It depends on the industry.
Let’s take a look at an example from a study about the amount of employees for startup companies in the technology industry.
Based on this information, the vast majority of startup companies are small teams.
These numbers would be significantly different if you were starting a business in the restaurant industry.
You would need servers, a kitchen staff, bartenders, and managers.
Before you do anything, you need to register your business name.
Once your business gets registered, you’ll need to get a federal tax ID number, as well, from the IRS.
The IRS lets you submit your business information online to get your employer identification number (EIN).
You also need to consult with a:
- Financial advisor
Unless you’re an expert in law, finances, and accounting, these three people can help save your business some money in the long run.
They can explain the legal requirements and tax obligations based on how you structure your business.
- Sole proprietorship
- Limited liability company
While your lawyer, accountant, and financial advisors are not necessarily employees on your payroll, they are still important people to surround yourself with.
Don’t forget about insurance.
Shop around and find an insurance agent who can get you plenty of coverage at an affordable rate.
Now you can start hiring people within your organization.