How to Start a Business
Whether it's home-based or otherwise, more and more people are interested in starting a business. For some, owning a business is a way to make additional money on a part-time basis. For other people owning their own business is a full-time commitment. Whatever your reasons are, the first step is to learn how to get started.
- Study the Small Business Administration's start-up assessment tool. This will help you to assess if you are ready to become an entrepreneur.
- Study the market. Find out whether your business idea has the potential to be profitable by discovering the demand for your potential product or service.
- Develop a business plan. This will be your road map to starting, marketing and managing your business.
- Research the regulations that pertain to your business. Also, be aware of local zoning laws pertaining to your business.
- Acquire the relevant business licenses, permits or professional certifications you need. Running a business without the proper licenses can result in hefty financial penalties, lawsuits or even imprisonment.
- Get a tax identification number. This will protect you from having to use your personal social security number when registering your business.
- Register your business. You may need to file a fictitious business name. You'll also need to define the legal structure of your company at this time; your choice of legal structures range from a sole proprietor or partnership to a corporation.