Is 2023 the year to start your own small business?
While making money is a large reason business owners work for themselves, personal reasons can be just as important. In a recent release from SBA;s Office of Advocacy (Small Business Facts: Reasons for Running a Business), we learn that autonomy, creative opportunity and workplace flexibility are also key motivators that drive entrepreneurs.
Regardless of why you embark on entrepreneurship, Starting a business takes planning, making important financial decisions, and completing a series of legal activities. You will need to set goals, put plans into action, assess your progress, make necessary adjustments, and start the process all over again!
There are plenty of things that every business needs to do to get off the ground. So, here are 10 steps to follow to get started.
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. Learn More
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. Learn More
3. Fund your business
Your business plan will help you figure out how much money you'll need to tart 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. Learn More
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. Learn More
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. Learn More
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. Learn More
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. Learn More
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. Learn More
9. Apply for licenses and permits
Keeping 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. Learn More
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. Learn More
Need help? Get free business counseling.
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The U.S. Small Business Administration makes the American dream of business ownership a reality for millions of Americans. As the only go-to resource and voice for small business backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. The SBA delivers services through an extensive network of field offices, located throughout ten different regions of the country.
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