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Here are the preliminary steps of how to start a business according to the Small Business Administration (SBA)

Conduct Market Research (Do You Know What You Are Talking About?)

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. Let the research data you come up with explain the opportunities or lack thereof. Don’t let your personal bias or assumptions dictate your conclusions.

Write Your Business Plan (Have You Organized Your Plan And Goals?)

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 working with you — or investing in your company — is a smart choice. If you have a hard time putting your entire plan and goal (basic business idea, your competitive advantage, how much will it cost, how will you support yourself, where will the funding come from, how long will all this take, etc) then pause and get it figured out.

Fund Your Business (How are You Going To Pay For This And Support Yourself)

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. As a startup have the expectation of no matter where the funding comes from (other than personal savings) you will have to provide collateral and personal guarantees to secure the funding. Agencies like the SBA do not guarantee or hand out monies that are not collateralized in some fashion.

Pick Your Business Location (There Are Many Factors)

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 revenue. For online stores, where you have physical presences (warehouse, distribution centers, sales reps, etc) realize you have to pay that state’s sale tax obligation. So, if possible, its best to locate your “nexus” in a state that does not have sales tax to be more competitive.

Choose A Business Structure (LLC or S-Corp?)

The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability. Consult a professional (an experienced lawyer and or CPA) to decide what is best for you.

Choose Your Business Name (Get This Right)

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. Keep is simple and as short as possible. Check with the state secretary’s office to verify the name hasn’t already been registered.

Register Your Business (A Must For Personal Asset Protection)

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. Services like LegalZoom make this registration easy and fast for a relatively low fee. Having a lawyer or CPA do it will likely cost you a much higher amount.

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. You normally do this step as you register your company. Again, services like LegalZoom can handle this.

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. This step requires that you do research and find out. Getting caught not operating fully permitted and or licensed will cost you much more than take the time and effort to ensure you are fully compliant.

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. Keeping all business monies, transactions, deposits and withdrawals is of great legal and personal asset protection importance. And if there is some sort of down-the-road exit strategy a complete and transparent accounting record is necessary.

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