21 Steps How To Run A Business

Being a small business owner comes with challenges unique to the size and function of the business. A few tips on how to run a small business can make these challenges easier to handle. However, running a small business can be hugely rewarding both personally and financially.

21 Steps to Starting a Business

Step 1: Write a Business Plan

Use these tools and resources to create a business plan.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Step 4: Finance Your Business

Step 5: Determine the Legal Structure of Your Business

Step 6: Register a Business Name ("Doing Business As")

Register your business name with your state government.

Step 7: Get a Tax Identification Number

Step 8: Register for State and Local Taxes

Step 9: Obtain Business Licenses and Permits

Step 10: Understand Employer Responsibilities

The following resources provide information to help specialized audiences start their own businesses.

• Environmentally-Friendly "Green" Business
• Home-Based Business
• Online Business
• Minority Owned Business
• Veteran Owned Business
• Woman Owned Business

Run your small business with financial efficiency by exploring all the options that banks offer small business owners and choosing the right bank for your business' financial plan. 

Many financial institutions offer accounts with low fees, loans with discounted rates or free direct deposit programs for small business account holders.

Step 12 : Consider using a credit control app that helps small businesses improve their cash flow through better management of day-to-day cash collection and customer credit control tasks. 

Step 13 : Meet with your local Small Business Development Center

SBDC's provide help during all stages of the business life cycle.

Step 14 : Create a business plan.

One of the keys to running a small business is to have a business plan that outlines your goals and projected growth. Gain the support of other local small businesses by networking with other small business owners. Join small business associations and participate in community events to raise awareness of your business.

Step 16 : Manage your inventory efficiently.

Step 17 : Stay organized.

Organization of your time, employees, finances and inventory is one of the keys to successfully run a small business.

Step 18 : Know your business.

Stay on top of what's new or trendy in your business so your small business can stay competitive within the industry. 

Step 19 : Remember to register and acquire your small business license in the particular industry of your business.

Step 20 : Certify employees.

Step 21 : Offer references.

Besides those all above, there are Warren Buffett's  rules for running a business

That long-term perspective is also at the core of the business advice that Buffett has provided over the years.

The result: a "sidetracked" leadership that "neglects its wonderful base business while purchasing other businesses that are so-so or worse."

 Keep costs low. "Low costs permit low prices, and low prices attract and retain good policyholders." Buffett tries to "reverse engineer" the future at Berkshire.