1 Choose a Business Idea
The first step to starting any business is choosing a business idea. When selecting the right idea, focus on your experience and skills. Moreover, look for a problem that needs to be solved in the market.
2 Choose Your Business Location
If you’re starting a business that needs a storefront or production facility, consider what you need for that location to be successful. Many businesses can be run from home, particularly online businesses.
3 Hone Your Business Idea
When you have decided the business idea that you want to pursue, it’s a good idea to hone your concept in preparation to enter a competitive market.
4 Brainstorm a Business Name
To help gear you for success, we’ve compiled this 13-step guide that has all you need to help you get your foot at the door. Are you ready to take the first step? Let’s get started.
5 Create a Business Plan
Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals.
6 Register Your Business
Of all the choices you make when starting a business, one of the most important is the type of legal structure. Most businesses register an LLC, corporation, partnership, or nonprofit corporation.
7 Register for Taxes
Any entity that conducts business may be required to register for one or more tax specific identification numbers, permits, and/or licenses. The final step before you’re able to pay taxes is getting an Employer Identification Number (EIN).
8 Fund Your Business
Securing financing is your next step and there are plenty of ways to raise capital: bank loans, SBA-guaranteed loans, venture capital, crowdfunding, online lenders, and others.
9 Apply for Business Licenses/Permits
Most small businesses need a combination of licenses and permits from both federal and state agencies.
10 Open a Business Bank Account
Business bank accounts help you manage your business finances in a professional manner and separate those funds from your personal finances.
11 Get Business Insurance
Businesses need business insurance because it helps cover the costs associated with property damage and liability claims.
12 Prepare to Launch
The moment that you have been waiting for: launching a new business. In this phase you can start with marketing activities and focus on things like USPs (unique selling propositions).
13 Build Your Team
Building a team takes time and patience, plus the ability to recognize a good organizational fit. You'll have to shape your employees into a winning team.