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Starting a Business
Starting a business can be challenging, frustrating and overwhelming. Doing research and understanding the critical steps and risks can help minimize problems down the road. Careful planning can improve your chances for success and make starting a business much easier.
Questions to Ask Yourself Before Starting a Business
- Why do I want to start a business? Make a list of all the reasons why you want to start a business. Go through the reasons one by one. Make sure the reasons can withstand hardship.
- Can I persevere through tough times?
- Am I a motivated self-starter?
- Am I financially positioned to leave my current employment and have enough cash flow to cover me until the business gets up and running?
- Do I have support from family and friends?
- Am I willing to sacrifice and work longer hours beyond the forty-hour work week?
- Do I enjoy interacting and talking with people and do I have good interpersonal skills?
- Do I possess leadership abilities?
- Do I have the necessary skills and experience to run a business?
FREE Business Basics Class
If you haven't already taken the free Business Basics class provided by the Idaho State Tax Commission and the U.S. Small Business Administration, be sure to sign up for the next available class. If no classes are scheduled in your area, you can contact either agency to arrange for a presentation.
Once you have determined you have what it takes to be an entrepreneur and you have taken the free Business Basics class, you are ready to move onto The 10 Steps for Starting a Business below.
Step 1: Market research
Step 2: Writing your business plan
Step 3: Funding your business
Step 4: Picking your business location
Step 5: Choosing a business structure
Step 6: Choosing your business name
Step 7: Registering your business
Step 8: Getting your federal/state tax IDs
Step 9: Applying for licenses and permits
Step 10: Opening a business bank account