{"id":12364,"date":"2020-03-03T14:16:24","date_gmt":"2020-03-03T12:16:24","guid":{"rendered":"https:\/\/${domain}\/blog\/?p=12364"},"modified":"2025-04-30T15:49:14","modified_gmt":"2025-04-30T12:49:14","slug":"starting-a-small-business-in-illinois-your-10-steps-to-success","status":"publish","type":"post","link":"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/","title":{"rendered":"Starting a Small Business in Illinois: Your 10 Steps to Success"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Many dreams of starting their own business and want to achieve success. But most of us have a lot of fears and prejudices like: \u201cthis requires a huge start-up capital\u201d, \u201cI don\u2019t know how to beat so many competitors\u201d, \u201cI have no experience and it is unlikely that something will work out\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, opening your own business is quite simple (especially today!). The most important things you will have to do is staying a reasonable man no matter what difficulties you will face, be able to analyze, follow your intuition and have a clear plan to follow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are <\/span><b>starting a small business in Illinois<\/b><span style=\"font-weight: 400;\">, but do not have a clue where to start, we suggest you go through these 10 steps that will help you to reach new heights!<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eb1f0ad0c33\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eb1f0ad0c33\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Choose_the_business_idea_to_follow\" >Choose the business idea to follow<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Conduct_market_analysis_start_planning_your_business\" >Conduct market analysis, start planning your business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Form_the_business\" >Form the business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Pick_a_good_business_name\" >Pick a good business name<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Register_for_taxes\" >Register for taxes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Obtain_necessary_business_licenses_and_permits\" >Obtain necessary business licenses and permits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Open_company_accounts\" >Open company accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Establish_your_Web_presence\" >Establish your Web presence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Find_a_source_of_financing\" >Find a source of financing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/${domain}\/blog\/starting-a-small-business-in-illinois-your-10-steps-to-success\/#Decide_if_you_need_to_hire_employees\" >Decide if you need to hire employees<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Choose_the_business_idea_to_follow\"><\/span>Choose the business idea to follow<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When choosing an idea, pay great attention to the following:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> your interests, knowledge, skills, how much time you want to\/can devote to your new occupation;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> location &#8211; a megalopolis, regional city or small settlement;<\/span><\/li>\n<li>\u201cgender principle\u201d &#8211; there are male (automobile workshop, computer repair, and setup) and female (<a href=\"https:\/\/weblium.com\/cleaning-business-website-builder\">cleaning agency<\/a>, manicure studio at home, custom-made confectionery) business areas;<\/li>\n<li><span style=\"font-weight: 400;\"> the <a href=\"https:\/\/${domain}\/blog\/types-of-websites-with-guides-and-examples\/\" target=\"_blank\" rel=\"noopener noreferrer\">type of business<\/a> &#8211; offline, or online? <\/span><\/li>\n<\/ul>\n<p><b>Here are several business ideas in Illinois that are in trend today:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"><a href=\"https:\/\/weblium.com\/create-hair-salon-website\">makeup salon<\/a>;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">towing services;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">food truck<\/span><span style=\"font-weight: 400;\">;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">candy boutique;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">virtual assistant<\/span><span style=\"font-weight: 400;\">;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">epicure popcorn store.<\/span><\/li>\n<\/ul>\n<p><strong>A useful article about<\/strong> <a href=\"https:\/\/weblium.com\/blog\/75-website-ideas-for-launching-a-site\/\">75 Extraordinary Website Ideas for Launching a Site<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conduct_market_analysis_start_planning_your_business\"><\/span>Conduct market analysis, start planning your business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">According to statistics, <strong>70% <\/strong>of companies do not survive in the first year of work. 70% of the rest go bankrupt in the second year. The main reason for that is the lack of business planning:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> Think through your offer: what customer problems does your product solve? How will it differ from competitors\u2019 offers?<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Think about sales and marketing: who are these people that can become your potential customers? How do you interest these people and make them purchase your product\/service?<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Plan your future partnerships: what employees will you need to find? What partners will be able to help you to achieve success?<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Plan your finances: what number of sales will you need to make per month to achieve a break-even point of your business? Where can you get financing for developing your business?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A well-designed business plan will organize you, allow you to look at your occupation from a different perspective. But most importantly, it helps to find weaknesses of your business and correct them in advance!<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Form_the_business\"><\/span>Form the business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To become an individual entrepreneur, you will need a couple of free days, a stack of documents and some patience. Sometimes it\u2019s better to pay someone to do the work for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several types of business structures you can register the city, including LLC and its variations (Series LLC, L3C), partnership, corporation, sole proprietorship, and some others.<\/span><\/p>\n<p><b>LLC is best suited for small or medium-sized businesses because:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> a company can be established by several participants;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> positive tax treatment;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> easiness of setting up, easiness of management.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The setting up of an LLC in Illinois <strong>will cost you $500.<\/strong><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pick_a_good_business_name\"><\/span>Pick a good business name<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Choosing a company\u2019s name is a difficult and quite important process, because if you make a mistake, then you may encounter some legal and business problems.<\/span><\/p>\n<p><b>Try doing the following:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> check that the name meets all the requirements (it\u2019s unique, it\u2019s easy to understand\/pronounce);<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Google this name (and its variations) to find out if it already;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Search for a trademark in the USPTO (the United States Patent and Trademark Office).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Tip: look for the name variations with spelling errors, and the plural form to ensure that this name has not yet been registered.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Register_for_taxes\"><\/span>Register for taxes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For first, you should get an EIN (tax identification number), it is needed for almost all types of companies. Only in this case will you be able to hire staff or open business bank accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, check out the most important taxes your company will have to pay in Illinois:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> Illinois Sales Tax (if you are offering a physical product on the market);<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Unemployment Insurance Tax and Employee Withholding Tax (if you will hire staff).<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Obtain_necessary_business_licenses_and_permits\"><\/span>Obtain necessary business licenses and permits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For small companies, these are simple formalities. However, the requirements can become more difficult if, for example, you decide to open a <a href=\"https:\/\/weblium.com\/create-clothing-website\">boutique of fashionable branded clothing<\/a> in the central part of a metropolis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Visit the Illinois.gov website and go to the Registration, Licenses, &amp; Permits page.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, you should <\/span><b>choose a<\/b> <b>suitable Business License Service.<\/b><span style=\"font-weight: 400;\"> Here are the best of them and the cost of their business licensing services at the beginning of 2020:<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\">Incfile \u2013 from $99;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u00a0Incorp \u2013 from $139;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Bizfilings \u2013 from $99;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Corpnet \u2013 from $99;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Mycorporation \u2013 from $99.<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Open_company_accounts\"><\/span><strong>Open company accounts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You should do that if you want to start building your company credit profile. Then, if your credit history allows, you can apply for large loans at these banks.<\/span><\/p>\n<p><b>List of documents that will be needed to open a business account:<\/b><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\">a) your submitted documents;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">b) your EIN;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">c) the document from the institution allowing your firm to have a bank account (permission should be signed by the senior members).<\/span><\/li>\n<\/ol>\n<p><b>The top Illinois business banks you should pay attention to:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> Bank of America;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> BMO Harris Bank;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> First Midwest Bank;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Associated Bank;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Woodforest National Bank.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Establish_your_Web_presence\"><\/span>Establish your Web presence<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You better remember that: in 2020, your company just needs a website! It will help you to find the first customers tomorrow, to stay afloat in a year, and to develop your business into a larger one in three years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, your company\u2019s website is a key to the world where everyone knows your company and trusts it! And, with a competent approach, you can turn this unique sales channel into a source for continuous business development.<\/span><\/p>\n<p><b><a href=\"https:\/\/weblium.com\/\">Launching a professional site<\/a>, you should also:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> create and manage the company\u2019s social accounts (Facebook Twitter, etc.);<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> create the accounts on review sites (Google reviews, Yelp, etc.);<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> register a company for a local Google profile.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Find_a_source_of_financing\"><\/span>Find a source of financing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financing options will vary depending on the type of business you have. <\/span><b>Most popular options for small business are:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> bank loan (business plan required);<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> loans from Small Business Associations (again, a business plan is needed);<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> personal investment &#8211; you invest in the business yourself;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> help from friends and family (they can help not only financially but they can also help you with the promotion).<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Decide_if_you_need_to_hire_employees\"><\/span><strong>Decide if you need to hire employees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you need staff, you should hurry up and post some job ads and start interviewing applicants. This will not only determine the type of insurance that you will have to pay; the availability of staff can significantly increase the cost of organizing a business or help you achieve your goals faster.<\/span><\/p>\n<p><b>How to find low-paid employees:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> ask your friends and family \u2013 they can either help you or recommend someone;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Search for candidates in your local educational institutions;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> contact a recruitment agency.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Search the websites related to your industry, especially if you are looking for someone with training and a very specific skill set.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You can complete some items form this list yourself, and solve some issues with the help of special service companies. But what you definitely shouldn\u2019t do yourself is to create a website for your business, if you are not an expert in programming, web design and marketing! After all, this is a very important step, and if you do something wrong, it will cost you a lot!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI can always order a website from a web studio,\u201d you may say. And this could be the way if you had several thousand dollars for website development, \u2018cause this is the price of a good website created by a web studio.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today there is another option for creating a site for small businesses &#8211; these are modern <a href=\"https:\/\/${domain}\/blog\/best-website-builders-for-small-business\/\">website builders for small businesses,<\/a> using which you can create a website design yourself and even launch it right away! The main thing is to find a good tool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are ready to try a simple, reliable and innovative solution, then make a website using the advanced <\/span><a href=\"https:\/\/weblium.com\/\"><b>Weblium website builder<\/b><\/a><span style=\"font-weight: 400;\">! An intuitive editor and professionally created designs will help you make all your website dreams come true in a short time, and a number of special features and settings will help your website find the first customers on the Web right away!<\/span><\/p>\n<p><b><strong><a class=\"button\" href=\"https:\/\/weblium.com\/create-small-business-website\">Create your small business website<\/a><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many dreams of starting their own business and want to achieve success. But most of us have a lot of fears and prejudices like: \u201cthis requires a huge start-up capital\u201d, \u201cI don\u2019t know how to beat so many competitors\u201d, \u201cI have no experience and it is unlikely that something will work out\u201d. In fact, opening &hellip;<\/p>\n","protected":false},"author":35,"featured_media":12376,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[95,78],"tags":[],"class_list":["post-12364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-startups","category-guides","has-thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Starting a Small Business in Illinois: Your 10 Steps to Success - Weblium Blog<\/title>\n<meta name=\"description\" content=\"It&#039;s hard to start, but use our guide to learn the essential steps required to start a small business in Illinois. 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