BUSINESS FOR DUMMIES: THE BASIC OF STARTING A BUSINESS

Written by: Tamiya Barnes

SO, YOU WANT TO BE YOUR OWN BOSS? 
You have a great business idea, and you’re eager to get started. 

BUT WHERE DO YOU BEGIN? 
Before you quit your day job and hang up your shingle, there are a few things you need to do to get your business off the ground. In this post, we’ll walk you through the basics of starting a business.

STEP 1: FIGURE OUT WHAT BUSINESS YOU WANT TO START

The first step in starting a business is deciding what kind of business you want to start. Do some soul-searching and figure out what it is you’re passionate about. What are your skills and strengths? What needs are not being met in your

community? Once you have a general idea of the kind of business you want to start, you can move on to the next step.

STEP 2: WRITE A BUSINESS PLAN

Now that you have an idea of what kind of business you want to start, it’s time to start putting your plans on paper (or screen). A business plan is essential for any new business; it will help you determine your goals, map out your strategies, and track your progress over time. Not sure how to

write a business plan? Check out our blog post on How to Write a Business Plan in 8 Steps.

STEP 3: CHOOSE A BUSINESS STRUCTURE

There are several different kinds of business structures to choose from, each with its own advantages and disadvantages. The most common types of businesses are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

Consider factors like liability, taxes, and how much control you want over the direction of the company when choosing which structure is right for your business. You can always change your mind later if needed; for now, just pick the one that makes the most sense for your situation.

STEP 4: GET REGISTERED 

Once you’ve chosen a name and structure for your business, it’s time to get official and register with the state. This process will vary depending on your state and chosen business structure; visit SBA.gov for more information on registering your business. After registering, be sure to apply for

any licenses or permits required by your local government; again, SBA.gov can point you in the right direction.

Starting a new business is exciting but also daunting; there’s so much to do! But don’t worry, we’re here to help. In this blog post, we’ve walked you through the basics of getting started. Now it’s up to you to take the next steps towards realizing your dream of owning your own business!