As the U.S. Small Business Administration points out, starting a business requires extensive planning, including financial and legal planning. Additional types of planning and planning execution are also important to starting a business that will enjoy a successful and prosperous future. Because of the important nature of a business endeavor to any entrepreneur, a suggested checklist of steps can be helpful to follow in order to successfully achieve the dream of starting a business.
The first important step for a successful business start-up includes developing a thorough business plan. A business plan helps outline how the business will be started and managed. Important steps that may follow, sometimes based on the business plan, include securing financing through different options that may be available, securing a customer-friendly location and becoming familiar with applicable zoning laws.
Another significant initial step when starting a business is choosing the best business form to suit the particular business endeavor and company. There are a variety of possible options and each one offers specific benefits based on the needs of the business and preferences of the entrepreneur. Possible business forms that may be selected include sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, as well as some others. It is also important to remember to comply with any necessary federal, state and local, including important tax, requirements.
As is true of many business endeavors, it is important to utilize available resources and help. Many important considerations and opportunities may arise during the life of a business, including relocating or expanding a business, which makes knowing where to find, and how to utilize, available resources important. Ensuring the future success of a business venture depends on a number of variables so the better informed an entrepreneur is at the outset, the better chance of success they may have when setting up a business.
Source: U.S. Small Business Administration, “Thinking About Starting a Business? 10 Steps to Starting a Business,” accessed on Jan. 25, 2015