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Steps to starting a new Business


Steps to starting a new Business
1. you need IDEA (Idea innovation)
Thinking of starting a business the first step is to develop an idea .
You need to come up with an ideal, that is workable, realizable,and achievable, an ideal that fits your person that you can work on or that you are ready and willing to develop yourself on.

2. You need to state out your goal(s), aim and objective (what to set to achieve)
You must state out your, goal,vision and mission ; as you continue and grow in business there would come many distractions, if you do not clearly state out your goals, mission and vision,you might loss focus and deviate from your original idea /reason for starting the business

3. Set up a plan for your business to succeed
every business need a workable plan, or call it a your strategy. Having stating out your aim, goals and objective you need a plan to make it work. This is called a business plan ,it is very important, you can tell if your business would succeed if this is properly carried out.

see below for more on business plan
https://www.sba.gov/starting-business/write-your-business-plan
A good business plan should contain

  •   Executive Summary

    Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals. Read these tips about what to include.

  • Company Description

    Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.

  • Market Analysis

    Before launching your business, it is essential for you to research your business industry, market and competitors.

  • Organization & Management

    Every business is structured differently. Find out the best organization and management structure for your business.

  • Service or Product Line

    What do you sell? How does it benefit your customers? What is the product lifecycle? Get tips on how to tell the story about your product or service.

  • Marketing & Sales

    How do you plan to market your business? What is your sales strategy? Read more about how to include this information in your plan.

  • Funding Request

    If you are seeking funding for your business, find out about the necessary information you should include in your plan.

  • Financial Projections

    If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.

  • Appendix

    An appendix is optional, but a useful place to include information such as resumes, permits and leases. Find additional information you should include in your appendix


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

 https://www.sba.gov/starting-business/how-start-business/10-steps-starting-business

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