Helpful resources for your new or growing business
Whether you’re starting from scratch or looking for tips to help you manage your business, we’ve got you covered with expert guidance and tools — all in one place.
Develop your business idea
As you begin your entrepreneurial journey, it's essential to have a solid business idea. The right research and analysis will help you refine and validate your concept. Here are some key points to guide you.
Choose a business idea and name
Identify who your customers will be, what unique selling points will appeal to them and how you will bring your product or service to market. Then consider a business name that speaks to your service or product in an interesting way.
Conduct market research
Get insights and calculate your total addressable market to help you refine your business strategy, better understand your competition and gain a clearer picture of how to meet the needs of your potential customers.
PRO TIP: Try our competitive analysis tool.
Write a business plan
Business plans are critical goal outlines that attract investors, secure loans and keep the business focused on its objectives.
Set up a legal and structural framework
Think carefully about which business type is right for you, because your business structure impacts everything from liability to taxes.
Choose your business type
Find the business structure that best aligns with your goals, liability preferences and tax obligations.
- Sole proprietorships are often simple and inexpensive to set up, offering full control to the owner but with unlimited personal liability.
- Partnerships share responsibilities and profits between partners, but also share liability and risk personal assets.
- LLCs provide liability protection for owners and flexible taxation, though they may involve more paperwork and fees than sole proprietorships.
- Corporations offer the strongest liability protection and can raise capital through stock, but are complex to manage and subject to double taxation.
PRO TIP: Download our quick checklist (PDF) to help you determine which structure is right for your business.
Officially form your business
Whichever business type you choose, you’ll need to accomplish a few things to formally establish your business and avoid any potential legal issues.
- Register with local authorities — understand the 6 types of business licenses and learn how to get a business license in your state.
- Acquire a Tax ID number from the IRS — find out what a Unique Entity Identifier is.
Need help? Consider using a business formation service to guide you along the way.
Explore business funding options
Diverse funding options can help you at various business stages and with different initiatives as you grow.
Secure initial funding
Ensure the initial funding covers several months of operations. This preparation is vital, no matter which funding source you choose. We can help you calculate your startup costs.
Utilize flexible funding to sustain cash flow
The right business credit card offers the financial flexibility you need, along with rewards and other benefits as a thank you for being a customer. Look for interest-free introductory periods, bonuses for signing up and other membership perks.
Obtain funding for growth
When it’s time to move beyond your initial funding phase, explore additional business funding options like business lines of credit, traditional business loans and even crowdfunding to support continued expansion.
Manage business finances
Develop systems for tracking income and expenses, establish bank accounts unique to your business and decide how best to facilitate transactions.
Set up necessary business bank accounts
Align your business accounts to your business needs and make sure to keep all your business expenses separate from your personal account(s).
Decide how to accept payments
Consider payment methods like credit cards, online payments and mobile wallets for smooth customer experiences and optimized cash flow management. We’ll help you determine which payment options might work best for your business.
Understand financial fundamentals
Learn how to read profit and loss statements and cash flow statements so you can make informed business decisions, manage your growth and understand your business’s overall trajectory.
Continue monitoring your business’s financial health
Stay vigilant while tracking your finances so you can identify trends — good or bad — with plenty of time to change course, sustain your profitability and hone your future growth.
Promote your business
Set aside a budget for reaching your target audience, building brand awareness and driving sales. Understand the leading strategies for promoting businesses and decide which ones are right for you.
Build your brand story
Create a brand narrative — tell a story your customers can identify with by sharing your journey and inviting them to be a part of it.
Establish an online presence
Build a website or choose e-marketplaces — establish yourself through a dedicated website and consider which third parties and SEO strategies could help you reach more customers.
Advertise where your customers are
Establish social media campaigns — paying for social media ads increases your reach. Be ready to experiment with campaigns and see what gets the biggest response.