Research and Plan Your Business

• Determine the specific products and/or services your business will provide. Next, you will need to assess your personal strengths. How do these strengths apply to operating a business in the industry you are looking to enter? Build on your tools and resources to help you prepare your business plan and become a successful business owner.
  
  

Mentorship

• Experience is the best teacher. However, when starting in a new field the fastest way to learn from experience is to find a mentor who has experience running a successful business. Take advantage of the Service Corps of Retired Executives (SCORE) offered by the Small Business Administration (SBA). SCORE counselors offer guidance on topics ranging from preparing a business plan to getting financing, to help expanding and relocating a business.
  
  

Choose a Business Location

• Get advice about choosing a customer-friendly location and complying with zoning laws. Poor location ranks in the top eight reasons businesses fail. Be sure your customers can reach you and that your lease costs are not excessive for your business model.
  
  

Finance Your Business

• Search for government-backed loans, angel investors, venture capital or research grants to help you get started. Each type of business financing comes with pros and cons and have varying degrees of difficulty to obtain. For example, an angel investor is an individual investor, perhaps a friend or family member, who puts up his or her own money to finance your business. The strength of your professional and personal network determines which financing strategy you should pursue.
  
  

Structure Your Business

• Decide whether the legal structure of your business will be a sole proprietorship, partnership, LLC, corporation, non-profit or cooperative. Once determined, you will need to file a business name registration with your state government. Research which tax identification number you'll need to obtain from the IRS and your state revenue agency.