Define your product or solution and identify what problem it solves. It’s important that you define what makes your business different to the competition. Try to sum it up in two sentences – and memorize it. You'll use it every time you pitch to investors and potential customers
Find a business mentor Whether it's a business advisor or a financial specialist, find someone who will give you honest feedback about your business. It is important that you keep an open mind to learn concepts and foundational knowledge you may not have been exposed to. https://www.score.org/find-mentor
Create a business plan When you create a business plan, you’ll need to summarize your business as it is now, and map your vision for how it will be in the future. Scaling your business is important as it shows you what works and what doesn’t. You will use business planning again when you want to expand, change the structure, or add to your business. https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
Set up your business structure Choose a legal structure that works best for you. An accountant can help you here. Setting up a business is more than just getting a tax ID and registering it with your state. It is important to know the legal and financial responsibility that comes with each structure.
Establish your Operating Agreement (LLC) or BY-Laws (Partnerships, Corps, SCorps) This is important because it will outline how decisions are made or how situations are handled with your business. It is very important for legal situations, grant applications, or applying for loans as well.
Register for taxes, license, and permits Organize tax IDs and register with the tax office. It’s best to get this paperwork done right at the start to avoid fines, penalties, and interests fees. All bases have to be covered. Federal, State, County, and city.
Register web domains and trademarks You'll need a website, so check for suitable domain names and register them. When your business is established, you would want to register your trademarks (word & logo). There are a lot of copycats waiting to steal ideas or concepts, and you have to be careful that you are not using a name or image that already exists.
Set up a business bank account Don't use your personal account, even if you're just starting out. It’s always wise to keep your business finances separate. A credit card and PayPal account could be useful too.
Arrange business insurance and legal backing Even the smallest companies need insurance and legal guidance. Talk to a broker to find the best package for you. Visit https://taxstar.wearelegalshield.com/smb for affordable Legal Services.
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