How to start a business 101

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April 30th kicked off the beginning of National Small Business Week. Have you ever wanted to start your own business, but never knew how to get it going?

The U.S. Small Business Administration offers 10 easy steps to help plan, prepare and manage your new business successfully. 

  • Write a Business Plan – This document outlines how you will start and run your business and is a key requirement if seeking loan funds.
  • Get Assistance & Training – From getting a loan to developing business plans, the SBA offers online tools and resources to help your new business succeed.
  • Choose a Location – Work with local real estate brokers or economic development officials to access property information that matches your business’s needs.
  • Finance Your Business – To get started search for funding options such as government grants, venture capital, tax-exempt bonds and research grants.
  • Determine the Legal Structure of Your Business – Decide which form of ownership is best suited for your organization: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
  • Register a Business Name – If you choose to name your business anything other than your own personal name, then you’ll need to register it as your “Doing Business As” (DBA) name with all appropriate authorities.
  • Register for State & Local Taxes – In addition to paying federal business taxes, you may be responsible for certain state and local taxes.
  • Obtain Licenses & Permits – To legally operate businesses need some form of license or permit however, requirements vary depending on the type of business, its location, and what government rules apply.
  • Understand Employer Responsibilities – Before you hire employees ensure you are compliant with all key federal and state employment regulations.
  • Find Local Assistance – SBA works with local partners to counsel, mentor, and train new businesses owners. Contact your local SBA office to learn more.
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