Start a Business

If you’ve recently started a new business or you’re considering starting a new business in Frederick County, the Frederick County Office of Economic Development and a network of resources are available to assist you in the start-up process. 

Here are some key start-up business resources to consider:

 

Frederick County Road Map for Business – 10 Steps to Success

The Road Map was created to provide general guidance in the start-up process and is not intended to be relied upon as legal or accounting advice. Download a Road Map For Business Brochure

  1. Develop a Business Plan: If you don’t know where you’re going, how will you get there? The Business Plan is your single most important document. Spend the time to do it properly. Key components are: Executive Summary, Products & Services, The Market, The Competition, Operations, The Management Team, Personnel, Financial Data, Supporting Documentation and Future Plans.
  2. Choose a Business Structure: Decide what form of business entity you want to establish and consider the financial implications of each. The four most common forms are: sole proprietorship, partnership, corporation and limited liability company.
  3. Consider Business Incentives and Financing Options: Research financing options and incentives to decide which is right for your business.
  4. Register Your Business Name and Establish Tax Accounts: Before registering a business, it is a good idea to contact an insurance agent, an attorney and an accountant for advice.
  5. Get a Federal Employer Tax Identification Number (EIN): A federal tax identification number acts as a social security number for business and is required for all legal entities.
  6. Obtain Business Licenses by Business Type: A State of Maryland business license is required for most businesses, including retailers and wholesalers. A trader’s license is required for buying and re-selling.
  7.  Explore Options for a Business Location: Finding the right property is critical. OED can provide reports of available properties, resources for business incubation and shared office space options.
  8. Obtain Proper County and Local Permitting and Zoning Approvals: Verify that the location will be acceptable for your business. Find out about additional permits needed depending on the scope of your project.
  9. Prepare for Employees: Find out about worker’s compensation, wage and hiring practices and taxes. Receive assistance with hiring and training, Remember to look into insurance requirements that may apply to your business.
  10. Next Stop – Success: There are other resources to consider as you open your business such as banking, marketing and sales. To discuss your project further, please call OED at 301-600-1058.