In signing the Small Business Jobs Act, President Barack Obama called small businesses “the anchors of our Main Streets.” The engine that drives our society down main street is enterprise. Free enterprise offers people the chance to live their dreams. It provides jobs for communities and helps solve problems. With some devotion, planning and preparation, you can create your own enterprise.
Gain knowledge about your enterprise. Learn production procedures and compliance guidelines. Decide the legal structure of your business. Name your enterprise. Apply for an Employer Identification Number (also known as a Federal Tax Identification Number). You can do this online at the Internal Revenue Service website. Decide in which state or states you will operate, and register your enterprise, usually with the Secretary of State office for that state.
Use business plan templates provided by the U.S. Small Business Administration to write your business plan. State your organization's mission and vision. Describe your key personnel. Define their function. Describe the product or service you will provide, to whom you will provide it and how you will market it. Describe what assets your enterprise will have or need. Evaluate your market and competition. Describe your customers and what you can provide them.
Find funding. Business.gov is the U.S. government's official website for small businesses and offers a variety of resources for starting a business, including finding loans and grants.
Set up shop. Find adequate office and production space. Purchase or rent all necessary equipment and materials. Hire knowledgeable employees to help you build your enterprise.
Revise your business plan frequently. Your enterprise is an entity. It will likely be subject to changes in key personnel and core competencies.
Have a lawyer review and discuss your business structure type and your business plan.