Business Insights

Small Business Series: 10 Steps to Starting a Small Business

National Small Business Week is being held May 1-7, but we're continuing the celebration throughout the month of May, discussing small businesses and the crucial role they all play in the success of our thriving local communities. 

Join us as we cover best practices, next steps toward success and the challenges small businesses face (as well as how to overcome them). If you're a small business owners or dream of one day following your entrepreneurial dreams, you don't want to miss this month-long series of useful content and tools for success. 

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10 Steps to Starting a New Business

Step 1: Write a Business Plan
Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 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.

Step 3: Choose a Business Location
Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business
Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business
Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name ("Doing Business As")
Register your business name with your state government. Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

Step 7: Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

Step 8: Obtain Business Licenses and Permits
Get a list of federal, state and local licenses and permits required for your business.

Step 9: Understand Employer Responsibilities
Learn the legal steps you need to take to hire employees.

Step 10: Find Local Assistance
Contact your local SBA office to learn more about how SBA can help.

There are also a number of available programs to assist start ups, micro businesses, and under served groups. The following resources provide information to help specialized audiences start their own businesses.

If you're interested in launching a new business or have questions about your existing small business operation complete the form below to contact a small business banker today.

Read the original article on SBA.gov. Copyright 2016.

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