How to Start a New Business in 10 Easy Steps

Not sure where to begin?

Creating a new business can be so multifaceted! All the dreams and goals you may have for the business merge together in the planning process and it can be overwhelming to clearly establish the next steps for actually creating your business. So I’m going to offer you 10 easy steps that will take your business from dreaming to operating!

1. Who Will You Serve?

Who is the target audience for your service or product? This will help you think about how you need to approach your marketing and how you will orient your business. Knowing who your audience is will also help you think about choosing a name for your business which we’ll address later on.

2. Who Do You Need?

Who do you need on your staff, board, or as an investor in order to deliver your service or product? Are you an expert in the field or do you need to find and hire one? Do you need an administrative staff or will you be handling everything for now? It is important to consider who your staff will be so that you can build an appropriate budget that can support your team. We’ll address budget further down as well.

3. What Will You Deliver?

What service(s) or product(s) will you be delivering? This is important -not only so you know what you’re doing – but also so that you can make note of any local, state or federal laws regulating the service or product. Are there specific licenses, memberships or accounts you must maintain in order to sell the service/product? Any testing or education required by law before you can begin?

4. What Will It Cost?

What is your budget?

Here are some integral items you’ll want to consider while building your budget, and you’ll want to consider how much to allot to each aspect:

Job materials
Payroll
Office supplies/software
Utilities & lease
Memberships, subscriptions, education & training
Advertising & Marketing
Taxes & Licensing
Insurance, Legal & Professional Services
Repairs & Maintenance (cleaning staff, HVAC maintenance, fire extinguisher maintenance, etc.)

Then consider who will maintain the budget and bookkeeping. Will you hire someone or will you do this yourself?

5. What are the Goals, Mission, Vision & Action Plan?

What are your goals, your mission, your vision, and your action plan to fulfill these? This may take the longest to think through, but knowing where you want to go and how you plan to get there is the most important step in the business creation. This step will provide direction in your growth process.

6. What Do You Need to Deliver?

What systems and procedures will you need to implement? What software, technology, equipment or other items do you need in order to deliver your product/service?

For more information about creating sustainable systems and an operations manual for your business, check out my blog post here.

7. How Will You Deliver the Service & Train Your Staff?

How will you deliver it, digitally or physically? How will you train your staff?

Training is an important aspect to build into your plan so that your business can continue to learn and grow. Also, here is one of my blog posts that you may find helpful in this process, as it offers suggestions on building a 30-60-90 Day Training Program for your staff.

8. Where Will You Deliver It & When?

Where will you deliver it? Do you need to lease an office space or can you work from home? Do you need to find a commercial property downtown to publicity or do you need to be in a rural location for privacy?

When will you deliver it? Is your product handmade by special order, or a service that takes several months to fulfill? The timeline is helpful so that you can provide accurate client expectations and processes that help your timeline flow.

9. Choose a Name, then create an LLC (or other company type) and apply for an EIN

Choosing a name can be one of the hardest aspects of the creation process. Think about what your business will be offering to its consumers and employees. The name should be strong and speak into your goals, vision and mission for the business. Will you have a tag line? You can communicate so much through a name, so you’ll want to take careful thought into this step.

Then you can create an LLC (I like using Rocket Lawyer to do this – they make the process streamlined and easy) and then you can apply for FREE with the IRS for your Federal tax ID number at the IRS website here .

10. Advertising & Implementation

Before implementation, you want to consult an insurance provider for the necessary required insurance you’ll need for your business. Also, you can read this blog post for tips on forming contingency plans and managing risk.

After consulting your insurance provider, you will also want to seek legal counsel & any other professional consultation to make sure you have the correct documentation you’ll need for hiring staff, building your business, disclaiming anything about your business that is necessary, and maintaining operations for your business. They can advise you on specific HR documentation that you’ll need and any other legal documentation that may be required.

Now you can think about a Marketing Plan. When you implement your business, will you advertise on social media or print advertising? Different businesses have different modes of advertising that are more successful depending on the service that is provided. You can consider mailout postcards, billboards, newspapers, social media, magazines and more that may be applicable to your business.

You want advertising that is relevant and consistent – and a website that is easy to access for the consumer. Be clear, concise, and target your audience in your advertising.

Make sure to remain compliant with any local, state or federal advertising and consumer laws. (You can use MailChimp for mass emailing campaigns, and they remain compliant with the CAN-SPAM Act, a law that regulates commercial emailing). Be weary of the Do-Not-Call Registry if you make any cold calls in your business, and check any regulatory board disclaimers or rules for advertising in your field so that you remain in line.

You will want to take time to set up your software, find a lease, and hire your staff – do not rush through this. If you rush, you set the tone for the start of the business.

Now you can begin implementing your operations manual and procedures to launch the business and guide your staff into success! Congratulations, you’ve created a business!

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