Are you interested in starting a business in the US? If so, there’s a lot of work to do, from planning to making key financial decisions, along with completing various legal activities that you need to do to ensure your business starts off on the right foot! Of course, by no means is that easy, but luckily for you, we’re here today to help you out.
The steps to undertake on Setting Up a Business in the United States
To ensure your brand-new startup has the highest chances of success, we want to share with you various steps to do so:
1. Do Market Research
Before you launch your business, you need to know what the market is like. There are many ways to do this, such as through surveys, asking around, and more. Regardless, market research is vital as it helps you understand the market sector you’re about to compete in, such as the audience there and the competitors you’re up against.
2. Create A Business Plan
Creating a business plan is absolutely necessary. Business plans are formal documents that outline your business’s ambitions and offer a clear plan on how to achieve them. Although business plans aren’t required by law, they do work miracles, and they can give you the huge advantage needed to increase your chances of starting a successful business. Plus, they’re vital for other things, such as attracting investors to fund your business.
3. Find The Capital You Need
Speaking of funds, you’ll need some startup capital to make your business a reality. There are many ways to go about it, such as through a bank loan, an investor, or more, and how you get the fund is up to you. However, you’ll need to find the necessary capital for your business to get underway, especially if you don’t have much money. Remember, starting a business can be incredibly expensive at times, and such capital will enable you to get started.
4. Get A Business License And Permit
When starting a business, you should get a business license, as well as a permit that allows you to operate in the state or country you’re in. This ensures that you’re operating within the law, and it helps your business become legitimate.
5. Come Up With A Business Name
Before you can get your business license and permit, you need to choose a business name. Business names must be chosen wisely, as they’ll affect your reputation as a business, so make sure to do your research. Come up with various business names that you think will work best for your business, and after you’ve done that, pick the one you’ll use for your business.
6. Pick Your Products Or Services
Every business needs to offer something beneficial to its customers. In fact, your product or service will help define your business. Be it a restaurant, a tech startup, or even a security business, it doesn’t matter. Your business needs to do something useful. Keep in mind that you’ll ideally want to work with a product or service that you’re passionate about, but if you don’t love it, then it might be wise to reconsider.
7. Register for your EIN
You’ll need an Employer Identification Number from the IRS to finalize your business incorporation. You can apply for an Employer Identification Number (EIN) online, or by fax, mail or, for international applicants, by phone. It’s free to apply for. You can learn more about it here.
If you need help navigating this highly complex business world to get your company started, don’t ever be afraid to reach out to professionals like us! We’ve helped start countless businesses, and we can help start yours too.
New Business Centre exists to help new companies get started the right way. If you’re looking to start a small business, sign up for free today!