File for an Employer Identification Number (EIN), which is also known as a Federal Tax Identification Number, and is used to identify a business entity.Once you decide, you will be able to determine what formal paperwork, if any, is required and file it with the Secretary of the Commonwealth of Massachusetts at .us. Should you be a sole proprietor? An LLC? A corporation? The Small Business Administration compares the different options on its website, sba.gov. Once you have decided your location and business structure, you will be ready to register your business. Zoning Approval: For every $1,000 you intend to spend on the building improvements, you will be charged $1.Plan Review Fee: For every $1,000 you intend to spend on the building improvements, you will be charged $4.Building Permit: For every $1,000 you intend to spend on the building improvements, you will be charged $20 for the building permit.The cost of these permits varies greatly depending on the size of the building and the type of work being done. See step five for more details about what the licenses your business may need so that you can better understand what these licenses will require of your business before you can open. For example, you may need to make the building accessible to wheelchairs or add a new bathroom. In addition, if you are changing the use of the building from what it was before you moved in, there might be other changes you are required to make depending on what kind of business you intend to open. If you are installing signage or awnings that are different in design or technology from what is currently on the building, you will need to pursue separate permits for these. These documents must include scaled drawings showing the extent of work to be performed and information about the existing and proposed use of the building.Ĭonstructing new walls or other basic renovations will require a building permit. Microloans from a provider like Accion or the Bentley Microfinance Groupįirst-time business owners sometimes have difficulty accessing traditional bank loans, and find that they must depend on other financial sources.Īfter you’ve signed your lease and you’re ready to renovate your building for your business, the licensed professional doing the design and construction will need to submit plans and required documents to the City’s Inspectional Services Department, Building Division.Bank loans and government-backed loan programs from the Small Business Administration.Crowd-sourced funding through a platform like IndieGoGo or Kickstarter.There are a few ways to finance your business: An unfavorable lease may require you to pay for repairs or trap you in a location.
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