Starting a Small Business/opening a daycare

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Question
I am so sorry this is long, please help if you can. My fiancÚ's close uncle just won a few million dollars from a law suit and is wanting to open and get into business. One thing he wanted was for us to open a daycare in our city, which has very high demand for it. He wants to pay for everything and us essentially run it and we split the monthly income. I have worked in daycares and know some of the system but I have NO idea how to open a business or how to plan it all. Any input would help. We live in Austin Texas if that helps any.
  I just don't know what to do with it all, I have a toddler and to me if it was so easy to open a business everyone would be doing it. I basically need a rough idea of what we need to do and what we need to expect. Thank you.

Answer
Opening a business is not easy, and it is a lot of work. But, if you are prepared to work hard, there is nothing more rewarding than being your own boss and building a successful business.

But, if you have never done it before, you need help. You need a lawyer to help set up the business structure and an accountant to handle the books and make sure your taxes are done correctly. Go to the SBA and ask for help and, if available, a mentor. See if there is a SCORE chapter in Austin and talk to a retired executive about being your mentor.  Having someone there to answer questions is very important.

Here is, in addition to the above, a short (not all-inclusive) checklist of things you need to do to start your business:

Create a business plan that maps out  your new business.
Find the ideal business location. Consider rent or purchase price, location, ease of access, proximity to competitors, zoning regulations.
Establish your business name.
Buy the url for your website
Create the "business entity" such as LLC or corporation. Select the legal structure best suited for your business after understanding the five options. The choices include sole proprietorship, partnership, limited liability company, corporation and S corporation. You need input from your lawyer and/or CPA for this.
Get an Employer Identification Number for federal taxes from the Internal Revenue Service.
Get required permits and licenses, dependent on your local, state and federal requirements and business type.
Open a business bank account
Hire employees (if applicable)
Set up an accounting system
Buy business insurance
Create marketing materials and advertising

This is just a start.  Good luck to you!

Kendall Almerico

Starting a Small Business

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Kendall Almerico

Expertise

I am available to answer questions about crowdfunding for businesses. I am available to answer questions related to how to use crowdfunding to start a business, how to use crowdfunding to grow or expand a business and questions related to equity crowdfunding and the JOBS Act. I am available to explain how anyone may use crowdfunding to start or expand their business without giving away any equity in the business, by creatively using crowdfunding to their advantage.

Experience

I am an attorney with 24 years of experience helping individuals and businesses. I am the Chief Executive Officer of a rapidly growing crowdfunding website, ClickStartMe, where my primary focus is helping people use crowdfunding to raise money to start or expand businesses.

Organizations
I am a member of the Florida Bar, and belong to many crowdfunding groups online and on Linkedin. I also have held membership in many professional legal societies.

Education/Credentials
I graduated from the University of Florida with a degree in Journalism and Mass Communications, then graduated from the University of Florida College of Law with a Juris Doctor degree before becoming a practicing attorney, an entrepreneur and a businessman.

Awards and Honors
I am an AV rated attorney by Martindale-Hubbell, the national lawyer ranking publication, indicating my preeminence in legal ability as well as holding the highest ethical rating that publication grants. I am also a Board Certified Civil Trial Lawyer as recognized by the Florida Bar, a distinction held by fewer than 3% of all attorneys practicing in the state of Florida.

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