Elements needed to start a small business include a business plan, business name, employer identification number, permits and a business bank account. Some of these, such as an employer identification number, are not necessary for aspiring business owners who do not plan to have any employees, reports Inc.com. In some cases, business owners must register a trade name for their business, so the business owner may need to spend time thinking of a unique name identity for the business; however, those who find themselves in this situation should be careful not to waste too much time developing a brand identity for the business, as this can get in the way of other important tasks.
Financing can be very important for starting certain small businesses, though not all businesses require an initial investment to get up and running. Still, small business owners can look for government-backed loans, grants or venture capital funding if they lack the personal assets to provide capital, notes the United States Small Business Administration. Small business owners often spend money on items such as business cards, advertising, credit card processor accounts and websites.
Although a business plan isn't as strictly necessary as investment capital and a business license, it can be a very important aspect of starting a small business. The business plan can be an important guiding document for the business owner, but it is also often an important part of securing loans or grants.