Steps to Starting a Business

Starting a business involves planning, making key financial decisions and completing a series of legal activities.

1. Write a Business Plan

A business plan is an essential road map for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.

2. Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

3. Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

4. Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

 5. Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LL C), corporation, S corporation, nonprofit or cooperative.

6.  Register a Business Name ("Doing Business As")

Register your business name with your state government.

7.  Get a Tax Identification Number

Learn which tax identification number you'll need to obtain from the FIRS and your state revenue agency.

8. Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

9. Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

10 .Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.