You are here:

Starting a Small Business/Starting from scratch

Advertisement


Question
Hiello David,

I would like to ask what the logical "steps" are to start a new business.   A  website, business plan, loan?

I know that is a bit broad, but I dont know where to focus my attention first?

Thank you for your time,
Adrienne B.

Answer
Adrienne,

Every business is different so the steps will vary with the type of business, the size, the location, etc... but the first step is always a business plan.

The business plan does not need to be in writing, though that is always a good idea.  It does not need to follow a rigid format.  What it does need to do, however, is to lay out the answers to some very basic questions. Just as you would not start a long trip without looking at a map, you should not start a business with your roadmap - your business plan.

You need to deal with some basic issues - what is your product or service, who are your potential customers, how do you plan reach those customers, how do you finance your business?

The U.S. Small Business Administration provides excellent materials on their website to help you create your business plan.  I highly recommend visiting the SBA site at www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan.

Once you have a business plan, my checklist for starting a business contains other things you should do to start your business off on solid ground.

I hope this gives you a place to start.  Good luck!  

Starting a Small Business

All Answers


Answers by Expert:


Ask Experts

Volunteer


David K. Staub

Expertise

I am a business and tax attorney and have spent more than 35 years assisting people in starting a wide variety of businesses. I can answer questions about the basic differences between the various entities available to new businesses, including limited liability companies, corporations, S corporations and partnerships. I can provide guidance in other areas facing start ups, such as hiring employees, signing contracts and obtaining necessary licenses. I can also direct people to sources for answers to specific legal questions which cannot be answered in a forum of this nature.

Experience

I have an extensive practice in the mergers and acquisitions area and have been involved in the tax and legal issues on hundreds of business transactions.

Website
Staub Anderson LLC
Illinois business attorneys

Practice Areas
Business Organizations
-Corporations

-LLCs
-Partnerships

-Joint ventures
Mergers & Acquisitions
-Buying/selling business
Securities Law
Tax Law
Technology Law
-Software licenses
-Development agreements

Trademarks

Organizations
Illinois State Bar Association; Chicago Bar Association (former Chairman of the Corporation & Business Law Committee and former Chairman of the Mergers and Acquisitions Subcommittee; former Executive Committee member, Federal Tax Committee and Chairman of subcommittee on general tax issues); Keystone Foundation (Trustee); Association for Corporate Growth; Midwest Entrepreneur Forum; Midwest Association of Alpha Delta Phi

Publications
Commerce Magazine; YLS Journal; ISBA Section of Taxation Newsletter

Education/Credentials
Harvard Law School, J.D., 1977; University of Illinois, B.S. in Accounting, with highest honors, 1974

©2016 About.com. All rights reserved.