5 Key Steps to Starting a Business
If you’re looking to start a business you probably have wondered, “where do I start?”. Regardless of what your entrepreneurial ambitions may be, these links will help you get started!
Step 1 – Prepare your Business Plan
Preparing a business plan should always be the first step to starting a successful business. A business plan will help determine if you are dedicated to your proposed business. Businesses take a fair amount of time and preparation, and a proper business plan will help you map the progression of building and establishing a business. A business plan will also help you see if your business is viable and has the potential to be profitable!
Preparing a Business Plan by Small Business Administration (SBA)
Step 2 – Decide the Structure of your Business
When starting a business there is a wide array of formations to consider. Formations you may consider include a Limited Liability Company, LLC or C-Corp, Inc. or even a S-Corp, Inc.. When deciding on which type of structure fits your business best, you need to know the advantages and disadvantages of each possible formation. This important decision can be aided by either consult a lawyer (which is typically more expensive) or by utilizing online service such as My Corporation by Intuit.
Another resource that can help you determine which structure fulfills your needs can be found here:
Corp. vs LLC Comparison
Step 3 – Get your Employer Identification Number(EIN)
Even if you don’t plan to hire employees any time soon, you will still need an EIN in order to open a business bank account and begin filing and paying your business taxes. If you acquire an EIN early in the business-making process it will save you from future headaches. Also, look into what other identification numbers you may need including DUNS numbers and other state and local identifiers. You will need these numbers for state fillings, paying unemployment and other legal paperwork.
Start a Business by Internal Revene Service
Step 4 – Develop a Marketing Plan
Your marketing plan is a great way to see how your business’ product compares with what is currently available from competing businesses. You need to define a “plan of attack”; a marketing plan will help you find your products’ strengths and weaknesses thus allowing you to build upon your advantages and market those advantages along with planning a way to make up for the negatives.
Step 5 – Never Stop Learning!
Granted, this will be the most obvious and easiest part of starting your business. Some people feel as if they cannot learn anymore than they already know. This is far from the truth! “Never stop learning” does not necessarily mean that you should try to learn every coding language or every page of the tax code, but any business owner should attempt to keep up with his industry to make sure he knows the latest trends and fads.
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