10 steps to start your business

Starting a business can be a little intimidating and also involves planning, making
key financial decisions, and completing a series of legal activities. Read on to learn
about each step.

1- Conduct market research

Market research will tell you if there’s an opportunity to turn your idea into a
successful business. It’s a way to gather information about potential customers
and businesses already operating in your area. Use that information to find a
competitive advantage for your business.

2- Write your business plan

Your business plan is the foundation of your business. It’s a roadmap for how to
structure, run, and grow your new business. You’ll use it to convince people that
will be working with you, investing in your company and you’ll also use it to make
a smart choice.

3- Fund your business

Your business plan will help you figure out how much money you’ll need to start
your business. If you don’t have that amount on hand, you’ll need to either raise
or borrow the capital. Fortunately, there are more ways than ever to find the
capital you need.

4- Pick your business location

Your business location is one of the most important decisions you’ll make.
Whether you’re setting up a brick-and-mortar business or launching an online
store, the choices you make could affect your taxes, legal requirements, and

5- Choose a business structure

The legal structure you choose for your business will impact your business
registration requirements, how much you pay in taxes, and your personal liability.
You'll need to choose a business structure before you register your business with
the state. Most businesses will also need to get a tax ID number and file for the
appropriate licenses and permits.

6- Choose your business name

It’s not easy to pick the perfect name. You’ll want one that reflects your brand
and captures your spirit. You’ll also want to make sure your business name isn’t
already being used by someone else.

7- Register your business

Once you’ve picked the perfect business name, it’s time to make it legal and
protect your brand. If you’re doing business under a name different than your
own, you’ll need to register with the federal government, and maybe your state
government, too.

8- Get federal and state tax IDs

You’ll use your employer identification number (EIN) for important steps to start
and grow your business, like opening a bank account and paying taxes. It’s like a

social security number for your business. Some — but not all — states require you
to get a tax ID as well.

9- Apply for licenses and permits

Keep your business running smoothly by staying legally compliant. The licenses
and permits you need for your business will vary by industry, state, location, and
other factors.

10- Open a business bank account

A small business checking account can help you handle legal, tax, and day-to-day
issues. The good news is it’s easy to set one up if you have the right registrations
and paperwork ready.

Now, your business is officially open
Congratulations! It's time to cut the big ribbon. Whether your business has a
physical location or is virtually, it is officially open. Now, focus on managing and
growing your business for success.
For help with any of the steps, send an email to contact@savvysavingsgroup.com
or Text to 860-968-6060