Starting a business can be one of the most exciting journeys you’ll ever go on, but it isn’t without its fair share of challenges. You can’t just hope to launch without a plan and expect success: all great businesses have gone through a lengthy teething process until they finally hit upon something that works. 

Everyone’s situation is different, so there’s no map, as such. There are, however, core principles and ‘must-do’ elements that come into play for just about any business. In this article, you’ll learn about three of these essential aspects to get you started. 

Defining Your Initial Business Goals

You certainly don’t have to have your business fully planned out from the get-go – this would be impossible anyway. Much of what you’ll learn will come from years of experience. 

Having said that, you do have to have enough of a concrete plan to make a proper start. The best way to go about this is by asking yourself a few big questions. Questions like, “What issue does my business hope to solve?”, “Who is my target audience?”, and “How will I offer value to the customers I serve?”.

Start to build your initial business plan around these core questions, detailing your mission, target market, and long and short-term goals as you go. 

This plan will keep you grounded on your main ideas as more complicated factors get worked into the mix. 

Securing an Employer Identification Number (EIN)

One of the most commonly overlooked aspects of starting a business is the importance of an Employer Identification Number. This is a special nine-digit number provided by the International Revenue Service (IRS) that is used to identify your business for tax purposes. 

It’s important you obtain your number as early as possible as a great many processes require you to have one. You’ll need one for filing tax returns, hiring employees (you’ll need to report payroll taxes as well), opening a business bank account, and just for generally adding legitimacy to your new business, letting others know that you operate in a professional manner.

You can apply easily online via an employee identification number filing service, so there’s no need to delay.

Understand Your Legal and Regulatory Obligations

Businesses come under a lot of legal scrutiny, so you should make it a priority very early on to learn any relevant local, state, and federal regulations. Once you know what sort of business structure you’re going to go with (you could be operating as a sole proprietorship, partnership, limited liability company [LLC], or corporation), you’ll need to research the specific rules around it, as they’re different for each type. 

You should also be taking a look at any smaller matters pertaining to your day-to-day operations, such as permits or licenses you may need. You’ll need everything in order before you’re properly set up!

Wrapping Up

Of course, there’s far more that goes into running a business than the three points above, but they’re a good starting point – and everyone has to start somewhere. You’ll find that as you do your research into these matters, other aspects will spark your attention; stay diligent, keep things organized, and you’ll be well on your way to starting a successful, well-equipped business.