1. Conduct Market Research
Spending quality time on reliable market research is one of the most important steps in building a new business or choosing to enter into a new market.
2. How To Write A Business Plan
For the first-time entrepreneur, this can be a daunting task, but there’s quite a bit of help out there if you know where to look.
3. Fund Your Business
Developing an approach to secure the right kind of funding is crucial in getting your business started.
4. Choose Your Business Name
You’ll quickly discover that it’s hard to find a name that hasn’t been used before or isn’t already trademarked.
5. Pick Your Business Location
Depending upon the type of business you have, picking the right location can be a make it or break it decision.
6. Pick Your Accountant and Legal Advisor
Depending on the complexity of your business, you may need assistance through an accountant or legal advisor.
7. Choose A Business Structure
Selecting the right business structure is an important decision. Be sure to consult with your Accountant and Lawyer before choosing.
8. Register Your Business
You need to register your business in order to ensure it is a distinct legal entity.
9. License Your Business
Depending upon the type of business you are running, you may need more than one license or permit – this varies by state, business type, and size of business.
10. Open A Business Bank Account
This is essential to running any business. You must keep your business checking account separate from your personal account for a wide variety of reasons.
11. Get A Dedicated Business Phone
Even though many small business owners operate exclusively on their mobile phone, it’s important to have a phone dedicated to your business. Most business credit scores weight this item more heavily than you might think.
12 A. Set Up Business Credit Files - Get a DUNS Number
Most business credit bureaus have a unique number to identify each business entity stored in their credit files. You should make sure your business has a Dun & Bradstreet DUNS Number assigned to them.
12 B. Set Up Business Credit Files - Set Up Creditsafe
Most business credit bureaus have a unique number to identify each business entity stored in their credit files.
13. Join eCredable
Start-ups and younger companies need all the help they can get to create strong business credit scores. You can get credit just by paying your phone, internet, and utility accounts and letting eCredable report this information to business credit bureaus.
14. Apply For Trade Credit
Setting up credit lines with key suppliers is a great way to manage your cash flow as well as build your business credit. Make sure your supplier is reporting your information to multiple business credit bureaus.
15. Apply For A Business Credit Card
You need a separate credit card to manage your business expenses separate from your personal expenses. It’s best to get a business credit card that provides you with business related benefits, and also helps you build a business credit history.
16. Monitor Your Business Credit Reports
Monitoring your business credit files is a critical part of running your business.