Have you always dreamed of owning a business? Do you have a passion inside of you that is waiting for nativity? There is a great number of people who would love to be living out their dreams but just don’t know where to start. If you’re looking to launch a career as an entrepreneur or start a new business, here are some key steps to get you started:
- Determine what kind of business you want to establish: Do you aspire to own a dessert food truck, establish a property management company, or interested in becoming a published author?
- Identify your purpose and mission for forming the business: Why is it important for you to start this business? Who do you want to serve as a part of your mission?
- What is unique about your business that differentiates it from others? What are your key strengths? How will you best serve your clients?
- Develop a business plan: This can be an overwhelming endeavor but well worth the investment. The business plan should outline where you want to see your business within the next 5 years as well as include your financial projections and marketing blueprint. Organizations such as score.org and sba.gov offer free advisement in developing your business plan as well as other business formation and expansion services.
- Determine your business structure: Do you want to operate as a sole proprietor, partnership, corporation, limited liability company, or nonprofit? Weigh the benefits of each, and consult a professional should you have questions about which structure will best suit your needs.
- Decide upon a business name: There is POWER in the name! As such, make sure your business name reflects the type of business you will be operating as well as the market you will serve. It’s also great to have some alternates on reserve in the event the name you decide upon is already being used by another company. Most of all, have fun creating!
- Register your business name: If your business name is anything other than your name, you will need to register it with the appropriate agency. Registering your business name can encompass filing for a simple DBA (doing business as) name to filing a certificate of formation. Before you can register your name, you will need to make sure that no other organization is using that same name. If so, use one of your alternate choices.
- Obtain an employer identification number (EIN): If applicable, you will need to apply for an EIN with the Internal Revenue Service. The EIN serves as your unique identifier for tax purposes.
- Open a business bank account: It is highly recommended to establish a separate bank account for your business activities. It is best to contact your bank prior to your visit to determine what documentation is required to open the account.
As not intended to be an all-inclusive list for launching a business, it is the first of several key steps to getting you started. Congratulations, you are on your way!