Steps
Steps to Start
Check Out Our Xpert & Xtreme Steps to Start
Step 1: Write a Business Plan
Your business plan maps out the details of your business and how you plan to run it. Yet, with 70% of entrepreneurs starting their business out of a need for a lifestyle or career change and 26% out of passion or a great idea, many don’t take the time to create a business plan.
Step 2: Choose a Business Name
Your business name is an essential part of your new business. It determines what you’ll call it on official documentation and in the business plan you’ll share with investors. Because your name will stem from your business plan and offerings, it’s best to create it after you’ve written your plan.
Pro tip: Bounce your business name off friends and family to get objective feedback on what they like or don’t like. Include people you trust in the process.
Step 3: Choose an Ownership Structure
Your business’s legal structure can impact what you’re liable for and the taxes you pay. The most common types of business structures are sole proprietorship, partnership, limited liability company (LLC), and corporation.
Pro tip: Speak with an accountant or consult a lawyer to understand potential risks and legal obligations.
Step 4: Register Your Business
Registering your business is the next step after choosing an ownership structure. This ensures you are operating within essential legal requirements.
Pro tip: Customers often trust businesses more when they see “LLC” or “©” after the business name, as it signals legal compliance.
Step 5: Review and Comply with Legal Requirements
Beyond registration, you must meet additional legal requirements such as obtaining the proper licenses and permits. Requirements vary by industry—for example, construction businesses need specific permits.
Pro tip: Consider budgeting for a lawyer to review your business plan and ensure full legal compliance.
Step 6: Apply for Funding
When starting a small business, bootstrapping or borrowing from friends and family may be enough. However, larger ventures require more capital. Startup funding is essential, whether through loans, grants, or personal networks.
36% of entrepreneurs cite access to funding as one of their biggest challenges.
Pro tip: Some businesses qualify for home-office tax deductions. Working from home can reduce costs significantly in the early stages.
Step 7: Create a Brand Identity
Once the first six steps are complete, focus on building a strong brand identity. Key components include:
- Brand strategy
- Brand personality and experience
- Logo
- Color palette
- Typography
- Graphic elements
Pro tip: Position your business clearly in the market before finalizing branding.