How do I start a business?
Starting a Business By Researching & Planning:
Conduct Market Research and Write Your Business Plan –
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. Allowing for you to visualize a competitive edge for your business, seeing what the market has, lacks, and demands! Your business plan is the foundation of your business, and goes hand and hand with your research as the insight provided should guide you and help create 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. Not because you want it, but because you planned, researched, and are starting off right.
Learn More on How To Write A Business Plan | Source: SBA
Choose Your Business Name –
It’s not easy to pick the perfect name, yet, before anything else, make sure originality comes first and isn’t already being used by someone else. You’ll want one that reflects your brand and captures your spirit. Something people won’t tell you initially is that Search Engine Optimization is everything and unfortunately if you’re name isn’t digestible by search engines then it won’t be found online.
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. We highly recommend viewing this IRS article that specifies the differences in business structures, from Sole Proprietorships to S Corporations. BUSINESS STRUCTURES – IRS ARTICLE
Register Your Business –
Once you’ve picked the perfect business name and chosen the right business structure for you, 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. Make sure to google the allows appropriate to your state, city, and county as those variables define which business licenses needed or lack thereof.
Get Federal and State Tax IDs –
You’ll use your employer identification number (EIN) soon after registering your business with your state, as it’s crucial 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 yet in all circumstances we recommend getting an EIN as it’s needed for a business to be stable and grow.
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. Keep in mind, this isn’t completely necessary in some instances as not all industries and states need licenses but worth researching to make sure.
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. Although we aren’t financial advisors and can’t divulge further into financial details, we highly suggest researching grants and other financial opportunities as there are plentiful.
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, marketing, and revenue. SEO has a huge play as well when it comes to locations, even online stores that don’t specify their mailing address, search engines also follow into broad geographical regions (for example, online stores on google my business have to specify the counties they service).