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10 Steps to Starting A Business

 

Reading Time: 5 Minutes

The 10 steps to starting a business according to the Small Business Administration (SBA)  involves  planning, making financial decisions, and completing  legal activities. (SBA, 2023). Those steps include the following:

1. Conduct market research


 Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.

 

2. Write your business plan

 

Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.

 

3. Fund your business

 

Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.

 

4. Pick your business location

 

Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.

 

5. Choose a business structure

 

The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.

 

6. Choose your business name

 

It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.

7. Register your business

 Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.

 

8. Get federal and state tax IDs

 

You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax ID as well.

 

9. Apply for licenses and permits

 

Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.

 

10.  Open a business bank account

 

 A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.

(SBA, 2023)

 

    Tip: After writing a business plan, build your online store. To get started designing your business website for $1, for the first month, use the following link: https://shopify.pxf.io/Vm52oR

     

    Also, to learn more about writing a business plan, get a copy of the book, Business Plan Template And Example: How To Write A Business Plan: Business Planning Made Simple. Use the following link to order a copy: https://nationsproducts.com/products/business-plan-template-and-example-how-to-write-a-business-plan-business-planning-made-simple?_pos=1&_psq=business&_ss=e&_v=1.0 

     

    Nadine Muhammad has a Master of Science in Economic Development and Entrepreneurship. She is the owner of an online bookstore Nation's Products and NLM Economic Development Services. For consultation for business plan  writing  or developing an economic development strategic plan for your community send an email to nlmeconomicdevelopmentservices@gmail.com 

      

    Reference

    SBA. (2023). Ten steps to start your business. https://www.sba.gov/business-guide/10-steps-start-your-business

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