How to Start a Business in 10 (Not So) Easy Steps
You’ve got a brilliant business idea. Congrats! The next step is to make your dream a reality by starting your own company. But where do you even begin? With so much to do and so little time (not to mention money), it’s easy to feel overwhelmed. But never fear! We’re here to help with this step-by-step guide on how to start a business.
1. Do Your Research
The first step is to research, research, research! You need to know as much as you can about your industry, your target market, and your competition. Not sure where to start? The Small Business Administration has lots of great resources to help you get started.
2. Write Your Business Plan
After you’ve done your homework, it’s time to put pen to paper (or fingers to keyboard) and write your business plan. This document will outline your business goals, strategies, and how you plan on achieving them. Not sure what should go in a business plan? Check out our handy guide.
3. Choose Your Business Structure
Now it’s time to choose the legal structure of your business. Will you be a sole proprietor? Partnership? LLC? The answer will depend on a variety of factors, but we can help you figure out which one is right for you.
4. Get Your Tax Situation in Order
No one likes dealing with taxes, but it’s important to get everything in order before you launch your business. You’ll need to obtain any licenses or permits required by your state and local government, as well as apply for an Employer Identification Number (EIN) from the IRS. Then you can register for state and local taxes—yay!
5. Open a Business Bank Account
Keeping your personal and business finances separate is crucial for maintaining financial clarity and staying organized come tax time. So open up a checking account that’s just for your business and deposit those profits!
6. Find the Right Insurance coverage
No matter what kind of business you have, you need to make sure you have the right insurance coverage. This will protect you and your employees in the event of an accident or injury, as well as safeguard your business from any legal issues that may arise down the line
7 . Choose Your Business Location
One of the most important decisions you’ll make for your new business is choosing the right location. You want a space that meets your needs in terms of size and price, but also somewhere that’s convenient for both employees and customers alike.
8 . Set Up Your Workspace
Now it’s time to transform that blank office into a space that reflects your company culture and values. If you’re working with a limited budget, there are plenty of ways to set up an aesthetically pleasing workspace without breaking the bank.
9 . Invest in the Right Technology
Technology is vital for businesses nowadays, so it’s important to invest in the right tools and systems from day one. Not sure what type of technology your business needs? These are some essential pieces of tech for small businesses.
10 . Start Marketing Your Business!
You’re officially in business! But before you can sit back and relax, there’s one more important task on your to-do list: marketing. After all, how will customers find out about your amazing products or services if they don't know you exist?
Congratulations—you did it! By following these 10 (not so) easy steps, you are well on your way to starting a successful small business. Just remember to research thoroughly, create a solid business plan, find the right location, build up a great team, market effectively, and always be prepared to adapt as needed. Good luck!