If you’re already in the game and don’t need the basics, go ahead and skip ahead to Playing Offense. You already have the fundamentals you need, so why waste your time with things you probably already know?
For the rest of you, let’s start with an old adage: “Love what you do, do what you love, and success will almost surely follow.” The secret to your success in business is two-fold. First, you have to find something that you’re passionate about. It can be a product you’ve created, service you can provide, business that someone else is franchising, a consultancy, an e-commerce company, a cottage industry, a brick and mortar business – the possibilities are endless.
In sports, professional athletes clock a lot of hours training for the big game. Business is no different. You need to spend the time required to make sure your business is set up correctly so that you can open your doors with a sense of direction, purpose and complete focus on racking up sales.
10 Easy Steps and You’re in Business
Here are the basic steps required to start a business in Washington State. You can juggle the order some, but all the steps are important to your success.
- Write a business plan, and hopefully, a marketing plan as well.
- Choose a location for your business.
- Determine, identify and secure financing.
- Select a business name.
- Determine the best legal structure and determine what’s required to create it.
- Fill out a Washington State Business Application and get a Unified Business Indicator number.
- Get an Employer Identification Number (EIN) from the Internal Revenue Service if you have employees.
- Open a business bank account.
- Obtain the necessary business licenses and permits.
- Understand your tax, employer and filing obligations.