10 Steps to starting a business

Starting a business is a daunting undertaking and there are many different steps. In addition to the thoughts that go into product development, marketing, and other operational issues there are always simple start-up questions. 

The Small Business Administration has created a business guide on the “10 Steps to start your business”. It takes a lot more than 10 steps, but this guide leads a new entrepreneur through 10 things that are critically important in new business beginnings. Each of these 10 steps is often overlooked while starting a business until further down the new business road, but they need to be considered upfront. 

Here is a rundown of the 10 steps you can find more information on each of these steps by checking out the SBA’s guide here.

1. Conduct Market Research; Market research will tell you if there’s an opportunity to turn your idea into a successful business.

2. Write your business plan; Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business.

3. Fund your business; Your business plan will help you figure out how much money you’ll need to start your business.

business planning

4. Pick your business location; Your business location is one of the most important decisions you’ll make. 

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.

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.

7. Register your business; Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand.

8. Get federal and state tax IDs; 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.

9. Apply for licenses and permits; Keep your business running smoothly by staying legally compliant.

10. Open a business bank account; A small business checking account can help you handle legal, tax, and day-to-day issues.

Starting a business is not easy, but it will be very rewarding once you get up and running and hopefully, these 10 steps will help you get off to a great start.