10 Steps to Start Your Business

Ten (10) Steps to Start Your Business

Starting a business involves planning, making key financial decisions, and completing a series of legal activities. Read on to learn about each step.
1. Conduct market research
Market research will tell you if there’s an opportunity to turn your idea into a successful business. First, it’s a way to gather information about potential customers and businesses already operating in your area. Then, use that information to find a competitive advantage for your business. Learn more about conducting market research
2. Write your business plan
Your business plan is the foundation of your business. It’s a roadmap for structuring, running, and growing your new business. You’ll use it to convince people that working with you — or investing in your company — is the right choice. Learn more about writing your business plan
3. Fund your business
Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need. Learn more about funding your business
4. Pick your business location
Your business location is one of the most important decisions you’ll make. Whether setting up a brick-and-mortar business or launching an online store, your choices could affect your taxes, legal requirements, and revenue. Learn more about picking your business location
5. Choose a business structure
The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability. Learn more about choosing a business structure
6. Choose your business name
It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to ensure your business name isn’t already being used by someone else. Learn more about choosing a business name
7. Register your business
Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government and maybe your state government, too. Learn more about registering your business
8. Get federal and state tax I.D.s
You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax I.D. as well. Learn more about getting tax I.D.s
9. Apply for licenses and permits
Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors. Learn more about licenses and permits
10. Open a business bank account
A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is that it’s easy to set one up if you have the proper registrations and paperwork ready. Learn more about opening a business bank account