Start a Small or Home Business
We have determined the main steps to starting a business. Please note that these are general guidelines. Refer to our Business Development section for rules and regulations for your state.
1) Access your strengths and weaknesses: Are you a self-starter? Do you have the willingness to work hard? Do you ahve self-discipline?
2) Identify your business opportunity: It's important to determine what it is you truly want to do. Will you still wnat to do "this" a few years from now?
3) Write a business plan: A business plan allows you to gain a better understanding of your industry structure capital requirements of starting a small business.
4) Name your business: Selecting the right business name may require some brainstorming, but once a name is selected it will aid in the branding of your company as well as distinguish your business from your competitors.
5) Choose a business structure: Will your business be a sole proprietorship (most basic), limited liability corporation, a partnership, or an S corporation? Not sure? Learn more about business structures
6) Register your business: Your business can be registered at a Secretary of State offices and/or County Clerk's Office. Setting up your small business may require an employer identification number, which is also used by state taxing authorities to identify businesses. Click here to learn more about tax issues.
7) Find start-up money: Personal savings, gifts from friends and family and bank loans are the most populare means of financing. Obtaining a grant is also a viable option .
8) Get business insurance: Protect yourself and your business in the event of litigation or a catastrophic event.
9) Create an accounting system: Setting up your accounting will help you understand the financials of running a business.
