When you’ve got a winning business idea, the next move is to turn that vision into a reality. But if you’re new to being a businessowner, it can be tough figuring out where to start. Between finding funding for your business to obtaining the licenses and registrations needed to get your company off the ground, it can be hard to keep track of each item on your to-do list. To help you out, FFB has put together a checklist with the ten most important things to do when starting your own business:

Do Your Market Research

Market research can be useful for determining your target audience, competitors, and trends within the industry. In turn, knowing more about these factors will help you understand the space you’re entering and give you ideas for how to make your business stand out.

Write a Business Plan

This will be the blueprint for how you run your business. When writing a business plan, the main purpose is to map out the business’s objectives and plan how they will be achieved. Common factors of a business plan include an executive summary, a description of your business, your business goals, market analysis, your services and products, and a financial plan.

Secure Funding

Funding can be secured in several ways. For example, you can self-fund, persuade investors to supply the venture capital, or turn to crowdfunding. Other times, you can apply for a business loan or line of credit to secure the money you need to start your business.

Choose Your Legal Structure

There are many business types to choose from, including a partnership, sole proprietorship, corporation, or LLC, to name a few. Each of these business structures also comes with its own legal, tax, and registration requirements. As a result, it may be smart to consult with an accountant or lawyer to determine which structure is the right fit for your goals.

Register, Register, Register

We all know that paperwork is no fun, but it’s a necessary step in turning your business from a dream to a reality. For instance, you’ll want to register your business name to keep it from being used by other companies. Similarly, you’ll need to get the proper licenses and permits to run your business. The types of permits you’ll need, and their requirements, can vary by factors such as your location or industry, but some, such as the employer identification number (EIN) and federal tax ID, may be similar everywhere.

Open a Business Bank Account

Opening a bank account particularly for your business’s use will be helpful to keep track of your earnings and cover maintenance or day-to-day costs. At banks such as FFB, you can even choose from a variety of accounts that are specifically designed for the needs of business types from small to medium sized businesses, sole proprietors, and non-profits. Plus, as your business grows, we’ll maintain your account so it can grow with you!

Pick a Location

With funding secured and the proper permits in place, you’ll be able to choose the location for your business and start transforming the property into your storefront. Keep in mind that the location you choose will come with certain taxes, zoning laws, and other regulations. Similarly, you’ll want to be strategic about where you plant your business’s roots. Depending on your target audience, you might want to set up shop in a metropolitan city, near a suburb, or maybe even online!

Get Hiring

Remember that hiring isn’t just limited to employees. Of course, it’s important to pick friendly, knowledgeable people who can help man your store and provide positive customer experience. However, its equally important to partner with reliable vendors or manufacturers who have the specific skills needed to help you create and distribute your product.

Start Marketing

 Don’t skip over this step! Marketing is a great way to get people excited about your business and get customers through the door. It can also be done in a variety of ways such as through social media, advertisements, events, sponsorships, or even press releases to local news outlets. If this seems like a lot to handle, you can consider hiring on marketing professionals or partnering with a marketing agency to help get people talking about your brand.

Open the Doors

With everything in place, there’s only one thing left to do: choose an opening date. Sure, it can be nerve-wracking to let people into your business for the first time, but like the saying goes, “You’ll never know if you never try.” Plus, if you’ve checked off all the items on this list, then you’ll already be on the path toward success!