Starting a small business can seem overwhelming at first, but if you are reading this article, chances are you are brave enough to consider it or already have. Since small business make up 99.7 percent of the U.S. economy, according to the U.S. Small Business Administration, it seems like you aren’t the first and won’t be the last. But, if you have that entrepreneurial hunger, what you probably want to be is the best.
Whether you want to start a business with five employees or 300, the fundamental and basic steps are essentially the same. The SBA lays out the 10 steps to starting a business that might just be the beginning of a beautiful relationship between you and your dream.
- Write a business plan
- Get business assistance and training
- Choose a business location (We found a great list from CNN naming the 10 most entrepreneurial states in the US)
- Finance your business
- Determine the legal structure of your business
- Register a business name “doing business as”
- Get a tax identification number
- Register for state and local taxes
- Obtain business licenses and permits
- Understand employer responsibilities
- Give a Foremost Agency in your area call to insure your small business
OK, we added number 11, but having the right insurance for your business is an important step in the process and Foremost just happens to offer many choices in the business insurance department. Whether you’re starting a flower shop or an auto body repair shop, following these simple and fundamental steps is bound to set you up for success.