Starting a Business Resources
Discover information, articles, news, and public/private organizations that can help in the area of starting a business.
Step 1: Choose a state in which to form your LLC
Step 2: Choose a name for your LLC
Step 3: Choose a registered agent
Step 4: Prepare an LLC Operating Agreement
Step 5: File your LLC with your state
Step 6: Obtain an Employer Identification Number (EIN)
Step 7: Open a business bank account
Step 8: Register to do business in other states (if necessary)
A partnership is a business where two or more people own a business together. A general partnership is one where you and your partners manage the business. A limited liability partnership is one where a partner is a passive investor and does not operate the business. Make sure you have a clear written understanding of the partnership before you go into business and have these terms formalized with a legal agreement.
Step 1: Make decisions about partners
Step 2: Choose a partnership type
Step 3: Decide on a partnership name
Step 4: Register your partnership with your state
Step 5: Get an Employer Identification Number
Step 6: Create a partnership agreement
- Conduct market research. Market research will tell you if there is an opportunity to turn your idea into a successful business.
- Do realistic market and financial forecasting
- Write your business plan with well thought-out financial analysis and metrics
- Determine how you are going to fund your business
- Pick your business location, ie office space or digital
- Choose a business structure: sole proprietorship/partnership, limited liability company, or corporation (S or C)
- Choose your business name. Your business can also have another DBA (doing business as) name
- Register your business at a state and federal level
- Get federal and state tax IDs
- Apply for business licenses and permits
- Apply for a business bank account
- Set up a hiring and compensation plan for new employees. Determine the structure of your workforce and write job descriptions, including compensation and benefits. Early employees may be 1099 consulting types. W-2 full-time employees can be added once the business is more established. Note: During business planning you should budget for these employees.
The most common way to price new products or services is based on what market conditions can demand.
For example, if you are introducing a new electric lawn mower with features similar to existing brands, then you likely cannot charge any more than the going market prices. But if the lawn mower has unique features, like a longer battery life and a more powerful grass cutting capacity, then you likely charge more for these unique features.