1. Conduct Market Research
Is there an opportunity in the market to turn your idea into a successful business? Who will the potential customers and competition in your area be? Research will help you find a competitive advantage for your business.
2. Write your Business Plan
A business plan will be the foundation of your business. It’s the 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 will need to start your business. There are several ways to find the capital you need such as raising money or borrowing.
4. 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.
5. Register your Business
After you have chosen your business name, it is time to make it legal and protect your brand. You will need to register with the federal government and possibly the state government.
6. 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. It’s like a social security number for your business.
7. 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.
8. 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 it’s easy to set one up if you have the right registrations and paperwork ready.