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Follow These 10.5 Steps to Starting a Business


Starting a business requires more than an idea.  Starting a business involves planning, making key financial decisions and completing a series of legal activities.  As you create a business plan you will be especially interested in marketing and building the right team.  These 10.5 easy steps can help you plan, prepare and manage your business. If you click on the links, you will find more information from the Small Business Administration. 

Step 1: Write a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. Here is an article with important questions to ask when writing a business plan.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

This book shows you how to engage top experts for free:  GO! How to Start and Run Your Own Business Advisory Group - by Terri Dunevant

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name ("Doing Business As")

Register your business name with your state government.

Step 7: Get a Tax Identification Number

Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.

Step 10.5: Get Educated by Experts

It may be better to learn from those who have walked the path vs those those who know the path.

Topics: Start a Business Entrepreneurship Solopreneur