7 Key Steps to Starting a Business in the US

Setting out on a business venture is an act of courage and boldness, but one that can be practiced safely in well-known stages from around the world. Doing market research, charting a business plan and choosing an attractive name are some of them – and the most enjoyable. However, when launching your business on the market, some of the other steps are not so fun, albeit equally important. Without them, there is no company.

1. Finance your business. Your business plan will help you figure out how much investment will be required to open your business. If you do not have that amount in hand, you’ll need to raise that capital. Fortunately, there have never been so many ways to do this.

2. Choose the location of your business. Your business address is one of the most important decisions you will make. It does not matter if you are opening a physical or online store, the choices you make affect your taxes, legal requirements and profits.

3. Choose a structure for the business. The legal structure you choose for your company influences the requirements for registration, tax burden and personal risk.

4. Register your business. Once you’ve chosen the name for your business, it’s time to make it legal and protect your brand by registering it with the government.

5. Take your federal and state Tax ID. You will use your employer identification number (EIN) during several important steps needed to start and expand your business, such as opening a bank account and paying taxes.

6. Apply for licenses and permissions. Keep your business running in accordance with the law. The licenses and permissions you will need vary by industry, state, address, and are dependent upon other factors.

7. Open a business bank account. A small business checking account can help you deal with everyday business affairs such as legal requirements and taxes. The good news is that it is easy to open one if you have the proper documentation.

For those who want to undertake the running of a business in the United States, it is important to know the state and federal standards for opening and maintaining businesses, as some requirements vary from state to state.

Another valuable tip for the new entrepreneur is to hire a business consultant. For the entrepreneur, bureaucratic steps can seem like a lot to solve, and it can be a good idea to get advice from someone who already knows about controlling the market and American tax laws.