Starting a business requires careful planning, making important financial decisions, and completing several legal tasks. Keep reading to understand each step involved.
Conduct Market Research
Market research helps you determine if your business idea has the potential to succeed. It involves gathering information about potential customers and other businesses in your area. This knowledge can help you find ways to make your business stand out.
Learn more about how to conduct market research.
Write Your Business Plan
A business plan is the foundation of your business. It outlines how you plan to organize, operate, and expand your business. You’ll also use it to show others why working with or investing in your company is a good idea.
Learn more about how to write your business plan.
Fund Your Business
Your business plan will help you figure out how much money you’ll need to get started. If you don’t have enough, you may need to raise or borrow money. Luckily, there are many ways to get the funding you need.
Learn more about how to fund your business.
Pick Your Business Location
Choosing a location for your business is one of the most important decisions you’ll make. Whether you’re opening a physical store or starting an online business, your choice will impact your taxes, legal obligations, and earnings.
Learn more about selecting your business location.
Choose a Business Structure
The legal structure you select will affect how you register your business, how much you pay in taxes, and what kind of personal liability you might have.
Learn more about selecting your business structure.
Choose Your Business Name
Picking the right business name can be challenging. You’ll want a name that reflects your brand and is unique. You’ll also need to make sure no one else is using the name you choose.
Learn more about choosing a business name.
Register Your Business
Once you have the perfect name, it’s time to make it official and protect your brand. If your business operates under a different name than your own, you’ll need to register it with the federal government, and possibly your state government as well.
Learn more about how to register your business.
Get Federal and State Tax IDs
Your Employer Identification Number (EIN) is necessary for key steps in starting and running your business, such as opening a bank account and paying taxes. It works like a social security number for your business. Some states also require you to obtain a separate tax ID.
Learn more about getting federal and state tax IDs.
Apply for Licenses and Permits
To operate legally, you need the proper licenses and permits. These vary depending on your industry, state, and other factors, so it’s important to know what applies to your business.
Learn more about applying for licenses and permits.
Open a Business Bank Account
A business checking account is useful for managing legal, tax, and everyday business matters. The good news is that setting one up is simple if you have the correct paperwork and registrations ready.
