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Once you have decided that starting a business is the right step for you and you have a feasible business idea, there are several more steps to be completed before actually starting the business. These steps involve choosing a name and location for the business; registering the business with the proper authorities; obtaining the necessary licenses and permits; and developing production schedules and marketing/pricing plans. Take your time and plan these steps carefully. Do not rush the process or skip any of the important steps/tasks because the decisions you make now will affect your business activities in the future.

• Don’t Waste Too Much Time on Your Business Plan. …
• Don’t Be Afraid to Pivot. …
• Don’t Rush to Be First to Market. …
• Don’t Ignore Paperwork. …
• Don’t Ask Everyone You Know for Funding. …
• Don’t Hurry the Hiring Process.

Once you have decided you have what it takes to operate your own business, your next task is to decide what kind of business you want to start. Again, you are the only person who can decide what business is best for you. As with question above, you begin by assessing your skills, abilities, and talents. Next, you explore ways to use your skills and interests in a business that has potential markets available for your product/service.

In reviewing available options, you should consult with local experts and other business owners of the product/service you are proposing, and check with potential customers to see if they are willing to pay for that product/service. Your chance of success increases when you match a product/service with available or potential markets.

1. Choose a business idea.
2. Name your business.
3. Create a business plan.
4. Choose a business structure and get started.
5. Obtain a business license and permits.
6. Examine insurance options.
7. Understand financial considerations.

Most small businesses are formed as sole proprietorships. The advantages of sole proprietorship are its simplicity and the fact that business income is treated the same as personal income for tax purposes. A significant disadvantage is that you, the owner, assume personal liability for the actions of the business.

Other types of business organization in Florida include general and limited partnerships, S corporations, and limited liability companies. Each type has its advantages and disadvantages. For information on ways to organize a business in Florida and the actions required for each organizational type, visit the Florida Department of State’s website at https://dos.myflorida.com. In addition, you need to obtain expert legal and accounting help to determine the best legal structure for your business.

A business plan is the firm’s résumé and lists its goals and objectives. Develop a business plan as much for you as for the partners, investors, and bankers involved with the business.

The business plan identifies the product/service, the market, the management team, where the business will operate, and your business experience. Parts of the plan include a market study, promotional strategies, current and projected balance sheets, income statements, and cash flow analyses. It outlines how, when, and where financial support will be obtained, and how any loans made to the business will be repaid. The plan provides general operating information, along with information about where the business is now, where it has been, and where it is going.

Business plans have three distinct uses: (1) feasibility and marketing plans; (2) operating (procedural) plans for financial needs, production schedules, and marketing goals; and (3) tools to secure loans or outside capital. In addition to SBA and SCORE, many other resources are available to business owners for developing business plans, such as software programs, professional workshops, and training.