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Starting a New business

10 steps to start your business

Starting that business requires planning, making / taking key financial decisions, and completing a series of legal activities. 




Conduct market research

This is a very valid point! Market research will tell you if there’s an opportunity to turn your business ideas into a successful business. It’s a way to gather information about potential clients or customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.


Write your business plan

You need a road map! A formal sketch that shows you at a glance how your business will run from day one. 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.


Funding for 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.


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.


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.


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.


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.



Apply for licenses and permits where necessary

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.


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.


Open Shop/ go online

Congratulations ! It's time to cut the big ribbon. Your business is officially open. Now, focus on managing and growing your business.


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