New startups are taking off every day. The fact that some of the world’s biggest companies began their journey as startups give great encouragement to budding entrepreneurs.
Does that mean the path to success is easy?
Not at all. It’s rather the opposite.
That’s why you need a business startup checklist to guide you at each step.
The good news?
We have just the right checklist for you to get started.
7 Must-Follow Steps to Start Your Business
Here are the seven essential steps you need to follow to launch your business in the United States.
1. Assess the Market
The first step in our business startup checklist is to assess the market you are stepping into. It is imperative to understand the market status and what the audiences are demanding.
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Market research allows you to assess your competitors and shows how you can make your products or services better than theirs.
2. Layout a Business Plan
A business plan gives an overview of your entire business process. And, a well-thought-out business plan can help you get the funding or investments you are looking for.
Some of the critical elements of this plan are company description, details of products or offerings, a blueprint of the financial plan, marketing plan, the structure of your organization, and much more.
The other thing that you need to do here is to decide on a business structure.
Would you want to establish an LLC, sole proprietorship, partnership, or corporation?
You need to decide this based on your business requirements.
3. Come Up with a Unique Business Name
What would you like to call your business? The name you select for your business should be unique and must adhere to the rules and regulations laid down by the government.
Make sure that your business name is simple to pronounce and easy to spell and remember.
4. Business Registration
Next up on our business startup checklist is formally registering your business. It’s mandatory to register your business to legally run it.
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Based on the type of business entity you have chosen — Sole Proprietorship, Partnership, LLC, or Corporation — the registration procedures will differ.
5. Apply for an EIN for Your Business
Once your business is registered, the next step is to apply for EIN. The EIN or Employer Identification Number is a unique 9-digit number that will be allotted to your business.
It will serve as the identification number of your business and is necessary for various business operations.
EIN is mandatory while opening a bank account for your business, hiring employees, receiving funds, and much more.
6. Open a Business Bank Account
The next thing you need to do is open a bank account for your business. This account will enable you to send and receive money.
To open this business bank account, you will need:
- Your ID
- Business formation documents
- Ownership agreement
7. Get Other Business Permits
By now, you have covered many of the steps in this business startup checklist. But your work as an entrepreneur is far from over.
To start your business, you need to get numerous permits like construction permits, DBA permits, zoning permits, health permits, environmental permits, and so on.
Remember, to establish a flourishing business you require dedication and endless planning.
This infographic designed by GovDocFiling gives you an overview of all the essential steps you need to take to kickstart your business systematically. Check it out.