Ready to start a small business? The process isn’t as overwhelming as it might seem at first. It just requires knowing what the 10 steps to starting a small business are and taking the time to make sure each one is done right.
Do Your Research
Market research is crucial before launching any business. Look into the business idea to learn more about the competition that’s out there, how successful it might be, and if any things can be done to make the new small business stand out.
Name the Business
Picking a name can happen at any time before all of the official paperwork is filed, but it’s a good idea to do it at the beginning. Start thinking of a name now.
Start Creating a Plan
A business plan is an essential part of any business. Where will initial funds come from? How will the business operate? Each detail for the business should be in the plan.
No matter what kind of business it is, funds will be needed to get everything started. Something run out of a home office still requires money to cover fees, initial products to handle services or sell to customers, and other items that will cost money.
Pick a Legal Structure
It’s possible to start a sole proprietorship, but another legal structure for the business may be a better fit. Learn more about the differences between a sole proprietorship, an LLC, a corporation, and more to pick out the right legal structure for the business.
Get an EIN
An EIN, or employer identification number, is needed for taxes and other purposes. It’s best to get this right from the beginning as it may be needed on any paperwork for the business.
Get Permits or Licenses
Depending on the location, business type, and more, permits and licenses may be needed. Get these early so they’re obtained and ready to show if needed.
Get a Bank Account
It’s best to separate personal and business funds, so get a bank account specifically for the business. It should be in the business name and completely separate from personal accounts.
Once everything is ready, it’s time to open the doors and start accepting customers. Market the business thoroughly before opening day and be ready for sales.
Continue to Expand
Think about marketing and other details to continue bringing in new customers and get a plan in place to help the business thrive.
If you’re ready to launch a business, now’s a great time to do so. Follow the 10 steps to starting a small business here so you don’t miss anything and are ready to go for opening day.