Are you thinking about starting a business? If you are, then you may be wondering where to even begin. Going about starting your business haphazardly can cost you time, money, and effort.<\/p>\n\n\n\n
Luckily, some steps can optimize your startup\u2019s start. While the steps can differ from founder to founder, the following are the essentials:<\/p>\n\n\n\n
Execute the steps in this guide properly, and you\u2019ll soon be at the helm of your startup.<\/p>\n\n\n\n
Of course, there\u2019s no other way to judge success other than doing so after the fact. Nonetheless, you can get an idea early on about whether or not your business will do well \u2014 at least in your locality.<\/p>\n\n\n\n
This is where market research comes in. When you conduct market research, find out more about the following:<\/p>\n\n\n\n
What should your business plan contain? It should have the following:<\/p>\n\n\n\n
Think of your business plan as having two roles. It helps you stay on track throughout the process, and you can use it as a pitch when you\u2019re looking for investors or partners.<\/p>\n\n\n\n
If you intend on being a sole proprietor, you\u2019ll have to pay out of pocket to capitalize your business. However, an alternative to pooling funds is finding either investors or willing partners.<\/p>\n\n\n\n
Every business needs a location. Locations can either be physical or online. This is a decision you need to make based on what kind of business you want to run.<\/p>\n\n\n\n
There\u2019s nothing wrong with being a sole proprietor. However, you can also register as a corporation (S or C Corp), a limited liability company (LLC), or a partnership. It comes right down to how you want to see your business run.<\/p>\n\n\n\n
Choosing a business structure or entity will also affect your registration. For more information on business structures and entities, visit the Small<\/a> Business Administration<\/a>.<\/p>\n\n\n\n Choosing a catchy name is the easy part. The hard part is ensuring that no other business has the rights to it. You can check the United States Patent and Trademark Office<\/a> to see if another business has the same name as yours.<\/p>\n\n\n\n If no business has the name you want yours to be called, register by filing for a federal tax ID<\/a>.<\/p>\n\n\n\n There are two kinds of tax ID numbers you need to get. All businesses will require an employer ID number (EIN). Most \u2014 but not all \u2014 states require state IDs for small businesses.<\/p>\n\n\n\n If you registered your business as a corporation, LLC, or partnership, you\u2019ll likely need to apply for a state tax ID number. Check with your state<\/a> to see the requirements for non-sole proprietorship businesses.<\/p>\n\n\n\n The permits you\u2019ll need depend on the kind of business you have. For instance, if you\u2019re starting any kind of food-related business, food handling, food safety, and sanitary permits will be a must. If you have a plumbing business you will need to have a plumbing and fire suppression systems permit. Make sure to research what your specific business calls for.<\/p>\n\n\n\n Your personal bank account should not be used for your business even if you are operating as a sole proprietorship. To get a business bank account, you\u2019ll need your social security number as well as your EIN and state tax ID number (if required).<\/p>\n\n\n\n Starting a business goes hand-in-hand with knowing how to manage finances. From managing capital to growing stakeholder investments, dealing with money is something other startup CEOs encounter daily.<\/p>\n\n\n\n<\/a>6. Name Your Business and Register It<\/h2>\n\n\n\n
<\/a>7. Apply for State and Federal Tax ID Numbers<\/h2>\n\n\n\n
<\/a>8. Get the Right Permits for Your Business<\/h2>\n\n\n\n
<\/a>9. Get a Bank Account for Your Business<\/h2>\n\n\n\n
<\/a>Start Your Business with the Support Others with Your Financial Prowess<\/h2>\n\n\n\n