Every state has slightly different requirements for forming a corporation but, in general, you’ll want to follow these steps.

1. How To Start A Corporation In 9 Steps
Every state has slightly different requirements for forming a corporation but, in
general, you’ll want to follow these steps.
1. Choose a Name for Your Corporation
Choosing a business name is the first important step in forming a corporation. Your
business name must be different from the names of existing businesses in your state.
You can search name availability online at the website of the secretary of state or
other state agency responsible for business filings. Each state office has specific rules
in regard to your corporation’s name and you must comply with the rules of your
state’s corporate division.In general, here are a few guidelines that typically apply:
Your business name must contain entity identifiers, such as “Incorporated,”
“limited”“Corporation,” “Company,” or an abbreviation, such as “Inc.,” “Co.,” or “Ltd.”
Exclude any words in your business name, such as “trust,” “bank,” “credit union” or
“trustee” or words related to a government agency, such as “FBI,” “State Department”
or “treasury”
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2. 2. Appoint Initial Directors
The board of directors oversees the overall direction of your company―the “big
picture.” To incorporate, you’ll need to appoint an initial board, but you can replace
this temporary board with a more permanent one after your corporation has been
formed.
Different states have different requirements for the number of people who must be on
your board. You may only need one board member or may need three or more.
3. File Articles of Incorporation
To create a new corporation you will file a legal document called the articles of
incorporation with your state business filing agency (usually the secretary of state). In
most states, you can complete this process online. Although requirements can vary
from one state to another, the articles of incorporation will typically include:
Your corporation’s name
Its principal place of business

3. Its purpose
The name and address of the registered agent who will accept the service of legal
papers on your corporation’s behalf
The names and addresses of incorporators and/or initial board members
The best thing to do is research what documents are required for your articles of
incorporation according to your specific state. Every state has different requirements,
different terminology, different forms and filing fees.
Once the articles are approved, you will receive a certificate of formation.
4. Draft Corporate Bylaws
Some states require corporate bylaws to be recognized legally as a corporation.
Corporate bylaws are rules and regulations of a corporation outlining how it operates.
You can draft bylaws either before or after you’ve submitted your corporate formation
documents.
Corporate bylaws provide a roadmap for how the company will be run and how
decisions will be made.

4. These bylaws should include:
The roles assigned to each officer
How business decisions will be made
Where and when annual shareholder meetings will occur
The percentage of shareholders needed to make decisions
Where and when dividends are paid
If you need assistance with drafting this legal document, it’s a good idea to consult
with a corporate lawyer. You can also find a template online, but make sure to check
with your specific state regarding what needs to be included.
5. Hold the First Board of Directors’ Meeting
Once your corporation has been officially formed and bylaws have been drafted, hold
a meeting of the initial board of directors. Be sure to follow the notice guidelines in
your bylaws. At this meeting, the directors usually appoint a permanent board,
approve the bylaws, appoint officers to run the company’s day-to-day business,

5. establish the corporation’s accounting year and authorize the issuance of shares of
stock. Minutes of all board meetings should be recorded and kept with the
corporation’s records.
6. Issue Stock
Issuing stock to the shareholders is one of the first formal corporate actions after
forming a corporation. Make a record of the shares issued to each shareholder and
the price paid.
A share of stock represents a unit of ownership. A corporation is owned by its
shareholders and shareholders make a contribution to the corporation for shares of
ownership. Shares authorized are the maximum number you are issued to sell. The
number of authorized shares is stated in the company’s articles of incorporation.
Although small corporations are exempt from many United States Securities and
Exchange Commission (SEC) regulations regarding stock issuance, it’s still a good
idea to get advice from a small business lawyer to make sure you are complying with
all regulations when you issue stock.
7. Draft a Shareholders’ Agreement

6. Although optional, a shareholders agreement can contribute greatly to the success of
your business over the long haul.
A shareholders agreement is a contract between the owners of a small company. It
determines how ownership will be managed if a shareholder dies, retires, becomes
disabled or leaves the company. Signing a shareholders’ agreement in your
company’s early stages can help ensure business continuity and avoid disagreements
in the future.
It’s best to get help from an experienced small business lawyer who can tailor the
shareholders’ agreement to your company’s specific needs.
8. Get an Employer Identification Number
An employer identification number (EIN) allows the IRS to identify your business for
tax reporting. It is similar to a social security number, but for your business.
A corporation is required to obtain an EIN, and you’ll need it to open a bank account,
set up payroll withholding and set up state tax accounts. You can get an EIN quickly
and at no charge on the IRS website.
9. Get Business Permits, Licenses and DBAs

7. Most businesses need some type of business license or permit, but the requirements
for your business will depend on where you’re located and what industry you’re in.
Some states and many localities require all businesses to have a general business
license. Many industries, such as alcohol and firearms sales, aviation and restaurants,
require additional licenses.
The Small Business Administration (SBA) has a chart of industries subject to federal
licensing. Contact your state and local governments for information about additional
licenses you need in your locality.
If you plan on doing business under a name other than your corporation’s official
name, you will also need to register a DBA name. The DBA name is also known as
“doing business as” or a “fictitious business name.” Depending on where you’re
located, you may need to register the DBA with your state, city and county. If you’ll
only be using your official corporation name in your business, you can skip this step.
02
How to Start a Business: A Step-by-Step Guide
You want to make sure you prepare thoroughly before starting a business, but realize
that things will almost certainly go awry. To run a successful business, you must adapt
to changing situations.

8. Conducting in-depth market research on your field and the demographics of your
potential clientele is an important part of crafting a business plan. This involves
running surveys, holding focus groups, and researching SEO and public data.
Before you start selling your product or service, you need to build up your brand and
get a following of people who are ready to jump when you open your doors for
business.
This article is for entrepreneurs who want to learn the basics steps of starting a new
business.
Tasks like naming the business and creating a logo are obvious, but what about the
less-heralded, equally important steps? Whether it’s determining your business
structure or crafting a detailed marketing strategy, the workload can quickly pile up.
Rather than spinning your wheels and guessing at where to start, follow this 10-step
checklist to transform your business from a lightbulb above your head to a real entity.
How to start a small businessRefine your idea
Write a business plan
Assess your finances

9. Determine your legal business structure
Register with the government and IRS
Purchase an insurance policy
Build your team
Choose your vendors
Brand yourself and advertise
Grow your business
1. 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.

10. 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.

11. Clarify your target customers.
Desaulniers said too often people jump into launching their business without spending
time to think about who their customers will be and why would want to buy from them
or hire them.
“You need to clarify why you want to work with these customers – do you have a
passion for making people’s lives easier?” Desaulniers said. “Or enjoy creating art to
bring color to their world? Identifying these answers helps clarify your mission. Third,
you want to define how you will provide this value to your customers and how to
communicate that value in a way that they are willing to pay.”
TIP: To refine your business idea, identify your “why,” your target
customers and your business name.
During the ideation phase, you need to iron out the major details. If the idea isn’t
something you’re passionate about or if there’s not a market for your creation, it might
be time to brainstorm other ideas.
2. Write a business plan.

12. 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?
Free download: Here is our business plan template you can use to plan
and grow your business.
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

13. 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

14. 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.
3. 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.

15. 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?

16. Analyze the data. What volumes of goods or services do you have to sell to be
profitable?
Ask yourself: How can I reduce my overall fixed costs? How can I reduce the variable
costs per unit? How can I improve sales?
Watch your expenses.
Don’t overspend when starting a business. Understand the types of purchases that
make sense for your business and avoid overspending on fancy new equipment that
won’t help you reach your business goals. Monitor your business expenses to ensure
you are staying on track.
“A lot of startups tend to spend money on unnecessary things,” said Jean Paldan,
founder and CEO of Rare Form New Media. “We worked with a startup that had two
employees but spent a huge amount on office space that would fit 20 people. They
also leased a professional high-end printer that was more suited for a team of 100; it
had key cards to track who was printing what and when. Spend as little as possible
when you start, and only on the things that are essential for the business to grow and
be a success. Luxuries can come when you’re established.”
Consider your funding options.

17. Startup capital for your business can come from various means. The best way to
acquire funding for your business depends on several factors, including
creditworthiness, the amount needed and available options.
Business loans. If you need financial assistance, a commercial loan through a bank is
a good starting point, although these are often difficult to secure. If you are unable to
take out a bank loan, you can apply for a small business loan through the U.S. Small
Business Administration (SBA) or an alternative lender. [Read related article: Best
Alternative Small Business Loans]
Business grants. Business grants are similar to loans; however, they do not need to
be paid back. Business grants are typically very competitive, and come with
stipulations that the business must meet to be considered. When trying to secure a
small business grant, look for ones that are uniquely specific to your situation. Options
include minority-owned business grants, grants for women-owned businesses and
government grants.
Investors. Startups requiring significant funding upfront may want to bring on an
investor. Investors can provide several million dollars or more to a fledgling company,
with the expectation that the backers will have a hands-on role in running your
business.
Crowdfunding. Alternatively, you could launch an equity crowdfunding campaign to
raise smaller amounts of money from multiple backers. Crowdfunding has helped
numerous companies in recent years, and there are dozens of reliable crowdfunding
platforms designed for different types of businesses.

18. You can learn more about each of these capital sources and more in our guide to
startup finance options.
Editor’s note: Looking for a small business loan? Fill out the questionnaire below to
have our vendor partners contact you about your needs.
Choose the right business bank.
When you’re choosing a business bank, size matters. Marcus Anwar, co-founder of
OhMy Canada, recommends smaller community banks because they are in tune with
the local market conditions and will work with you based on your overall business
profile and character.
“They’re unlike big banks that look at your credit score and will be more selective to
loan money to small businesses,” Anwar said. “Not only that, but small banks want to
build a personal relationship with you and ultimately help you if you run into problems
and miss a payment. Another good thing about smaller banks is that decisions are
made at the branch level, which can be much quicker than big banks, where decisions
are made at a higher level.”
Anwar believes that you should ask yourself these questions when choosing a bank
for your business:

19. What is important to me?
Do I want to build a close relationship with a bank that’s willing to help me in any way
possible?
Do I want to be just another bank account, like big banks will view me as?
Ultimately, the right bank for your business comes down to your needs. Writing down
your banking needs can help narrow your focus to what you should be looking for.
Schedule meetings with various banks and ask questions about how they work with
small businesses to find the best bank for your business. [Read related article:
Business Bank Account Checklist: Documents You’ll Need]
Key takeaway: Financially, you will want to perform a break-even analysis,
consider your expenses and funding options, and choose the right bank for your
business.
4. 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.

20. 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.
Ultimately, it is up to you to determine which type of entity is best for your current
needs and future business goals. It’s important to learn about the various legal

21. business structures available. If you’re struggling to make up your mind, it’s not a bad
idea to discuss the decision with a business or legal advisor.
Did You Know: You need to choose a legal structure for your business,
such as a sole proprietorship, partnership, corporation or LLC.
5. 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.

22. 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.
Income tax forms

23. You also need to file certain forms to fulfill your federal and state income tax
obligations. The forms you need are determined by your business structure. You will
need to check your state’s website for information on state-specific and local tax
obligations.
“You might be tempted to wing it with a PayPal account and social media platform, but
if you start with a proper foundation, your business will have fewer hiccups to worry
about in the long run,” said Natalie Pierre-Louis, licensed attorney and owner of NPL
Consulting.
Federal, state, and local licenses and permits
Some businesses may also require federal, state or local licenses and permits to
operate. The best place to obtain a business license is at your local city hall. You can
then use the SBA’s database to search for licensing requirements by state and
business type.
Businesses and independent contractors in certain trades are required to carry
professional licenses. One example of a professional business license is a
commercial driver’s license (CDL). Individuals with a CDL are allowed to operate
certain types of vehicles, such as buses, tank trucks and tractor-trailers. A CDL is
divided into three classes: Class A, Class B and Class C.

24. You should also check with your city and state to find out if you need a seller’s permit
that authorizes your business to collect sales tax from your customers. A seller’s
permit goes by numerous names, including resale permit, resell permit, permit
license, reseller permit, resale ID, state tax ID number, reseller number, reseller
license permit or certificate of authority.
It’s important to note that these requirements and names vary from state to state. You
can register for a seller’s permit through the state government website of the state(s)
you’re doing business in.
Jordan says that not all businesses need to collect sales tax (or obtain a seller’s
permit).
“For example, New York sales tax generally is not required for the sale of most
services (such as professional services, education, and capital improvements to real
estate), medicine or food for home consumption,” Jordan said. “So, for example, if
your business only sells medicine, you do not need a New York seller’s permit. But
New York sales tax must be collected in conjunction with the sale of new tangible
personal goods, utilities, telephone service, hotel stays, and food and beverages (in
restaurants).”

25. Key takeaway: Register key documents like articles of incorporation or an
operating agreement, a DBA, an EIN, income tax forms, and other applicable licenses
and permits.
6. 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.

26. 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.
7. 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.”
8. 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.

27. 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.
Managing finances: Many business owners can manager their own accounting
functions when starting their business, but as your business grows you can save time
by hiring an accountant, or comparing accounting software providers.
9. Brand yourself and advertise.

28. Before you start selling your product or service, you need to build up your brand and
get a following of people ready to jump when you open your literal or figurative doors
for business.
Company website. Take your reputation online and build a company website. Many
customers turn to the internet to learn about a business, and a website is digital proof
that your small business exists. It is also a great way to interact with current and
potential customers.
Social media. Use social media to spread the word about your new business, perhaps
as a promotional tool to offer coupons and discounts to followers once you launch.
The best social media platforms to utilize will depend on your target audience.
CRM. The best CRM software solutions allow you to store customer data to to
improve how you market to them. A well-thought-out email marketing campaign can
do wonders for reaching customers and communicating with your audience. To be
successful, you will want to strategically build your email marketing contact list.
Logo. Create a logo that can help people easily identify your brand, and be consistent
in using it across all of your platforms.
Also, keep these digital assets up to date with relevant, interesting content about your
business and industry. According to Ruthann Bowen, chief marketing officer at
EastCamp Creative, too many startups have the wrong mindset about their websites.

29. “The issue is they see their website as a cost, not an investment,” Bowen said. “In
today’s digital age, that’s a huge mistake. The small business owners who understand
how critical it is to have a great online presence will have a leg up on starting out
strong.”
Creating a marketing plan that goes beyond your launch is essential to building a
clientele by continually getting the word out about your business. This process,
especially in the beginning, is just as important as providing a quality product or
service.
Ask customers to opt in to your marketing communications.
As you build your brand, ask your customers and potential customers for permission
to communicate with them. The easiest way to do this is by using opt-in forms. These
are “forms of consent” given by web users, authorizing you to contact them with
further information about your business, according to Dan Edmonson, founder and
CEO of Dronegenuity.
“These types of forms usually pertain to email communication and are often used in
e-commerce to request permission to send newsletters, marketing material, product
sales, etc. to customers,” Edmonson said. “Folks get so many throwaway emails and
other messages these days that, by getting them to opt in to your services in a
transparent way, you begin to build trust with your customers.”

30. Opt-in forms are a great starting point for building trust and respect with potential
customers. Even more importantly, these forms are required by law. The CAN-SPAM
Act of 2003 sets requirements for commercial email by the Federal Trade
Commission. This law doesn’t just apply to bulk email; it covers all commercial
messages, which the law defines as “any electronic mail message the primary
purpose of which is the commercial advertisement or promotion of a commercial
product or service.” Each email in violation of this law is subject to fines of more than
$40,000.
TIP: Create a strategic marketing campaign that combines various
marketing channels, like a company website, social media, email newsletters and
opt-in forms.
10. Grow your business.
Your launch and first sales are only the beginning of your task as an entrepreneur. To
make a profit and stay afloat, you always need to be growing your business. It’s going
to take time and effort, but you’ll get out of your business what you put into it.
Collaborating with more established brands in your industry is a great way to achieve
growth. Reach out to other companies and ask for some promotion in exchange for a

31. free product sample or service. Partner with a charity organization, and volunteer
some of your time or products to get your name out there.
While these tips will help launch your business and get you set to grow, there’s never
a perfect plan. You want to make sure you prepare thoroughly for starting a business,
but things will almost certainly go awry. To run a successful business, you must adapt
to changing situations.
Free download: We’ve created a sales plan template you can use to scale
customer acquisition.
“Be prepared to adjust,” said Stephanie Murray, founder of Fiddlestix Party + Supply.
“There’s a saying in the military that ‘no plan survives the first contact,’ meaning that
you can have the best plan in the world, but as soon as it’s in action, things change,
and you have to be ready and willing to adapt and problem-solve quickly. As an
entrepreneur, your value lies in solving problems, whether that is your product or
service solving problems for other people or you solving problems within your
organization.”
FAQs about starting a business How can I start my own business with no money?

32. You can launch a successful business without any startup funds. Work on a business
idea that builds on your skill set to offer something new and innovative to the market.
While developing a new business, keep working in your current position (or “day job”)
to reduce the financial risk.
Once you’ve developed your business idea and you’re ready to start on a business
plan, you’ll need to get creative with funding. You can raise money through
investments by pitching your idea to financial backers. You could also gather funding
through crowdsourcing platforms like Kickstarter, or set aside a certain amount of
money from your weekly earnings to put toward a new business. Finally, you can seek
out loan options from banks and other financial institutions as a way to get your
company up and running.
What is the easiest business to start?
The easiest business to start is one that requires little to no financial investment
upfront, nor should it require extensive training to learn the business. One of the
easiest types of new business to launch is a dropshipping company. Dropshipping
requires no inventory management, saving you the hassle of buying, storing and
tracking stock. Instead, another company will fulfill your customer orders at your
behest. This company will manage the inventory, package goods, and ship out your
business orders. To get started, you can create an online store by selecting curated
products from the catalog available through partners.
When is the best time to start a business?

33. Each person’s ideal timeline for starting a new business will be different. First and
foremost, you should start a business when you have enough time to devote your
attention to the launch. If you have a seasonal product or service, then you want to
start your business a quarter before your predicted busy time of the year. For
nonseasonal companies, spring and fall are popular times of years to launch. Winter
is the least popular launch season, because many new owners prefer to have their
LLC or corporation approved for a new fiscal year.
Skye Schooley contributed to the reporting and writing in this article. Source
interviews were conducted for a previous version of this article.
03
How to grow a successful start-up with these best business
practices
Entrepreneur Kim Sprague, 37, launched her business coaching consultancy
Flamingo Life as a new mother four years ago. On her entrepreneurial journey, she
found that many women risked early burnout by attempting to run both a household
and a new business on their own.

34. “In the first six months of a start-up, you need either someone to help at home with
the cleaning and/or childcare, plus a personal assistant who can help you wade
through the paperwork,” she says.
“In my case, I had just two hours a week with a virtual assistant, but it allowed me to
focus on how I was going to fill a gap in the market.”
While Sprague had prior experience of brand-building via a 10-year career in PR and
marketing, she had “literally no experience or knowledge of legal, payroll, finance or
the other back-office stuff that can quickly overwhelm you”, she says.
Although free online resources plugged some of the knowledge gaps, her first major
hires – an accountant and lawyer, both brought in on a consultancy basis – proved
pivotal.
She believes that women often put themselves under pressure to be experts in every
aspect of running their business, as well as being a ‘super mum’ in their free time, and
this can lead to mental ill-health.
This is where NatWest can help as they can offer expert digital mentoring skills,
resources and guidance all in one place.

35. By drafting in specialist expertise as soon as funds allow, women-led firms can be
confident that everyday business management is under control.
“Many women entrepreneurs worry that if they can’t pin down every last detail of
income and turnover, they won’t secure investment,” says Sprague.
While there is no doubt that women can find it hard to attract backers, having the right
team behind you can only make your start-up more investible.
“It’s your own confidence in the ability of your new business to stay afloat and make
good money that really attracts investors,” she adds.
With a wealth of guidance and inspiration on everything from building a brand, using
social media, franchising, networking or developing leadership skills available via its
Women in Business hub, NatWest is helping women up and down the country realise
their entrepreneurial dreams.
Networking is a crucial step in building up confidence and expertise, says Sprague,
who stresses that a growing number of successful female business-owners are keen
to share their knowledge with the next generation of female entrepreneurs.

36. One to watch: Jules Shorrock operates a state-of-the-art modern shredding facility in
the north of Suffolk Credit: Getty
Jules Shorrock, 55, who launched the Suffolk-based Citrus Sharp Security Shredding
in 2014, agrees.
“Whether as an entrepreneur, home worker or employee, attending networking events
can be motivational and supportive and, on the whole, is time well-spent.”
My link - https://bit.ly/3AO6vix

37. As a new entrant in the male-dominated security business, she found that managing
finance was “a steep learning curve”, with the intricacies of cash flow proving to be
particularly challenging.
In order to manage the financial complexities of the business, a professional
accountant was hired and within two years, a business growth adviser helped
diversify the firm from data shredding to recycling and total waste management.
In the process, says Shorrock, revenue and profits were significantly increased.

38. Staying connected: Rebekah Lowther launched North Wales Recycle IT to combat the
digital divide in her community
While Covid-19 ended the entrepreneurial dreams of many women, for Rebekah
Lowther, operations director at the Anglesey-based North Wales Recycle IT, the
pandemic has, if anything, strengthened her vision.
“We launched in September 2019 as a not-for-profit social enterprise that donates
unwanted tech devices to local charities and community groups, and given the impact
of the pandemic, still being able to trade in 2022 is my greatest business success to
date.”
Aside from distributing devices to disadvantaged families and the long-term
unemployed, Lowther, 44, is also keen to extend work opportunities to disabled
people.
“The company has benefited enormously from employing a number of individuals with
autism and ADHD, and while some of them may have in the past struggled to find
paid work, we have found their skills to be invaluable,” she says.
Selected to be part of the Female Focus campaign spearheaded by NatWest and
Getty Images – which aims to replace women in business stereotypes with more

39. relatable case studies – Lowther has one last piece of advice for other women looking
to start up their own business.
“Whatever your fears and whatever the obstacles, go for it.”
100 Female Entrepreneurs to Watch
Are you a UK-based female entrepreneur? The Telegraph and NatWest have
launched 100 Female Entrepreneurs to Watch, which will celebrate women who are
redefining success and helping others. Share your entrepreneurial journey for the
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