightElement.innerHTML = svgHidden; } document.querySelector(item.section).addEventListener('click', function() { toggleContent(item.section, item.content, item.right); }); document.querySelector(item.print).addEventListener('click', function(event) { event.stopPropagation(); printContent(item.content); }); item.steps.forEach(step => { document.querySelector(step).addEventListener('change', function() { updateCompletedSteps(this, item.completed); }); }); }); const printAllButton = document.querySelector('.b_prnt--all'); if (printAllButton) { printAllButton.addEventListener('click', function(event) { event.stopPropagation(); printContent2(); }); } });

Idea

01. Idea

(0/3 steps completed)

Step 1: Choose a Business Idea

The first step in starting a business is discovering your perfect idea. Instead of waiting for inspiration to strike, actively seek opportunities by observing everyday challenges that frustrate people. Pay attention to moments when you find yourself thinking "there must be a better way." Your unique combination of skills, life experiences, and insights could hold the key to solving these problems. What makes the best business ideas isn't just their originality – it's their ability to solve real problems in ways that people will pay for.

If you're stuck or want to further develop your idea, Our Business Idea Library contains detailed blueprints of hundreds of proven business models, complete with startup requirements, typical challenges, and success factors. You can also find inspiration and practical guidance from our Startup Spotlight series, where successful entrepreneurs share candid stories about their journey from idea to profitable business, including the mistakes they made and lessons they learned along the way.

Step 2: Market Research

Your business idea might sound perfect in theory, but its success depends on whether customers will actually open their wallets for it. This step helps you understand your future customers on a deeper level – their desires, frustrations, spending habits, and decision-making processes. You'll also study your competitors not just to copy them, but to find gaps in their offerings that your business could fill. By the end of this step, you'll have a better idea about whether your idea has real potential.

Step 3: Evaluate Feasibility

The next step tests if your business can make money. Start with basic math: how much will people pay for your product or service? How many customers can you realistically get each month? Then subtract your costs - materials, supplies, equipment, marketing, and other expenses. The difference shows your potential profit.

If the numbers show you can't make a profit, you'll need to adjust your prices, cut costs, or rethink your idea. This step helps you spot problems early, before spending time and money on an idea that won't work.

Business Registration

02. Registration

(0/7 steps completed)

Step 1: Decide On The Business Structure

The first step in registering your business is choosing its legal structure. Your choice between sole proprietorship, general partnership, LLC, or corporation affects your tax obligations and personal liability protection.

Comparison of Business Structures

Step 2: Select A Business Name

After choosing your business structure, you'll need to pick a name for your business. The rules for naming a business depend on the state and business structure. Sole proprietors can use the name of the owner or register a DBA (Doing Business As), while LLCs and corporations need to do a name search to verify no other business in your state has registered the same name.

Step 3: Get An EIN

Many businesses will need an Employer Identification Number (EIN), which is like a Social Security number for a business. While sole proprietors working alone can use the owner's personal Social Security number, business structures usually require an EIN.

Register for an EIN

Step 4: Obtain Any Professional Or Industry Licensing

Some businesses require state approval before they can operate. Every state has different requirements, but fields like construction, finance, healthcare, and personal care services often need specific licenses or certifications.

Check with your state's licensing department to learn your requirements.

Step 5: Apply For Business Licensing

Most local governments require businesses to register and obtain licenses. Each city and county has different rules and permits based on your location and type of business.

Business License Overview

Step 6: Business Tax Registration

Most states require businesses to register for a sales tax license (sometimes called a seller's permit or business tax registration) to collect sales tax. If you buy items to resell, you may also need a resale certificate, which allows you to purchase inventory without paying sales tax.

Step 7: Building & Zoning Permits

If you're opening a physical location or running a business from home, you must comply with local building and zoning laws. These regulations determine where you can operate and what building standards you need to meet.

Contact your local planning office to learn what permits you need before you start setting up your business location.

Funding

03. Funding

(0/3 steps completed)

Step 1: Complete A Business Plan

Now that you've handled registration, it's time to map out your finances and operations. While many people only write a business plan when seeking loans or investors, it's a valuable tool for every new business as it forces you to calculate real numbers, think through your operations, and spot potential problems before spending money.

Step 2: Explore Funding Options

Once you know how much money you need to start your business, it's time to look at funding options. Common ways to fund your business include using your own savings, borrowing from family and friends, getting a bank loan, or finding investors. Each option has different requirements, benefits, and obligations, so take time to understand which funding sources is best for your business.

How To Find the Funds To Start a Business

Step 3: Secure Funding

After figuring out the best funding options and how much money you need, it's time to secure the money to start your business. This might mean gathering your savings, applying for loans, pitching to investors, or talking with family and friends about investing.

Operations

04. Operations

(0/8 steps completed)

Get Ready To Launch

With the registration and funding in place, we turn to getting the business up and running. While each business will have unique requirements, this section provides a checklist of common items to work on before opening.

Here is a list of common items, but feel free to add or remove based on your business type.

Location

Whether you need a storefront, office space, or plan to work from home, your business needs a base of operations. Research lease options, building costs, and local regulations to find a location that matches your business plan and budget.

Equipment

From computers and manufacturing machines to specialized tools and vehicles, acquire the equipment needed to serve your customers.

Suppliers

Begin setting up accounts with suppliers for your inventory, materials, and business supplies. Research prices, quality standards, and delivery times to select vendors who can support your business needs.

Marketing Plan

Map out how you'll attract customers and what you'll spend on advertising. Set your initial budget and select your advertising methods.

Online Presence

Create your business website and set up social media accounts. Determine which online platforms work best for connecting with your customers and showcasing your products or services.

Bookkeeping

Whether using accounting software or hiring a bookkeeper, you'll need a system to track money coming in and going out of your business to stay on top of taxes and to monitor the business's financial health.

Payment Processing

Decide how you'll accept payments from customers. Compare credit card processors, mobile payment systems, and online payment options to find the right fit for your business.

Staffing

If you plan on hiring employees, determine your initial staffing needs and create job descriptions set up your payroll system and understand employment requirements before beginning the hiring process.

Hiring Your First Employee

Print all steps

Related Information

StartUp Stories

See the full library of business ideas >>

Suggest a Story: Have you or someone you know started a business with an inspirational story that should be featured on StartUp101? If so, please let us know here.

The content provided on this website is for general informational purposes only and should not be construed as legal, tax, or professional advice. While we strive to maintain accurate and current information, business regulations and requirements vary by jurisdiction and are subject to frequent changes.

We strongly recommend consulting with qualified legal and tax professionals regarding your specific situation before making any business decisions.

Startup101 may also earn a small commission from products or services mentioned on this site.

© 2017 – 2024 StartUp101 LLC – All Rights Reserved.

Some (but not all) of the links on StartUp101.com are affiliate links. This means that a special tracking code is used and that we may make a small commission on the sale of an item if you purchase through one of these links. The price of the item is the same for you whether it is an affiliate link or not, and using affiliate links helps us to maintain this website.

StartUp101.com is also a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

Our mission is to help businesses start and promoting inferior products and services doesn’t serve that mission. We keep the opinions fair and balanced and not let the commissions influence our opinions.

Search

READY TO START YOUR BUSINESS?

Get Real Founder Stories and Practical Frameworks Delivered to Your Inbox Weekly!

Get Real Founder Stories and Practical Frameworks Delivered to Your Inbox Weekly!

Subscribe