Creating a Business Plan for a Small Business

Categories : Business Law
October 22, 2019

You have a fantastic idea for a small business you believe could succeed. How do you bridge the space between idea and success? Writing a small-business startup plan will help you implement a workable, manageable approach to running your new adventure. Use this outline for a small-business plan you can harness for success.

Health Care for Your Small Business

Your health care options will depend on how many employees you have at your company. If you have fewer than 50 employees, you do not have to offer health benefits to your employees.

However, you will need to figure out how to cover your own health insurance, and you may also want to provide some type of option for your employees. Remember that in order to get the best talent working for you, you will have to offer benefits such as health care. Attracting top-quality workers will help your business stay competitive. The government offers group health care options you can explore at

Following Government Regulations for Your Small Business

The government imposes a number of conditions on small businesses to ensure they operate fairly and no one gets an undue advantage. While not every government regulation will apply to you, you should ensure your business provides for:

  • Workplace safety and health in compliance with Occupational Safety and Health Administration guidelines
  • Proper overtime pay and minimum wages
  • Hiring practices in compliance with Equal Employment Opportunity Commission
  • Legal permissions for work by non-U.S. citizens
  • Proper family and medical leave in businesses with at least 50 employees
  • Staying within environmental and advertising regulations for small businesses

Paying Federal Income Taxes for Your Small Business

All businesses registered in the United States must pay federal taxes. The type you will pay varies according to several things, including whether you own an S-corporation, sole proprietorship or something else. Research the tax requirements for your business structure so you know what to expect. Your company will file a federal return and will also pay employment taxes if you have anyone on your payroll. If you make purchases through your company, you may be responsible for excise taxes.

Local and State Tax Compliance for Your Small Business

In addition to federal taxes, Pennsylvania businesses must pay state and local taxes as well. In other states, this may not be the case. Taxes can be one of the most complex and confusing areas for small-business owners to deal with, so read up on changes to tax codes and ask other local proprietors for their insights into remaining in compliance with local codes.

Economy Considerations for Your Small Business

Does your business idea require any overhead? For instance, you may need to rent warehouse space or lease a retail location in a pricey downtown area. You must calculate manufacturing and transportation into your business plan. In addition, you should keep abreast of economic conditions and adjust your plan as needed. If economists are predicting a recession, for instance, it may not be the best time to expand your business or move to a new location. By keeping up with forecasts and tweaking your plan regularly, you may encounter fewer unpleasant surprises with your money.

Get Assistance Writing a Small-Business Plan

Coming up with a small-business startup plan may seem daunting with all these factors coming into play. Do you need assistance with this important undertaking? MPL Law can help you with your financial plan for your small business. Contact our office today to set up a consultation.


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