Get Started on Detailing Your Business

JUMP TO:    Conduct market research   Create a business plan   Request funding   Choose a business location   Choose a business structure    Choose a business name   Register your business   Get federal and state tax ID’s   Apply for Licenses and Permits 
Open a business bank account   View 10-Steps to Starting Your Own Business Guide

 

Get Ready!

1. Conduct market research. Market research helps you find customers for your business. Competitive analysis helps you make your business unique. Combine them to find a competitive advantage for your small business. It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye. Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business. Use market research to find customers. Market research blends consumer behavior and economic trends to confirm and improve your business idea. For details, view the 10-Steps to Starting Your Own Business Guide

2. Create a business plan. Your business plan is the foundation of your business.  A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a road-map for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you or investing in your company is a smart choice. For details, view the 10-Steps Guide

3. Request funding. If you're asking for funding, this is where you'll outline your funding requirements. Your goal is to clearly explain how much funding you’ll need over the next five years and for what it will be used. Specify whether you want debt or equity, the terms you'd like applied, and the length of time your request will cover. Give a detailed description of how you'll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business.  For details, view the 10-Steps Guide 

4. Choose a business location. Your business location determines the taxes, zoning laws, and regulations your business will be subject to. You'll need to make a strategic decision about which state, city, and neighborhood you choose to start your business in. Where you locate your business depends in part on the location of your target market, business partners, and your personal preferences. In addition, you should consider the costs, benefits, and restrictions of different government agencies. For details, view the 10-Steps to Starting Your Own Business Guide

5. Choose a business structure. The business structure you choose influences everything from day-to-day operations to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. There are many ways to set up a business from a corporation and LLC to a limited partnership and non-profit - the choices you make a big difference on many levels. For details, view the 10-Steps to Starting Your Own Business Guide 

Get Set!

1. Choose your business name. An entity name can protect the name of your business at a state level. Depending on your business structure and location, the state may require you to register a legal entity name. Your entity name is how the state identifies your business. Each state may have different rules about what your entity name can be and usage of company suffixes. Most states don’t allow you to register a name that’s already been registered by someone else, and some states require your entity name to reflect the kind of business it represents. Get all the details on naming your business and more in the 10-Steps Guide. For details, view the 10-Steps to Starting Your Own Business Guide

2.  Register your business. You need to register your business often comes down to its location and business structure. Determine those factors first, and registration becomes very straightforward. For most small businesses, registering your business is as simple as registering your business name with state and local governments. In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. Get more details in the 10-Steps Guide. For details view the 10-Steps to Starting Your Own Business Guide

3. 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. Some — but not all — states require you to get a tax ID as well. Get details on naming your business in the 10-Steps Guide. For details, view the 10-Steps to Starting Your Own Business Guide

Go!

1. Apply for licenses and permits. Most small businesses need a combination of licenses and permits from both federal and state agencies. The requirements and fees vary based on your business activities, location, and government rules. For example, you'll need to get a federal license or permit if your business activities are regulated by a federal agency - and a few of those businesses include agriculture, alcoholic beverages, aviation, firearms, ammunition and explosives, fish and wildlife and even radio and television broadcasting. For more information, refer to the 10-Steps Guide. For details, view the 10-Steps to Starting Your Own Business Guide

2. Open a business bank account. As soon as you start accepting or spending money as your business, you should open a business bank account. Common business accounts include a checking account, savings account, credit card account, and a merchant services account. Merchant services accounts allow you to accept credit and debit card transactions from your customers. A business bank account helps you stay legally compliant and protected. It also provides benefits to your customers and employees, and you can open a business bank account once you've received your federal EIN.
   
   Get more details in the 10-Steps Guide. For details, view the 10-Steps to Starting Your Own Business Guide >> 10 Steps to Starting Your Own Business Guide is a courtesy of the Small Business Administration