If you have a great idea for a business, or just want to go for it on your own there’s no time like the present to start a new business. If you have a business degree you probably know what you need to start the business but for those who don’t here are some tips. 

First you should have a business plan. a business plan doesn’t have to be encyclopedic and it doesn’t have to have all the answers. A well-prepared plan—revisited often—will help you steer your business all along its growth curve. Try to think of your business plan as a living, breathing project, not a one-time document. 

Location, location, location as the saying goes. Unless you’ll be operating a home business, where you locate your business may be the single most important decision you make. There are many factors to consider when picking a location and it should be done wisely. 

How will your business be structured? Now is the time to decide what it’s going to be, either a partnership, corporation, or maybe an LLC. How you structure your business can reduce your personal liability for business losses and debts. Some choices can give you tax benefits. If you need help with this one a good place to go is the SBA.  

You should have a “Fictious business name”, or “DBA” if your business something other than your personal name, the names of your partners, or the officially registered name of your LLC or corporation. 

You’ll be needing a tax ID or Employer Identification Number (EIN) for your business if you have employees, run a business partnership, a corporation or meet certain IRS criteria. Once you have your EID, you’ll need to start paying estimated taxes to the IRS. 

Don’t forget to get your business license. All businesses, even home-based businesses, need a license or permit to operate. 

For help or questions on any of these issues, the SBA is one of your best resources. Good luck!