Starting up a new business requires time, patience, research, and courage. While you begin the process of planning your small business, you’ll likely have many questions. The biggest question of all is: “am I doing this right?”

If this sounds like you, we have you covered. We’ve broken down the steps to starting a business in an easy-to-follow list-style format.

Conduct Market Research

Carry out research to learn about your industry
Send out surveys and questionnaires or conduct focus groups and in depth-interviews to learn about your potential customers
Perform a competitive analysis to find a competitive advantage over your competitors and alternatives to your product or service

Write a Business Plan

Lay out your business concept in a pitch deck, one pager, executive summary, or Business Model Canvas
Pick a type, format, or style for your business plan
Find a business plan template that matches the type, format, or style you have selected
Outline the specifics of your business (these will be the sections of your business plan)
Make your plan compelling by including statistics, graphs, and pictures
Hire someone to write the business plan for you if needed

Fund Your Business

Figure out how much funding you’ll need
Determine where you will secure the funding from

Pick Your Business Location

Figure out the best location (neighborhood, city, state, country) for your business
Decide if you’ll run your business online, in person, or a combination of both

Choose a Business Structure

Review and compare common business structures
Consider your vision and goals for the business
Seek counsel from a lawyer, accountant, and/or business consultant

Choose Your Business Name

Pick a name that is concise, descriptive, meaningful, and/or unique
Ensure that the business name is available in your state
Think about whether you’ll need a doing business as (DBA) or fictitious name
Secure your domain name and usernames on social media
Consider trademarking your business name in order to protect it

Register Your Business

Consider registering your business in the state(s) you have a physical presence in, have in-person client meetings in, conduct a significant amount of business in, have employees in
Get a registered agent, if needed
File state documents and pay fees
File for foreign qualification, if needed
Stay current with registration requirements

Obtain Federal, State, and Local Tax IDs and Accounts

Consult a lawyer, accountant, tax expert, or business consultant
Apply for a federal tax ID number, also known as an Employer Identification Number (EIN)
Get a state tax ID number, if needed
Register for tax accounts with your city, town, county, or municipality, if needed
Stay up-to-date with tax filing, reporting and payments Apply for Licenses, Certifications, and Permits
Acquire federal licenses, certifications, and permits, if needed
Secure state, county, or city licenses, certifications, and permits, if needed
Renew licenses, certifications, and/or permits, if needed

Open a Business Bank Account

Look into the benefits and fees for the options that are available
Gather any necessary documents you need to open the business bank account
Get advice from an accountant, business consultant, banker, and/or other business owners

Draft Agreements and Legal Documents for Your Business

For a corporation, compose corporate bylaws
For a partnership, develop a partnership agreement
For an LLC, create an operating agreement
Other documents or agreements you might need: Shareholder Agreement, Stock Certificate, Board Resolutions, Meeting Minutes, Terms of Service, Privacy Policy, Non-Compete Agreement, Non-Disclosure/Confidentiality Agreement, Employment Agreement, Buy/Sell Agreement
Find templates online and customize them to meet your business needs
Work with a lawyer, accountant, or business consultant to create personalized agreements for your business

If you’re looking for more support for your small business, check out our services page. MAJOR offers minority business owners support at any stage of their business journey.

The Complete Guide to Starting a New Business