Q:

What are some important steps to follow when starting your own business?

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Quick Answer

Important steps to follow when starting a business include drafting a business plan, completing business training, deciding on a business location, securing business financing, deciding on a legal structure for the business and obtaining a tax identification number. Business owners must also register for local and state taxes.

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Full Answer

Business plans detail how a business is to be structured and operated. Free templates and guidance are available for business owners to complete their business plans. Free business training and assistance might also be available for business owners. Such training instructs entrepreneurs on relocating, expanding and financing a business.

When deciding on a business location, find one that is easily accessible to customers and is set up in a way that adheres to local zoning laws. Financing a business can be done with research grants, venture capital and financing backed by the government. Options for legally structuring a business include a partnership, sole proprietorship and Limited Liability Company. Each structure comes with its own unique advantages and disadvantages.

A business must be registered with the state government, and business owners must also obtain a tax identification number from a state revenue agency and the IRS. Business owners should also obtain workers' compensation, disability and unemployment insurance policies.

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