Applying for a Small Business Grant? Make Sure You Have Your Paperwork Done

A Home Business Article Contributed by Stephanie Litaker

Before Applying for a Small Business Grant, There is a Short List of Things You'll Need

So you have a good idea for a small business, and you're ready to start applying for small business grants and loans. Congratulations! You've made a baby step in the pursuit of starting a small business. But, before you start jumping for joy, there are a few things you will need before you actually apply for a small business grant. We've developed a checklist (every good idea needs a checklist! ) to help you take your next baby step in opening your small business.

Paperwork, Paperwork, Paperwork...Yep, It's a Requirement of All Small Business Grant Applications

Face the facts. Everything in life requires some form of paperwork, even starting a small business. Before you can start applying for a small business grant, make sure you know, have and understand the following things:

- Will you need a business license? Depending on what your small business will be, and where you plan to open it, a business license is almost inevitable. For instance, if you are applying for a small business grant to open a convenience store that will sell alcohol and tobacco products, you will probably need a license to do so. Look into what is required by your state, county and municipal governments before you decide that the corner shop is the way for you to go.

- Make sure you and your employees will be safe. Occupational safety is a huge concern among those that have small business grants available, they want to make sure the investment they're making is not going to kill someone, or even cause serious injury.

- Protect your ideas and your investment! While you have the perfect idea and the perfect name to go with it, it is possible that someone else had a very similar (if not the same) idea and got to it first. So, before you start telling people that you're opening a coffee shop called "The Regular Joe", make sure that business name hasn't already been taken. This will protect you from any confusion (as well as some legal ramifications). Once you're certain the name isn't already being used, find out how you can register that name so nobody else can use it.

Other Requirements for Those Applying for Small Business Grants to Start Their Small Business

You thought you were done with requirements? Ha! Not so fast. As an employer (anyone that regularly pays someone else to perform a task for you), you will have to know the in's and out's of employment laws in your state. You will need forms to fill out to comply with the federal employment tax requirements, to receive a federal (and in some cases state) employer identification number, and other tax-related information.

Also you will be responsible for making sure every employee fills out the appropriate tax forms for withholding, depositing and income taxes.

There are obviously more requirements than just those listed here, but hopefully this will prepare you for the onslaught of paperwork that lies ahead. Starting your own small business may well be worth all the effort, just make sure you know what you're getting into, or risk the possibility of drowning before you even learn to swim.