https://www.sba.gov/business-guide/10-steps-start-your-business

GG VG, Vinnytsia (2026)

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18.Choose your vendors.
Running a business can be overwhelming, and you and your team probably aren't going to be able to do it all on your own. That's where third-party vendors come in. Companies in every industry from HR to business phone systems exist to partner with you and help you run your business better.

When you're searching for B2B partners, you'll have to choose carefully. These companies will have access to vital and potentially sensitive business data, so it's critical to find someone you can trust. In our guide to choosing business partners, our expert sources recommend asking potential vendors about their experience in your industry, their track record with existing clients and what kind of growth they've helped other clients achieve.

Not every business will need the same type of vendors, but there are common products and services that almost every business will need. Consider the following functions that are a neccessity for any type of business.

Taking payments from customers: Offering multiple payment options will ensure you can make a sale in whatever format is easiest for target customer. You'll need to compare options are find the right credit card processing provider to ensure you're getting the best rate for your type of business.

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17.Build your team.
Unless you're planning to be your only employee, you're going to need to recruit and hire a great team to get your company off the ground. Joe Zawadzki, CEO and founder of MediaMath, said entrepreneurs need to give the "people" element of their businesses the same attention they give their products.

"Your product is built by people," Zawadzki said. "Identifying your founding team, understanding what gaps exist, and [determining] how and when you will address them should be top priority. Figuring out how the team will work together ... is equally important. Defining roles and responsibility, division of labor, how to give feedback, or how to work together when not everyone is in the same room will save you a lot of headaches down the line."

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16.Purchase an insurance policy.
It might slip your mind as something you'll "get around to" eventually, but purchasing the right insurance for your business is an important step to take before you officially launch. Dealing with incidents such as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you're properly protected.

Although you should consider several types of business insurance, there are a few basic insurance plans that most small businesses can benefit from. For example, if your business will have employees, you will at least need to purchase workers' compensation and unemployment insurance.

You may also need other types of coverage, depending on your location and industry, but most small businesses are advised to purchase general liability (GL) insurance, or a business owner's policy. GL covers property damage, bodily injury, and personal injury to yourself or a third party.

If your business provides a service, you may also want to consider professional liability insurance. It covers you if you do something wrong or neglect to do something you should have done while operating your business.

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15. Register with the government and IRS.
You will need to acquire a variety of business licenses before you can legally operate your business. For example, you need to register your business with federal, state and local governments. There are several documents you must prepare before registering.

Articles of incorporation and operating agreements
To become an officially recognized business entity, you must register with the government. Corporations need an "articles of incorporation" document, which includes your business name, business purpose, corporate structure, stock details and other information about your company. Similarly, some LLCs will need to create an operating agreement.

Doing business as (DBA)
If you don't have articles of incorporation or an operating agreement, you will need to register your business name, which can be your legal name, a fictitious DBA name (if you are the sole proprietor), or the name you've come up with for your company. You may also want to take steps to trademark your business name for extra legal protection.

Most states require you to get a DBA. If you're in a general partnership or a proprietorship operating under a fictitious name, you may need to apply for a DBA certificate. It's best to contact or visit your local county clerk's office and ask about specific requirements and fees. Generally, there is a registration fee involved.

Employer identification number (EIN)
After you register your business, you may need to get an employer identification number from the IRS. While this is not required for sole proprietorships with no employees, you may want to apply for one anyway to keep your personal and business taxes separate, or simply to save yourself the trouble later if you decide to hire someone. The IRS has provided a checklist to determine whether you will require an EIN to run your business. If you do need an EIN, you can register online for free.

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14.Determine your legal business structure.
Before you can register your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong.

Sole proprietorship. If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Be warned that this route can directly affect your personal credit.

Partnership. Alternatively, a business partnership, as its name implies, means that two or more people are held personally liable as business owners. You don't have to go it alone if you can find a business partner with complementary skills to your own. It's usually a good idea to add someone into the mix to help your business flourish.

Corporation. If you want to separate your personal liability from your company's liability, you may want to consider forming one of several types of corporations (e.g., S corporation, C corporation or B corporation). Although each type of corporation is subject to different guidelines, this legal structure generally makes a business a separate entity from its owners, and, therefore, corporations can own property, assume liability, pay taxes, enter contracts, sue and be sued like any other individual. "Corporations, especially C corporations, are especially suitable for new businesses that plan on 'going public' or seeking funding from venture capitalists in the near future," said Deryck Jordan, managing attorney at Jordan Counsel.

Limited liability company. One of the most common structures for small businesses is the limited liability company (LLC). This hybrid structure has the legal protections of a corporation while allowing for the tax benefits of a partnership.

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13.Assess your finances.
Starting any business has a price, so you need to determine how you're going to cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you're planning to leave your current job to focus on your business, do you have money put away to support yourself until you make a profit? It's best to find out how much your startup costs will be.

Many startups fail because they run out of money before turning a profit. It's never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.

Perform a break-even analysis.
One way you can determine how much money you need is to perform a break-even analysis. This is an essential element of financial planning that helps business owners determine when their company, product or service will be profitable.

The formula is simple:

Fixed Costs ÷ (Average Price - Variable Costs) = Break-Even Point
Every entrepreneur should use this formula as a tool because it informs you about the minimum performance your business must achieve to avoid losing money. Furthermore, it helps you understand exactly where your profits come from, so you can set production goals accordingly.

Here are the three most common reasons to conduct a break-even analysis:

Determine profitability. This is generally every business owner's highest interest.

Ask yourself: How much revenue do I need to generate to cover all my expenses? Which products or services turn a profit, and which ones are sold at a loss?

Price a product or service. When most people think about pricing, they consider how much their product costs to create and how competitors are pricing their products.

Ask yourself: What are the fixed rates, what are the variable costs, and what is the total cost? What is the cost of any physical goods? What is the cost of labor?

Analyze the data. What volumes of goods or services do you have to sell to be profitable?

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12.Write a business plan.
Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan.

A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? If you can't find evidence that there's a demand for your idea, then what would be the point?

Conduct market research.
Conducting thorough market research on your field and demographics of potential clientele is an important part of crafting a business plan. This involves conducting surveys, holding focus groups, and researching SEO and public data.

Market research helps you understand your target customer – their needs, preferences and behavior – as well as your industry and competitors. Many small business professionals recommend gathering demographic information and conducting a competitive analysis to better understand opportunities and limitations within your market.

The best small businesses have products or services that are differentiated from the competition. This has a significant impact on your competitive landscape and allows you to convey unique value to potential customers.

Consider an exit strategy.
It's also a good idea to consider an exit strategy as you compile your business plan. Generating some idea of how you'll eventually exit the business forces you to look to the future.

"Too often, new entrepreneurs are so excited about their business and so sure everyone everywhere will be a customer that they give very little, if any, time to show the plan on leaving the business," said Josh Tolley, CEO of both Shyft Capital and Kavana.

"When you board an airplane, what is the first thing they show you? How to get off of it. When you go to a movie, what do they point out before the feature begins to play? Where the exits are. Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building. Too many times I have witnessed business leaders that don't have three or four predetermined exit routes. This has led to lower company value and even destroyed family relationships."

A business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it. When you're ready to put pen to paper, these free templates can help.

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11.Refine your idea.
If you're thinking about starting a business, you likely already have an idea of what you want to sell online, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better. If you think your business can deliver something other companies don't (or deliver the same thing, only faster and cheaper), or you've got a solid idea and are ready to create a business plan.

Define your "why."
"In the words of Simon Sinek, 'always start with why,'" Glenn Gutek, CEO of Awake Consulting and Coaching, told Business News Daily. "It is good to know why you are launching your business. In this process, it may be wise to differentiate between [whether] the business serves a personal why or a marketplace why. When your why is focused on meeting a need in the marketplace, the scope of your business will always be larger than a business that is designed to serve a personal need."

Consider franchising.
Another option is to open a franchise of an established company. The concept, brand following and business model are already in place; all you need is a good location and the means to fund your operation.

Brainstorm your business name.
Regardless of which option you choose, it's vital to understand the reasoning behind your idea. Stephanie Desaulniers, owner of Business by Dezign and former director of operations and women's business programs at Covation Center, cautions entrepreneurs against writing a business plan or brainstorming a business name before nailing down the idea's value.

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10
Open a business bank account
A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.

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9
Apply for licenses and permits
Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.

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8
Get federal and state tax IDs
You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax ID as well.

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7
Register your business
Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.

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