Congratulations! You’ve decided to follow your passions and start a business of your very own! So, what’s your next move?
While the idea of starting a small business may seem exciting and even freeing, there’s a lot of red tape you’ll have to slog your way through before you can open your doors.
Are you ready to get to work but aren’t sure where to start? We’ve got you covered! Here’s a simple checklist to help guide your way.
- Write a Business Plan
The premier step in starting any business is writing a comprehensive business plan. This plan should include everything from your company budget to a potential five-year plan for growth. Plotting out every aspect of your company before you start building will help you organize, stay on track, and even find more success once you open for business.
- Get an EIN
One of the most often overlooked aspects of starting a small business is obtaining an Employer Identification Number, also known as an EIN. Getting an EIN is critical to incorporating your new business, opening up a bank account, and processing payroll. So, before you start hiring employees, you’re going to want to contact the IRS and get your EIN sorted out.
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- Build a Website
Every smart business owner knows that no matter what market you’re in, you won’t get very far in business these days if you don’t have a website. Fortunately, thanks to easy-to-use web design sites like Wix and Squarespace, creating a professional-looking website without any web design experience has never been easier.
That said, you’ll need to start your online journey by purchasing your domain name and maybe even a few similar or duplicate URLs to cut back on potential competition and copycats.
- Cover Your Legal Bases
Here’s where starting a business gets more complicated. No matter what kind of business entity you’re trying to get off the ground, there’s a good chance you’re going to need a few licenses and permits to operate.
Unfortunately, because every state and even every city is different, the types of permits and methods for obtaining these permits are unique.
One of the easiest ways to navigate this portion of starting a business is to hire a legal expert to help ensure you have everything up to code. So, you don’t run into any trouble later on.
- Start Marketing
Before you can start business dealings, you’re going to have to let your potential customers know that you exist. And that’s where marketing comes in.
Fortunately, thanks to the power of the internet and social media, handling your marketing yourself has never been easier. With a few social media accounts and a bit of targeting, you’ll be able to start raking in the customers in no time.
Your Guide to Starting a Small Business
Now that you know a bit more about starting a small business yourself, it’s time to get to work.
Are you looking for more advice on how to help your new business grow and succeed? We’ve got you covered! Check out the rest of our blog for more helpful articles and advice today!
Infographic created by Donnelley Financial Solutions, SEC reporting software
