4 Steps Guide to Starting a Business

How to Start a Business

Starting a new business is as exhilarating as it is intimidating. Armed with an excellent new business idea, many new entrepreneurs have trouble identifying what actionable steps must be taken to turn their idea into an official, viable business.

Luckily, there are many public and private organizations that offer support, including the Small Business Association, which recommends these 4 steps to get your business off the ground:

1. Register Your Business

After you’ve picked the perfect business name, it’s time to register your company to protect your business brand. Extend your branding power online with a well-designed website. Present a unified marketing front, with a website that reflects the vision and purpose of your company 24 hours a day, 7 days a week.

Our professional designers work with clients step-by-step to craft a website as vibrant and unique as your business. For most small businesses, registering your business is as simple as registering the business name with your state and local governments. In other cases, you may need to register with the federal government.  

Forming a Business Entity

2. Get Federal and State Tax IDs

Your Employer Identification Number (EIN) is an important step to starting a business because it allows you to open a business bank account and pay company taxes. It’s almost like a Social Security Number for your company. Some states may also require a State ID number as well. 

3. Apply for Licenses and Permits

Once your business entity is formed it is time to become licensed. Staying legally compliant is essential for your company to run smoothly. The licenses and permits you need will depend on your incorporation status, your industry, and will be different depending on the state, county, city, and even area of town in which you’re operating.

Visit the Small Business Association website for more details on which licenses and permits you may

 4. Fund Your Business

As the old adage goes “you have to spend money to make money” and for larger business ventures, you may not be able to afford all of the up-front costs required to get your business off the ground and profitable.

Fortunately, there are a plethora of ways to take a loan for starting a business, be it bank loans, friends and family members, strategic business partners, crowdfunding, or venture capital.

With all these decisions, it’s important to evaluate your options and the pros and cons of each potential source of funding in order to ensure all stakeholders are rewarded appropriately. You may find helpful this investor business plan to fund your business.

 

Follow this article for a complete guide to start a business.