Start a business with these steps

Starting a business can feel daunting, but with the proper steps at hand, you can be ahead of the game. Here's what you need to do:

new business new business
  • Part 1: Business Plan

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  • Do thorough market research on your industry/product

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  • Hone in on trends, forecasts, opportunity/risks, competitors, etc.

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  • Decide if it will be part time or full time business

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  • Draft the business plan

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  • Decide on company name

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  • Legally register your company

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  • Decide specific hours/days of operation for your company's services

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  • Detail your company's monthly and annual budget

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  • Organize ideas for company funding or raise finances

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  • Meet investors and consult with your bank

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  • Look into business startup courses or seminars to help you on the learning curve

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  • Part 2: Ready To Go

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  • Get a business license/permit & choose your legal business form (LLC, CO, etc.)

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  • Finalize paperwork for the legal entity

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  • Obtain your Employer Identification Number from IRS

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  • Settle on formal company contact information (physical address, email, telephone, fax, etc.)

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  • Open a business bank account with a trusted bank your area

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  • Obtain a merchant account

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  • Acquire a financial advisor

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  • Acquire a legal advisor

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  • Acquire business insurance

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  • Acquire a tax advisor and/or accountant

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  • Source a local notary

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  • Familiarize yourself with regulations and compliance requirements

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  • Register trademark, logos, patents, etc.

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  • If functioning out of an office/store front (not home), source a real estate agent to assist with finding your business location

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  • Sign & finalize lease contract for office/store front

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  • Hire a moving company if you have much merchandise to move into your new location

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  • Purchase all necessary new office equipment & supplies

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  • Get high speed internet! Must.

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  • Create a floor plan for your new office

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  • Part 3: Up and Running

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  • Choose an accounting software

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  • Prepare a sales & marketing plan

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  • Finalize your customer service policies (returns & exchanges, shipments, etc.)

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  • Register a domain name for the new business website

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  • Hire full-time or freelance IT consultants

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  • Recruit for available positions in your new company (hiring a recruitment company, if necessary)

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  • Utilize payroll services if you DO have staff

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  • Familiarize yourself with labor laws if you DO have staff

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  • Source a website hosting company and design the website

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  • Source a website developer and graphic designer to assist in completing the website needs

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  • Part 4: Short Term Prep

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  • Hire an SEO consultant or company to increase your web presence

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  • Publish online or print marketing material

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  • Design marketing material for the storefront (if you have one) such as company cards, stationary, etc.

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  • Always, ALWAYS take advantage of networking opportunities to help build your business

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  • Work with a PR consultant or team to assist in publishing a "Launch" press release

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  • Outsource customer service or phone call assistance, if needed

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This checklist was created by workdiva

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