Hello, I'm a 19 year old college student. I have a great business idea and I would like to know how can I start it? I have no money and I do not have a job. Please help.
Step 1: Write a Business Plan Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.
Step 2: Get Business Assistance and Training Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.
Step 3: Choose a Business Location Get advice on how to select a customer-friendly location and comply with zoning laws.
Step 4: Finance Your Business Find government backed loans, venture capital and research grants to help you get started.
Step 5: Determine the Legal Structure of Your Business Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Step 6: Register a Business Name ("Doing Business As") Register your business name with your state government.
Step 7: Get a Tax Identification Number Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.
Step 8: Register for State and Local Taxes Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.
Step 9: Obtain Business Licenses and Permits Get a list of federal, state and local licenses and permits required for your business.
Step 10: Understand Employer Responsibilities Learn the legal steps you need to take to hire employees.
If you want to start a business then you should make some proper business plans and strategies as without having these two important factor no business can survive in this competitive business world. You should research the market very well in order to get success in business.
Write up a great business plan and approach a bank for a start-up loan.
The link below has the sections of a business plan laid out for you to follow. It's a Canadian site, but the content doesn't really differ from one country to the next.
