How To Start A Business

Anuncia LLC

Jan. 2, 2021

11 Steps To Starting A Business

1. Conduct Market Research - Before investing your time and money it is important to first conduct a market research for your potential business venture. When conducting your research it is important to conduct an unbias research. Try to ensure you are not swaying the research to be in your favor.

It is best to have an honest report to see if your business has the potential of being successful. Your market research should help to identify:

* Your Targeted Demographic
* Your Competition
* Engage With Your Audience To See If They Find Your Product/Service Valuable
* Learn Any Potential Rule, Regulation, or Restrictions For Your Industry

2. Choose a Unique Business Name - There is something in a name. Choose carefully when deciding what to name your business. The name you choose could have a significant impact on your business. Tips to consider when deciding on a name:

* Ensure To Chose A Name That's Easy To Spell
* Do Not Pick A Name That Can Pigeon Hold The Growth Of Your Business
* Choose A Catchy Name
* Have Your Name Convey A Meaning
* Search Online To Ensure The Name Is Not Already Taken
* Conduct A Secretary Of State Search
* Conduct A Trademark Search
* Get Feedback From Friend, Family & Colleague

3. Write A Business Plan - It is important to create a roadmap for your business. You can have a general business plan for your company that may consist of one to two pages. However, it is also important to have a in-depth detailed business plan as well. An in-depth business plan normally consist of 25-30 pages. Your business plan should help you to better understand your business while creating a realistic goal for your business. An in-depth business plan can also be used to be used to present to potential partners and investors. Your business plan should consist of:

* Introduction
* Executive Summary
* Company Overview
* Business Description
*Market Analysis
* Operating Plan
* Marketing & Sales Plan
* Financial Plan

4. Business Funds - Business funds are needed to start and grow your business. The starting capital may vary based on your type of business. There are many ways to obtain funding for your business:

* Set Money Aside As A Savings To Start Your Business
* Operate Part-Time & start saving
* Angel Investor
* Venture Capital from Investors/Partner
* Crowd Funding
* Microloans
* Personal Financing
* Product Pre-Sales
* Business Loans
* Business Grants

5. Business Entity/Structure - How do you want to form your business? Do you have partners or are you operating the business by yourself. The three main choices the average business function are:

* Sole-Proprietary
* Limited Liability Corporation
* Corporation

6. Apply for your Federal & State Tax ID Number - Your Tax ID number is needed to start register your business with the State & Local Government. It also would be used to open business bank accounts and paying your business taxes. (Note: Your Federal Tax ID number WILL NOT be used to verify your business credit)

7. Register Your Business With Your State & Local Government - After choosing your business name and desired Business Entity to form. (Note: Some cities have additional required registration)

9. Register Your Business with Dun & Bradstreet for a DUNS Number - A DUNS number is used to develop and acknowledge the credit history of your business. (Note: Some businesses the contract with government agencies are required to have a DUNS number to operate and do business)

10. Open a Business Bank Account - When operating a business, whether big or small, it is imperative to keep your personal finances and business finances separate.

11. Apply For Business Permits & Licenses - Depending on your business you may need additional permits and license to operate