The SBA Is Excited to Help New Businesses in the New Year

If your New Year’s resolution for 2023 is to start your own business, the SBA can help. We are committed to being there with you as you start your business journey, from the minute you have your idea to the moment you’re turning your sign from “coming soon” to “open.” Below are some tips to help you along the way.

  1. Conducting market research and writing a business plan. Even the best business concepts need to be fleshed out. Ask yourself: Is there a market for my product or service? Who are my customers? Who are my competitors? Once you’ve answered these baseline questions, it’s time to move on to the blueprint — the business plan. A good business plan will prove that your ideas are viable. While there’s no right or wrong way to write one, an SBA resource partner can help you.
  2. Researching funding opportunities. You’ve calculated your startup costs, and now you know roughly how much money you’ll need to start your business. What you may not know is how to acquire that money. The SBA offers a variety of funding programs, from loans and investment capital to grants. If you’re having trouble getting a traditional business loan, there’s no need to worry. The SBA’s Lender Match tool can connect you with an SBA-guaranteed lender.
  3. Choosing your business location, structure, and name. Your business location has big implications on everything from taxes and regulations to revenue. Maybe you envision a brick-and-mortar store, or perhaps you plan to operate everything online. Either way, you’ll want to be very mindful of where you set up shop. Picking the appropriate business structure impacts operations, finances, and more. Also, naming your business establishes your brand and is required to register your business.
  4. Registering your business and acquiring state and federal tax IDs. Remember to register your business name with state and local governments once you’ve chosen it. For most small businesses, that’s enough. Some, however, don’t need to register at all. Use the SBA’s tool to look up your state-specific requirements. You’ll also want to apply for a federal tax ID number, also known as an Employer Identification Number (EIN). Doing so will allow you to open a bank account and pay taxes.
  5. Applying for licenses and permits and opening a business bank account. Staying legally compliant is paramount to the efficient operation of your business. Apply for all necessary licenses and permits that are required of you at the federal and state levels. Once you’re ready to start officially depositing or sending money, set up a small business checking account. It’s easy to do, and it provides a wealth of benefits to both your customers and employees.

The SBA is excited to be along for the ride as you embark on your exciting new business adventure. If you have any questions about the above steps, reach out to one of our many resource partners today.

About the author