Main steps to start your business
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10 steps to start your business
Starting a business involves planning, making key financial
decisions, and completing a series of legal activities. Read on to learn about
each step.
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
road map 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.
Learn more about how to picking your business location
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 about how to choosing a business structure
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 about choosing a business name
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 about registering your business
8. Get GSTN and state tax and Legal registration
You’ll use your employer identification number 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 about How to getting tax IDs
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.
Learn more about licenses and permits
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 about opening a business bank account
Now: Start your shop or Business
Congratulations! It’s time to cut the big ribbon. Your business is
officially open. Now, focus on managing and growing your business.