Starting a business is a long and complicated process. We’ve broken it down into 10 simple steps.

1. Do your research

Before even starting your business, find out if you need to. Do some market research and discover if you have enough interested customers to successfully market your products or services. Also, look for any businesses who are already doing what you plan to. If they exist, could you compete with them? Or are they already serving the need?

2. Come up with a business plan

Create a roadmap that includes your business structure, how you’ll operate it, and how it will grow over time. This is what you’ll use to convince people to join you, whether as a partner, investor, or in another capacity.

3. Get funding

This may be the most daunting part, but luckily, there are lots of options today for funding your idea. Decide how much capital you’ll need to start up your business and figure out how to either raise it or borrow it. You may be able to get a small business loan or find a sponsor.

4. Pick a location

If you’re going to have a brick-and-mortar store, figure out where you want it to be situated. Pay attention to the area, how busy it is, how much the rent costs, and how easy your store would be to access in that location. If you’re setting up shop online, pick an easy, memorable URL that hasn’t already been claimed.

5. Pick a structure

How will your business be legally structured: as a corporation, a sole proprietorship, an LLC? Do some research into business structures and the different requirements for each. This will directly affect how much you pay in taxes and how much personal liability you have, so it’s an important choice.

6. Choose a name

You may already have a name in mind, but now it’s time to refine it. Choose a name that’s not already in use and that reflects what your company does. Make it easy to spell and remember.

7. Register

With your name in hand, now you can register and protect that name. If your business name is different from your own personal name, you’ll definitely need to register it with the federal government, and possibly with your state government.

8. Get tax IDs

Yay, taxes. You may not enjoy paying them, but they’re an important part of starting up a business. In addition to an employer identification number (EIN), you may need to get a tax ID depending on which state you operate in. 

9. Get licensed

To obey the laws in your industry, you’ll need to get certain permits and licenses from your state. Check your state’s specific laws and regulations to learn which ones you need.

10. Open a bank account for your business

Setting up a separate bank account for your business is just good practice. This makes handling legal and tax issues a whole lot easier, and allows you to keep your personal finances separate from your business. But it’s easier than you might think to set up a business account, so don’t stress.

All finished? Now you’re ready for business!