Step 1: Your First Moves, Simplified

Every great business starts with a few focused decisions. Map your idea, make it official, set up your money systems, then get paid. We keep the red tape tidy and the momentum high.

Always be sure to map out your Business Plan! The Small Business Association (SBA) offers great resources to help you get started.

Three quick wins

  1. Shape the idea - Know your customer, your offer, and your edge. A one-page plan beats a forty-page binder.
  2. Make it real - Choose a structure, register your name, get your EIN, and handle any licenses so you are legitimate from day one.
  3. Set up money - Open your business accounts, connect payments, and build simple cash flow habits you can stick with.
Step 2: Know Your Market

Great businesses solve a specific problem for a specific person. Write three things your ideal customer cares about, three reasons they would choose you, and one way you will reach them this week. Short, punchy, useful.

Mini checklist

  • Problem, promise, and proof in one paragraph
  • Top three competitors plus your difference
  • First channel to test sales, then a second channel to add next
Step 3: Make Your Business Official

Pick a structure

Sole proprietor, LLC, corporation, or partnership. Consider taxes, liability, and how you want to grow. If unsure, speak with a tax professional or attorney.

Register your name

Confirm availability, secure your domain, and file any required DBA so customers and vendors can find you easily.

Get your tax ID

Most entities use an EIN. Many sole proprietors get one for privacy and vendor setup. Apply for your Free EIN with the IRS.

Licenses and permits

Rules vary by industry and location. A quick compliance sweep now prevents headaches later.

Step 4: Open Your Maspeth Federal Business Accounts

Keep business money separate from personal money. It protects you, cleans up your books, and makes tax time much easier.

What to bring

  • Formation documents, such as Articles of Organization or Certificate of Incorporation and please include your Filing Receipt
  • EIN for most entities, or SSN for sole proprietors
  • Government issued ID for each signer
  • Beneficial owner information for legal entities, typically anyone with 25 percent or more ownership or significant control. For this we will need a copy of your operating agreement or corporate by-laws

Choose the right fit

  • Business checking for daily spending and deposits
  • Business savings for your safety cushion
  • Merchant services for payments in person and online
Step 5: Get Paid Your Way

Offer your customers various ways to pay. At Maspeth Federal we do not charge you to deposit cash and checks. You can also sign up for Business Zelle to add another payment option.

Check out our business page for more information on the products and services we offer to help you succeed.



This content is for informational purposes only and is not intended to be personal financial advice.