The Best Way to Start a Business

by Nina Nixon, Demand Media

Strategic planning is the best way to start a business.

Starting a business has its perks. However, there are some areas that you may want to review before you hang an "Open" sign on your storefront. For example, each county, state has business laws that you want to be aware of and abide by. And markets do change and you always want to be changing too. You can maintain your entrepreneurial passion as you get your business venture going in the right direction. The best way to begin any business venture is research, plan, write it down and then act.

Step 1

Fill a need that is revealed through market research and based on targeted demographics. Research your geographical selling location for an economic census of what your target buys. Also, strengthen your findings by conducting surveys, asking friends, and family.

Step 2

Create a realistic business plan. Whether you want to start a home-based business or run one from a commercial structure, you will increase your chances of success with a well-developed plan in hand.

Step 3

Seek assistance and get advice where needed. Attend free online business seminars offered by government agencies or meet with a small business counselor in your area. Use the business-ready assessment tool to test your preparedness.

Step 4

Register your business name with your state. You will have certain legal requirements based on your legal structure. Filing your business name indicates that you are serious about your new venture and offers legal protection from unauthorized use in your geographical area.

Step 5

Get the correct licenses, permits and register for city and local taxes. All the red-tape that makes it all legal is necessary; therefore, it is an integral part of the best way to start a business.