Simple Business Plan Template (2024) – Forbes Advisor
Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business.
launch your business
Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to <anchor>launch your business</anchor>. Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.
How To Start A Business In 11 Steps (2024 Guide) – Forbes Advisor
How To Start A Business In 11 Steps (2024 Guide) – Forbes Advisor

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Business Formation



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HR & Payroll



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- [Web Design & Hosting](https://www.forbes.com/advisor/business/)


Web Design & Hosting



- [Web Design & Hosting](https://www.forbes.com/advisor/business/)
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[Best Website Builders](https://www.forbes.com/advisor/business/software/best-website-builders/) [Best E-commerce Platforms](/advisor/business/software/best-ecommerce-platform/) [Best Blogging Platforms](https://www.forbes.com/advisor/business/software/best-blogging-platforms/) [Best Web Hosting Services](https://www.forbes.com/advisor/business/software/best-web-hosting-services/) [Best Domain Registrars](https://www.forbes.com/advisor/business/software/best-domain-registrar/) [Best Landing Page Builders](https://www.forbes.com/advisor/business/software/best-landing-page-builder/) [Best WordPress Hosting Services](https://www.forbes.com/advisor/business/software/best-wordpress-hosting-services/) [Best VPS Hosting Services](https://www.forbes.com/advisor/business/software/best-vps-hosting/) [Best Dedicated Hosting Services](https://www.forbes.com/advisor/business/software/best-dedicated-server-hosting/) [Best Shared Web Hosting Services](https://www.forbes.com/advisor/business/software/best-shared-hosting/)

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[Weebly Review](https://www.forbes.com/advisor/business/weebly-review/) [GoDaddy Review](https://www.forbes.com/advisor/business/software/godaddy-web-hosting/) [IONOS Review](https://www.forbes.com/advisor/business/software/ionos-review/) [Squarespace Review](https://www.forbes.com/advisor/business/software/squarespace-review/) [HostGator Review](https://www.forbes.com/advisor/business/software/hostgator-review/) [Wix Review](https://www.forbes.com/advisor/business/software/wix-review/) [Shopify Review](https://www.forbes.com/advisor/business/software/shopify-review/) [Hostinger Review](https://www.forbes.com/advisor/business/hostinger-review/) [WordPress Review](https://www.forbes.com/advisor/business/software/wordpress-review/) [Duda Review](https://www.forbes.com/advisor/business/software/duda-review/)


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Payment Processing



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[Square Review](https://www.forbes.com/advisor/business/software/square-review/) [Clover POS Review](https://www.forbes.com/advisor/business/software/best-payment-gateways/%20https://www.forbes.com/advisor/business/software/best-ach-payment-processing/%20https://www.forbes.com/advisor/business/accept-credit-card-payments-cheap/%20%20https://www.forbes.com/advisor/business/how-to-accept-credit-card-payments/%20https://www.forbes.com/advisor/business/software/accept-online-payments/%20https://www.forbes.com/advisor/business/accept-ach-payments/%20https://www.forbes.com/advisor/business/how-accept-apple-pay/%20https://www.forbes.com/advisor/business/credit-card-processing-fees/%20https://www.forbes.com/advisor/business/what-is-convenience-fee/%20%20https://www.forbes.com/advisor/business/software/square-review/%20https://www.forbes.com/advisor/business/toast-pos-review/) [Toast POS Review](https://www.forbes.com/advisor/business/software/clover-pos-review/) [TouchBistro Review](https://www.forbes.com/advisor/business/software/touchbistro-review/) [Lightspeed POS Review](https://www.forbes.com/advisor/business/software/lightspeed-pos-review/) [Stripe Review](https://www.forbes.com/advisor/business/software/stripe-review/) [Stax Review](https://www.forbes.com/advisor/business/software/stax-review/) [PayPal Review](https://www.forbes.com/advisor/business/software/paypal-review/) [Payment Depot Review](https://www.forbes.com/advisor/business/payment-depot-review/) [Helcim Review](https://www.forbes.com/advisor/business/software/helcim-review/)


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VoIP & Communication



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[Best VoIP Services](https://www.forbes.com/advisor/business/software/best-voip-service/) [Best Cheap VoIP Services](https://www.forbes.com/advisor/business/services/best-cheap-voip-services/) [Best VoIP Apps](https://www.forbes.com/advisor/business/software/best-voip-apps/) [Best Call Center Software](https://www.forbes.com/advisor/business/software/best-call-center-software/) [Best Answering Services](https://www.forbes.com/advisor/business/software/best-answering-services/) [Best Business Cell Phone Plans](https://www.forbes.com/advisor/business/software/best-business-cell-phone-plans/) [Best Webinar Software](https://www.forbes.com/advisor/business/software/best-webinar-software/) [Best Live Chat Software](https://www.forbes.com/advisor/business/software/best-live-chat-software/) [Best Auto Dialers](https://www.forbes.com/advisor/business/best-auto-dialer/) [Best Online Fax Services](https://www.forbes.com/advisor/business/software/best-online-fax-services/)

- Guides



[How to Get a Free Business Phone Number](https://www.forbes.com/advisor/business/services/free-business-phone-number/) [What Is VoIP?](https://www.forbes.com/advisor/business/software/what-voip/) [How To Set Up VoIP](https://www.forbes.com/advisor/business/software/how-to-set-up-voip-system/) [How To Send A Fax](https://www.forbes.com/advisor/business/how-to-send-fax/) [How To Get A Toll-Free Number](https://www.forbes.com/advisor/business/get-a-toll-free-number/) [How To Port A Phone Number](https://www.forbes.com/advisor/business/how-to-port-phone-number/)

- Reviews



[Google Voice Review](https://www.forbes.com/advisor/business/software/google-voice-review/) [RingCentral Review](https://www.forbes.com/advisor/business/software/ringcentral-review/) [Dialpad Review](https://www.forbes.com/advisor/business/software/dialpad-review/) [Intermedia Unite Review](https://www.forbes.com/advisor/business/software/intermedia-unite-review/) [Nextiva Review](https://www.forbes.com/advisor/business/software/nextiva-review/) [Grasshopper Review](https://www.forbes.com/advisor/business/software/grasshopper-review/) [Zoom Review](https://www.forbes.com/advisor/business/software/zoom-review/) [8x8 Review](https://www.forbes.com/advisor/business/software/8x8-review/) [Aircall Review](https://www.forbes.com/advisor/business/software/aircall-review/) [Ooma Office Review](https://www.forbes.com/advisor/business/software/ooma-office-review/)


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Project Management



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[Best Project Management Software](https://www.forbes.com/advisor/business/software/best-project-management-software/) [Best Free Project Management Software](https://www.forbes.com/advisor/business/software/free-project-management-software/) [Best Task Management Software](https://www.forbes.com/advisor/business/software/best-task-management-software/) [Best Gantt Chart Software](https://www.forbes.com/advisor/business/software/best-gantt-chart-software/) [Best Kanban Software](https://www.forbes.com/advisor/business/software/best-kanban-software/) [Best Construction Project Management Software](https://www.forbes.com/advisor/business/best-construction-project-management-software/) [Best Marketing Project Management Software](https://www.forbes.com/advisor/business/software/best-marketing-project-management-software/) [Best Enterprise Project Management Software](https://www.forbes.com/advisor/business/software/best-enterprise-project-management-software/)

- Guides



[What is Project Management?](https://www.forbes.com/advisor/business/what-is-project-management/) [Project Management Methodologies](https://www.forbes.com/advisor/business/project-management-methodologies/) [Gantt Chart](https://www.forbes.com/advisor/business/software/what-is-a-gantt-chart/) [Kanban Board](https://www.forbes.com/advisor/business/software/what-is-kanban-board/) [RACI Chart](https://www.forbes.com/advisor/business/raci-chart/) [S.M.A.R.T. Goals](https://www.forbes.com/advisor/business/smart-goals/) [Work Breakdown Structure (WBS)](https://www.forbes.com/advisor/business/what-is-work-breakdown-structure/) [Free Project Plan Template](https://www.forbes.com/advisor/business/project-plan-template/) [How To Create A Project Timeline](https://www.forbes.com/advisor/business/software/create-a-project-timeline/)

- Reviews



[ClickUp Review](https://www.forbes.com/advisor/business/software/clickup-review/) [Monday.com Review](https://www.forbes.com/advisor/business/software/mondaycom-review/) [Asana Review](https://www.forbes.com/advisor/business/software/asana-review/) [Smartsheet Review](https://www.forbes.com/advisor/business/software/smartsheet-review/) [Notion Review](https://www.forbes.com/advisor/business/software/notion-review/) [Teamwork Review](https://www.forbes.com/advisor/business/software/teamwork-review/) [Wrike Review](https://www.forbes.com/advisor/business/software/wrike-review/) [Jira Review](https://www.forbes.com/advisor/business/software/jira-review/) [Airtable Review](https://www.forbes.com/advisor/business/software/airtable-review/) [Trello Review](https://www.forbes.com/advisor/business/software/trello-review/)


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Privacy & Security



- [Privacy & Security](https://www.forbes.com/advisor/business/)
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[Best VPN](https://www.forbes.com/advisor/business/software/best-vpn/) [Best Antivirus Software](https://www.forbes.com/advisor/business/software/best-antivirus-software/) [Best Password Managers](https://www.forbes.com/advisor/business/software/best-password-managers/) [Best Free VPN](https://www.forbes.com/advisor/business/best-free-vpn/) [Best Cheap VPN](https://www.forbes.com/advisor/business/software/best-cheap-vpn/) [Best iPhone VPN](https://www.forbes.com/advisor/business/software/best-vpn-for-iphone/) [Best Android VPN](https://www.forbes.com/advisor/business/software/best-vpn-for-android/) [Best Business VPN](https://www.forbes.com/advisor/business/software/best-business-vpn/) [Best Gaming VPN](https://www.forbes.com/advisor/business/software/best-vpn-gaming/) [Best Netflix VPN](https://www.forbes.com/advisor/business/software/best-netflix-vpn/)

- Guides



[How To Set Up A VPN](https://www.forbes.com/advisor/business/software/how-to-set-up-a-vpn/) [VPN Cost Guide](https://www.forbes.com/advisor/business/software/vpn-cost/) [Internet Safety Guide](https://www.forbes.com/advisor/business/internet-safety/) [Are VPNs Legal?](https://www.forbes.com/advisor/business/are-vpns-legal/) [How To Change Your IP Address](https://www.forbes.com/advisor/business/software/how-to-change-ip-address/) [How To Hide Your IP Address](https://www.forbes.com/advisor/business/how-hide-ip-address/) [How To Share A Password](https://www.forbes.com/advisor/business/how-share-password/)

- Reviews



[NordVPN Review](https://www.forbes.com/advisor/business/software/nordvpn-review/) [TorGuard VPN Review](https://www.forbes.com/advisor/business/software/torguard-review/) [TunnelBear Review](https://www.forbes.com/advisor/business/software/tunnelbear-vpn/) [Private Internet Access Review](https://www.forbes.com/advisor/business/software/private-internet-access-vpn-review/) [hide.me Review](https://www.forbes.com/advisor/business/software/hideme-review/) [Surfshark Review](https://www.forbes.com/advisor/business/software/surfshark-vpn-review/) [VPN Unlimited Review](https://www.forbes.com/advisor/business/software/keepsolid-vpn-unlimited-review/) [ExpressVPN Review](https://www.forbes.com/advisor/business/software/expressvpn-review/) [CyberGhost VPN Review](https://www.forbes.com/advisor/business/software/cyberghost-vpn-review/)


- [CRM](https://forbes.com/advisor/business/)


CRM



- [CRM](https://forbes.com/advisor/business/)
- Best Ofs



[Best CRM Software](https://www.forbes.com/advisor/business/software/best-crm-software/) [Best CRM For Small Business](https://www.forbes.com/advisor/business/software/best-crm-small-business/) [Best Contact Center CRM](https://www.forbes.com/advisor/business/software/best-contact-center-crm/) [Best CRM For Real Estate](https://www.forbes.com/advisor/business/software/best-real-estate-crm/) [Best Marketing CRM](https://www.forbes.com/advisor/business/software/best-marketing-crm/) [Best CRM For Financial Advisors](https://www.forbes.com/advisor/business/software/best-crm-financial-advisors/) [Best Open Source CRM](https://www.forbes.com/advisor/business/software/best-open-source-crm/) [Best Free CRM](https://www.forbes.com/advisor/business/software/best-free-crms/)

- Guides



[CRM Pricing Guide](https://www.forbes.com/advisor/business/software/crm-pricing/) [CRM Pricing Guide](https://www.forbes.com/advisor/business/software/crm-pricing/) [CRM Implementation](https://www.forbes.com/advisor/business/crm-implementation/) [CRM Automation](https://www.forbes.com/advisor/business/crm-automation/) [CRM Integrations](https://www.forbes.com/advisor/business/software/what-is-crm-integration/) [Customer Onboarding](https://www.forbes.com/advisor/business/customer-onboarding/) [Customer Segmentation](https://www.forbes.com/advisor/business/customer-segmentation/) [Customer Engagement](https://www.forbes.com/advisor/business/customer-engagement/) [Customer Lifecycle Management](https://www.forbes.com/advisor/business/customer-lifecycle-management/) [Customer Retention Strategies](https://www.forbes.com/advisor/business/customer-retention-strategies/)

- Reviews



[Zoho CRM Review](https://www.forbes.com/advisor/business/software/zoho-crm-review/) [Salesforce Review](https://www.forbes.com/advisor/business/software/salesforce-review/) [Monday.com Review](https://www.forbes.com/advisor/business/software/mondaycom-review/) [HubSpot Review](https://www.forbes.com/advisor/business/software/hubspot-crm-review/) [Bitrix24 Review](https://www.forbes.com/advisor/business/software/bitrix24-review/) [HoneyBook Review](https://www.forbes.com/advisor/business/software/honeybook-review/) [Zendesk Sell Review](https://www.forbes.com/advisor/business/software/zendesk-sell-review/) [Pipedrive Review](https://www.forbes.com/advisor/business/software/pipedrive-review/) [Freshsales Review](https://www.forbes.com/advisor/business/software/freshsales-review/) [Insightly Review](https://www.forbes.com/advisor/business/software/insightly-review/)


- [Accounting, Billing & Invoicing](https://forbes.com/advisor/business/)


Accounting, Billing & Invoicing



- [Accounting, Billing & Invoicing](https://forbes.com/advisor/business/)
- Best Ofs



[Best Accounting Software For Small Business](https://www.forbes.com/advisor/business/software/best-accounting-software/) [Best Invoicing Software](https://www.forbes.com/advisor/business/software/best-invoicing-software/) [Best Online Bookkeeping Services](https://www.forbes.com/advisor/business/software/best-online-bookkeeping-services/) [Best Business Expense Tracker Apps](https://www.forbes.com/advisor/business/software/best-business-expense-tracker-apps/) [Best Cloud Accounting Software](https://www.forbes.com/advisor/business/software/best-cloud-accounting-software/) [Best Construction Accounting Software](https://www.forbes.com/advisor/business/software/best-construction-accounting-software/) [Best Real Estate Accounting Software](https://www.forbes.com/advisor/business/software/best-real-estate-accounting-software/) [Best Nonprofit Accounting Software](https://www.forbes.com/advisor/business/software/best-accounting-software-nonprofits/) [Best Mac Accounting Software](https://www.forbes.com/advisor/business/software/best-accounting-software-mac/)

- Guides



[What Is Accounting?](https://www.forbes.com/advisor/business/what-is-accounting/) [Small Business Bookkeeping](https://www.forbes.com/advisor/business/small-business-bookkeeping/) [How To Find An Accountant](https://www.forbes.com/advisor/business/how-find-small-business-accountant/) [How To Send An Invoice](https://www.forbes.com/advisor/business/how-to-send-an-invoice/) [How Much Does An Accountant Cost?](https://www.forbes.com/advisor/business/accountant-cost/) [The Accounting Cycle](https://www.forbes.com/advisor/business/accounting-cycle/) [Tracking Business Expenses](https://www.forbes.com/advisor/business/how-track-business-expenses/) [Types Of Accounting](https://www.forbes.com/advisor/business/8-types-of-accounting-explained/)

- Reviews



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# How To Start A Business In 11 Steps (2024 Guide)

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## Table of Contents

- [Before You Begin: Get in the Right Mindset](#before_you_begin_get_in_the_right_mindset_section)
- [1\. Determine Your Business Concept](#1_determine_your_business_concept_section)
- [2\. Research Your Competitors and Market](#2_research_your_competitors_and_market_section)
- [3\. Create Your Business Plan](#3_create_your_business_plan_section)
- [4\. Choose Your Business Structure](#4_choose_your_business_structure_section)
- [5\. Register Your Business and Get Licenses](#5_register_your_business_and_get_licenses_section)
- [6\. Get Your Finances in Order](#6_get_your_finances_in_order_section)
- [7\. Fund Your Business](#7_fund_your_business_section)
- [8\. Apply for Business Insurance](#8_apply_for_business_insurance_section)
- [9\. Get the Right Business Tools](#9_get_the_right_business_tools_section)
- [10\. Market Your Business](#10_market_your_business_section)
- [11\. Scale Your Business](#11_scale_your_business_section)
- [What are the Best States to Start a Business?](#what_are_the_best_states_to_start_a_business_section)
- [Bottom Line](#bottom_line_section)
- [Frequently Asked Questions (FAQs)](#frequently_asked_questions_faqs_section)

Show more

Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and [growing your business](https://www.forbes.com/advisor/business/software/how-grow-your-business/).

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## Before You Begin: Get in the Right Mindset

The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.

### Consistency Is Key

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.

### Take the Next Step

Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.

* * *

## 1\. Determine Your Business Concept

Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.

If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

- What do you love to do?
- What do you hate to do?
- Can you think of something that would make those things easier?
- What are you good at?
- What do others come to you for advice about?
- If you were given ten minutes to give a five-minute speech on any topic, what would it be?
- What’s something you’ve always wanted to do, but lacked resources for?

These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.

### What Kind of Business Should You Start?

Before you choose the type of business to start, there are some key things to consider:

- What type of funding do you have?
- How much time do you have to invest in your business?
- Do you prefer to work from home or at an office or workshop?
- What interests and passions do you have?
- Can you sell information (such as a course), rather than a product?
- What skills or expertise do you have?
- How fast do you need to scale your business?
- What kind of support do you have to start your business?
- Are you partnering with someone else?
- Does the franchise model make more sense to you?

### Consider Popular Business Ideas

_Not sure what business to start? Consider one of these popular business ideas:_

- [Start a Franchise](https://www.forbes.com/advisor/business/how-to-start-a-franchise/)
- [Start a Blog](https://www.forbes.com/advisor/business/start-a-blog/)
- [Start an Online Store](https://www.forbes.com/advisor/business/how-to-start-an-online-store/)
- [Start a Dropshipping Business](https://www.forbes.com/advisor/business/how-to-start-a-dropshipping-business/)
- [Start a Cleaning Business](https://www.forbes.com/advisor/business/start-a-cleaning-business/)
- [Start a Bookkeeping Business](https://www.forbes.com/advisor/business/how-start-bookkeeping-business/)

- [Start a Clothing Business](https://www.forbes.com/advisor/business/start-a-clothing-business/)
- [Start a Landscaping Business](https://www.forbes.com/advisor/business/how-to-start-a-landscaping-business/)
- [Start a Consulting Business](https://www.forbes.com/advisor/business/how-to-start-a-consulting-business/)
- [Start a Photography Business](https://www.forbes.com/advisor/business/how-to-start-a-photography-business/)
- [Start a Vending Machine Business](https://www.forbes.com/advisor/business/start-a-vending-machine-business/)

* * *

## 2\. Research Your Competitors and Market

Most [entrepreneurs](https://www.forbes.com/advisor/business/how-become-entrepreneur/) spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.

### **Primary Research**

The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want.

Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.

### **Secondary Research**

Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.

#### Conduct a SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a [SWOT analysis](https://www.forbes.com/advisor/business/what-is-swot-analysis/) allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.

![](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2022/10/image1-5.png)

Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.

* * *

## 3\. Create Your Business Plan

A [business plan](https://www.forbes.com/advisor/business/how-to-write-a-business-plan/) is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:

- **Executive summary:** The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
- **Company description:** The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
- **Market analysis:** This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
- **Organization and structure:** Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member [limited liability company (LLC) or a corporation](https://www.forbes.com/advisor/business/llc-versus-corporation/)?
- **Mission and goals:** This section should contain a brief [mission statement](https://www.forbes.com/advisor/business/mission-statement-template/) and detail what the business wishes to accomplish and the steps to get there. These goals should be [SMART](https://www.forbes.com/advisor/business/smart-goals/) (specific, measurable, action-orientated, realistic and time-bound).
- **Products or services:** This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
- **Background summary:** This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
- **Marketing plan:** The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
- **Financial plan:** The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.

**Learn more:** Download our free [simple business plan template](https://www.forbes.com/advisor/business/simple-business-plan-template/).

### Come Up With an Exit Strategy

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.

The most common exit strategies are:

- Selling the business to another party
- Passing the business down to family members
- Liquidating the business assets
- Closing the doors and walking away

### Develop a Scalable Business Model

As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.

Some common scalable business models are:

- Subscription-based businesses
- Businesses that sell digital products
- Franchise businesses
- Network marketing businesses

### Start Planning for Taxes

One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.

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## 4\. Choose Your Business Structure

When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

### LLC

An [LLC](https://www.forbes.com/advisor/business/what-is-an-llc/) limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a [registered agent](https://www.forbes.com/advisor/business/what-is-registered-agent/). These owners are referred to as members.

**Pros**

- LLCs offer liability protection for the owners
- They’re one of the easiest business entities to set up
- You can have a single-member LLC

**Cons**

- You may be required to file additional paperwork with your state on a regular basis
- LLCs can’t issue stock
- You’ll need to pay annual filing fees to your state

### Limited Liability Partnership (LLP)

An LLP is [similar to an LLC](https://www.forbes.com/advisor/business/llp-vs-llc/) but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.

**Pros**

- Partners have limited liability for the debts and actions of the LLP
- LLPs are easy to form and don’t require much paperwork
- There’s no limit to the number of partners in an LLP

**Cons**

- Partners are required to actively take part in the business
- LLPs can’t issue stock
- All partners are personally liable for any malpractice claims against the business

### Sole Proprietorship

If you start a solo business, you might consider a [sole proprietorship](https://www.forbes.com/advisor/business/what-is-a-sole-proprietorship/). The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.

**Pros**

- Sole proprietorships are easy to form
- There’s no need to file additional paperwork with your state
- You’re in complete control of the business

**Cons**

- You’re personally liable for all business debts
- It can be difficult to raise money for a sole proprietorship
- The business may have a limited lifespan

### Corporation

A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). [S-corp](https://www.forbes.com/advisor/business/start-an-s-corporation/) status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.

**Pros**

- Corporations offer liability protection for the owners
- The life span of a corporation is not limited
- A corporation can have an unlimited number of shareholders

**Cons**

- Corporations are subject to double taxation
- They’re more expensive and complicated to set up than other business structures
- The shareholders may have limited liability

Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

### Helpful Resources

- [How To Set Up an LLC in 7 Steps](https://www.forbes.com/advisor/business/how-to-set-up-an-llc-in-7-steps/)
- [How To Start a Sole Proprietorship](https://www.forbes.com/advisor/business/how-to-start-a-sole-proprietorship/)
- [How To Start a Corporation](https://www.forbes.com/advisor/business/how-to-start-a-corporation/)
- [How To Start a Nonprofit](https://www.forbes.com/advisor/business/how-to-start-a-nonprofit/)
- [How To Start a 501(c)(3)](https://www.forbes.com/advisor/business/how-to-start-a-501c3/)

* * *

## 5\. Register Your Business and Get Licenses

There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

### Choose Your Business Name

Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).

**Business Name vs. DBA**

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.

You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:

- It can help you open a business bank account under your business name
- A DBA can be used as a “trade name” to brand your products or services
- A DBA can be used to get a business license

### Register Your Business and Obtain an EIN

You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to [choose a registered agent](https://www.forbes.com/advisor/business/best-registered-agent-services/) to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Next, [apply for an employer identification number (EIN)](https://www.forbes.com/advisor/business/ein-for-llc/). All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the [IRS](https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein) and you’ll typically receive your number in minutes.

### Get Appropriate Licenses and Permits

[Legal requirements](https://www.forbes.com/advisor/business/small-business-legal-requirements/) are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.

### Helpful Resources

- [Best LLC Services](https://www.forbes.com/advisor/business/best-llc-service/)
- [How To Register a Business Name](https://www.forbes.com/advisor/business/how-register-business-name/)
- [How To Register a DBA](https://www.forbes.com/advisor/business/how-to-register-dba/)
- [How To Get an EIN for an LLC](https://www.forbes.com/advisor/business/ein-for-llc/)
- [How To Get a Business License](https://www.forbes.com/advisor/business/how-to-get-a-business-license/)

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## 6\. Get Your Finances in Order

### Open a Business Bank Account

Keep your business and personal finances separate. Here’s how to [choose a business checking account](https://www.forbes.com/advisor/banking/checking/how-to-choose-a-business-checking-account/)—and why [separate business accounts](https://www.forbes.com/advisor/banking/business-bank-account-small-business/) are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.

### Hire a Bookkeeper or Get Accounting Software

If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.

Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.

There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the [best accounting software](https://www.forbes.com/advisor/business/software/best-accounting-software/) for small business, or see if you want to [handle the bookkeeping](https://www.forbes.com/advisor/business/small-business-bookkeeping/) yourself.

### Determine Your Break-Even Point

Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.

When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.

Break-even point = Fixed cost ÷ Contribution margin

In contrast, the **contribution margin = total sales revenue – cost to make product**

For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are 40 cents per birdhouse produced, and you sell them for $1.50 each.

Let’s write these out so it’s easy to follow:

**Fixed costs:**$500 for the first month**Variable costs:**40 cents per birdhouse**Price per birdhouse:**$1.50**The formula:**$500/($1.50 - 40 cents)**$500 ÷ $1.10 = 456 units**

This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.

### Helpful Resources

- [The Best Business Checking Accounts](https://www.forbes.com/advisor/banking/checking/best-business-checking-accounts/)
- [The Best Accounting Software for Small Business](https://www.forbes.com/advisor/business/software/best-accounting-software/)
- [How To Open a Bank Account](https://www.forbes.com/advisor/banking/how-to-open-a-bank-account/)

* * *

## 7\. Fund Your Business

There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

- Personal savings
- [Credit cards](https://www.forbes.com/advisor/credit-cards/best/business/)
- Funds from friends and family

If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.

External funding includes:

- Small [business loans](https://www.forbes.com/advisor/business-loans/best-small-business-loans/)
- [Small business grants](https://www.forbes.com/advisor/business-loans/how-to-get-a-small-business-grant/)
- Angel investors
- Venture capital
- [Crowdfunding](https://www.forbes.com/advisor/personal-finance/how-crowdfunding-changed-these-peoples-lives/)

Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.

Funding ideas include:

- **Invoice factoring:** With [invoice factoring](https://www.forbes.com/advisor/business-loans/invoice-factoring/), you can sell your unpaid invoices to a third party at a discount.
- **Business lines of credit:** Apply for a [business line of credit](https://www.forbes.com/advisor/business-loans/how-to-get-a-business-line-of-credit/), which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
- **Equipment financing:** If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
- **Small Business Administration (SBA) microloans:** Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
- **Grants:** The federal government offers [grants](https://www.forbes.com/advisor/business-loans/how-to-get-a-small-business-grant/) for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
- **Crowdfunding:** With [crowdfunding](https://www.forbes.com/advisor/business-loans/equity-crowdfunding/), you can raise money from a large group of people by soliciting donations or selling equity in your company.

Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.

### Helpful Resources

- [Best Small Business Loans](https://www.forbes.com/advisor/business-loans/best-small-business-loans/)
- [Best Startup Business Loans](https://www.forbes.com/advisor/business-loans/best-startup-business-loans/)
- [Best Business Loans for Bad Credit](https://www.forbes.com/advisor/business-loans/best-business-loans-for-bad-credit/)
- [Business Loan Calculator](https://www.forbes.com/advisor/business-loans/business-loan-calculator/)
- [Average Business Loan Rates](https://www.forbes.com/advisor/business-loans/average-business-loan-rates/)
- [How To Get a Business Loan](https://www.forbes.com/advisor/business-loans/how-to-get-a-business-loan/)

* * *

## 8\. Apply for Business Insurance

You need to have [insurance for your business](https://www.forbes.com/advisor/business-insurance/best-small-business-insurance/), even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

### Work With an Agent To Get Insured

An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.

### Basic Types of Business Insurance Coverage

- **Liability insurance** protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
- **Property insurance** covers the physical assets of your business, including your office space, equipment and inventory.
- **Business interruption insurance** pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
- **Product liability insurance** protects against claims that your products caused bodily injury or property damage.
- **Employee practices liability insurance** covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
- **Workers’ compensation insurance** covers medical expenses and income replacement for employees who are injured on the job.

### Helpful Resources

- [Best Small Business Insurance](https://www.forbes.com/advisor/business-insurance/best-small-business-insurance/)
- [Best Commercial Auto Insurance](https://www.forbes.com/advisor/car-insurance/best-commercial-auto-insurance-companies/)
- [How To Get Product Liability Insurance](https://www.forbes.com/advisor/business-insurance/product-liability-insurance/)
- [Your Guide to General Liability Insurance](https://www.forbes.com/advisor/business-insurance/general-liability-coverage/)
- [13 Types of Small Business Insurance](https://www.forbes.com/advisor/business-insurance/types-of-small-business-insurance/)

* * *

## 9\. Get the Right Business Tools

Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.

Consider the following tools in your arsenal:

- **[Accounting software](https://www.forbes.com/advisor/business/software/best-accounting-software/):** Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
- **[Customer relationship management (CRM) software](https://www.forbes.com/advisor/business/software/best-crm-software/):** This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
- **[Project management software](https://www.forbes.com/advisor/business/software/best-project-management-software/):** Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
- **[Credit card processor](https://www.forbes.com/advisor/business/software/best-credit-card-processing-companies/):** This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
- **[Point of sale (POS)](https://www.forbes.com/advisor/business/software/best-pos-system-for-small-business/):** A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
- **[Virtual private network (VPN)](https://www.forbes.com/advisor/business/software/best-vpn/):** Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
- **[Merchant services](https://www.forbes.com/advisor/business/best-merchant-account-services/):** When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
- **[Email hosting](https://www.forbes.com/advisor/business/software/best-email-hosting-services/):** This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.

* * *

## 10\. Market Your Business

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

### Create a Website

Even if you’re a brick-and-mortar business, a web presence is essential. [Creating a website](https://www.forbes.com/advisor/business/how-to-make-a-website-for-your-business/) doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational [website](https://www.forbes.com/advisor/business/how-to-make-a-website-for-your-business/) or an [e-commerce site](https://www.forbes.com/advisor/business/software/best-ecommerce-hosting/) where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a [blog](https://www.forbes.com/advisor/business/software/best-blogging-platforms/) and contact information.

### Optimize Your Site for SEO

After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.

### Create Relevant Content

Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.

### Get Listed in Online Directories

Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.

### Develop a Social Media Strategy

Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.

You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.

### Helpful Resources

- [Best Website Builders](https://www.forbes.com/advisor/business/software/best-website-builders/)
- [How To Make a Website for Your Business](https://www.forbes.com/advisor/business/how-to-make-a-website-for-your-business/)
- [The Best E-Commerce Platforms](https://www.forbes.com/advisor/business/software/best-ecommerce-platform/)
- [Best Blogging Platforms](https://www.forbes.com/advisor/business/software/best-blogging-platforms/)
- [Best Web Hosting Services](https://www.forbes.com/advisor/business/software/best-web-hosting-services/)

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## 11\. Scale Your Business

To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.

Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.

You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.

When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.

### Build a Team

As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.

Resources for building a team include:

- **Hiring platforms:** To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
- **Job boards:** Job boards such as Craigslist and Indeed allow you to post open positions for free.
- **Social media:** You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
- **Freelance platforms:** Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs.

Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.

To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.

### Helpful Resources

- [Best Recruiting Software](https://www.forbes.com/advisor/business/software/best-recruiting-software/)
- [How To Hire Employees](https://www.forbes.com/advisor/business/how-to-hire-employees/)
- [Where To Post Jobs](https://www.forbes.com/advisor/business/where-to-post-jobs/)
- [Best Applicant Tracking Systems](https://www.forbes.com/advisor/business/best-applicant-tracking-systems/)

* * *

## What are the Best States to Start a Business?

To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. [Check out the full report](https://www.forbes.com/advisor/business/best-states-to-start-a-business/).

* * *

## Bottom Line

Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.

* * *

## Frequently Asked Questions (FAQs)

### How do I start a small business with no money?

There are several funding sources for [brand-new businesses](https://www.forbes.com/advisor/business/how-start-business-no-money/) and most require a business plan to secure it. These include the [SBA](https://www.sba.gov/), private grants, angel investors, crowdfunding and venture capital.

### What is the best business structure?

The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.

### Do I need a business credit card?

You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.

### Do I need a special license or permit to start a small business?

The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.

### How much does it cost to create a business?

The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.

### How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

### Do I need a business degree to start a business?

No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.

### What are some easy businesses to start?

One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.

### What is the most profitable type of business?

There is no one answer to this question because the [most profitable type of business](https://www.forbes.com/advisor/business/most-profitable-businesses/) will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.

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