Congratulations! You’ve started the process of considering starting your own business! As you might already know, starting a business can be challenging – but don’t let that stop you from pursuing your dreams. We’ve developed a list of a few things to consider when starting your business to help you out, including:
- Envision Your Business: What kind of business do you want to start and what products or services will you offer? There are resources soon-to-be business owners can use to help find their optimal business, like this.
- Perform Research: Once you have an idea of what the business would be, it’s important to research the market, competition, and legal requirements for starting a business in your area. There are resources out there that can help these soon-to-be small business owners navigate market research.
- Develop Your Business Plan: A business plan would need to be developed to outline your business goals, strategies, and financial projections. The Small Business Association (SBA) helps overview considerations for your business plan.
- Form Your Business: Now it’s time to become a business. Forming your business includes selecting between different types of business structures, such as sole proprietorship, partnership, LLC, and corporation. Each type of structure has its own advantages and disadvantages. Companies like IncFile make forming your business fast and easy.
- Choose Your Business Name: Within the formation process, you’ll choose your business name. It’s important to think of one that reflects the purpose of your business and brand. The SBA overviews the process of establishing your business name here.
- Get Your Federal and State Tax IDs: Now that your business is formed, you’ll need to get your Employee Identification Number (EIN). This number is like a social security number for your business and will be important when performing upcoming steps for your business.
- Open Your Business Bank Account: Now that your business is formed and you secure your EIN, you should consider opening a business bank account for managing your business revenue and expenses. Companies such as Bluevine specialize in small business banking and are one of a handful of options that should be researched and considered.
- Get Access to Small Business Funding: If additional capital is required to start your business, it’s important to research small business lending options that help. Lendio is an example of a small business marketplace that connects capital seekers with over 75 lenders to better align compatibility between the business owner’s needs and the lender’s appetite.
- Get Necessary Licenses and Permits: Most small businesses require licenses or permits from federal or state agencies and may vary depending on the type of business you’re starting and the location of your business.
- Get Insurance: Even new businesses may require business insurance to start operations. In some cases, proof of insurance may be recommended or required prior to getting funding, licenses, or permits. We’ve developed reviews to help point you in the direction of insurance providers that can help.
- Setup Your Shop: This can include your website, physical building, or both. GoDaddy and Squarespace are examples of website solutions built around small business owner needs.
- Market your business. Once you’ve set up your business, you need to start marketing it. This includes creating a marketing plan and getting your business listed in online directories. Companies like Constant Contact offer solutions and resources to help your business develop and execute its marketing strategy.
Starting a business is a lot of work, but it can be very rewarding. By following the steps above, you’ll be well on your way to starting your own successful business.
Where Should I Get Small Business Insurance
We recommend working with a licensed agent to help find the right business insurance. At BuyLiability.com, we’ve developed reviews to help point you in the direction of insurance providers that can help.
Check out our recommended small business insurance providers today!
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