Ten Steps to Start Your New Business

January 17, 2018

Ten Steps to Start Your New Business

It’s time to make your dream a reality and take the next steps to become your own boss. The SBA is here to help. The following are 10 steps to start your new business:

  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 and roadmap of your business.
  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 either raise or borrow the capital.
  4. Pick your business location – Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
  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 – Your name reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.
  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 – Your employer identification number (EIN) is like a social security number for your business. Some — but not all — states require you to get a tax ID as well.
  9. Apply for licenses and permits – The licenses and permits you need for your business will vary by industry, state, location, and other factors.
  10. Open a business bank account – A small business checking account can help you handle legal, tax, and day-to-day issues.

Get resources to help with each step at www.sba.gov