Kellogg School of Management | Groups


All the steps I need to be a real business sound confusing. What do I need to do?

Luckily, the EVC club has a step-by-step reference guide for you. Take a look at the map below to see what steps you have to take followed by the resource list showing you where you need to go for each step.

Resource Guide

Action Details Resources
LLC, S-Corp or
C-Corp?
Have this discussion so you don’t spend time and money doing it wrong
File corporation: (DE is best)
If in IL, get a mailbox from TravelingMailbox ($20/mo) to be your address. Don’t use your personal address, otherwise people can see where you live and may violate your lease
Prof Craig Bradley (CBradley@muchshelist.com)

Gaurang Patel, CPA (gpatel@southloopcpa.com)

Travelingmailbox.com
Get EIN (Employee ID)
Need an EIN to legally start collecting money and for tax purposes
https://sa.www4.irs.gov/modiein/individual/index.jsp
Get bank account
Chase is a good example. Walk in, show your EIN and business address. Pros with Chase:
• Low $1,500 minimum needed in account
• Can send online checks for payments
• Many branches
https://www.nerdwallet.com/blog/banking/find-free-business-checking-account/
Get Domain Name for Website
Need “rights” to website name. You can build a site, but can’t publish if don’t have a domain
Make a website
Internal- allows greater control if programmers can do. Need people who can monitor and quickly fix if there is a bug
Weebly- FREE! Drag and drop based instead of needing code. Link now includes 30% discount if you choose to buy anything.
SquareSpace- $10/mo. Used for sites needing beautiful pictures such as food or travel
 
Integrate email manager
Mailchimp- Easy to build emails through drag and drop. CON: Requires double opt-in meaning users have to get an email and consent again
AutoPilot- Simple to set up string of emails. Not as easy to design emails
 
Integrate payment
Chase can give the payment equipment, but there is a monthly minimum and initiation fee
Square is easy (2-3% fee)
Shopify is easy to set into website (2-3% fee)
Weebly offers built in shopping system
 
Accounting
DO NOT OVERLOOK! Get a system to hook into your bank account for end of year taxes and for reports

Useful? Just wait til you see what we have for testing
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