13 tips to quickly start and grow a business

Have you ever thought about starting a business?

Maybe you’ve got an amazing idea that you just have to bring to the world. Or, maybe you’re tired of working for others, and want the freedom and control that comes with working for yourself.

Whatever your situation, there’s one thing you should know: Building and growing a business is hard work. But doing so is much easier when you have a template or system that walks you through it all.

Below is a simple, step-by-step guide to help you start your business. You don’t have to follow these steps in exact order, and you may not even need some of them at all. But this guide should give you all the basics you need to get your product or services on the market, and a solid foundation you can build upon.

So, here we go.

Identify a problem that needs a solution

Everyone needs help. What’s something you love to do and would enjoy helping others get better at?

Do you enjoy technology? Are you a great communicator? Do you make pottery? As you encounter problems doing your “thing,” think about how you could share solutions with others.

Alternatively, you could simply be observant. Maybe you see other business owners, or even family and friends, who all have the same problem. Think about how you can solve that problem.

Start small

Starting a business is hard. It might take a while to make enough money to support you or your family.

So, if you’re already employed, consider starting your business on the side. A side hustle can be a great way to practice, hone your craft, and experiment before you go all in. You could work a bit in the evening, on the weekend, or on your day off. Consider it your hobby.

On the other hand, you might be forced into working for yourself. If that’s the case, give it your all and don’t look back.

Find more customers

Once you’ve exhausted your current network (friends, family, current or former colleagues), you’ll need to find more customers.

Talk to anyone and everyone about your new business. You don’t have to sell; just share what you’re doing. If you’ve focused on solving a real-world problem, some of the people you share with will have that problem—or, know someone who does.

In the beginning, consider working for free. You can tell the potential client or customer you’re doing this for a limited time to help refresh your portfolio.

Also consider reaching out to others who work in a similar industry and ask for advice. Of course, you don’t want them to view you as competition. Depending on what you’re offering, you might focus on people in a different geographical area, or in a slightly different niche.

Or, if the niche or industry you work with is large enough, you can offer to take on work from bigger players who are maxed out, or even consider subcontracting for them.

Practice, in public—a lot

Even if you’re already an expert in what you’re selling, you’re bound to experience imposter syndrome; that’s human nature. (Multiply that feeling exponentially if you’re still learning to do “the thing.”)

That’s why sharing what you’ve learned—and are continuing to learn—is so helpful. It gives you the chance to:

• Show and sharpen your skills.
• Get free feedback.
• Grow your network.
• Attract clients.

With this in mind, look for opportunities to share examples of your work. Collect pictures or sample and build a portfolio. Start a blog or website, or a YouTube channel. Share what you’re making on social media.

The other advantage in doing this is showcasing your face and your personality. After all, people do business with people, not with faceless companies.

Double down on the good stuff

The more work you do, the more you’ll start to identify:

• What you’re especially good at
• What resonates with others
• What gives the biggest return on investment (for you and them)
• What you enjoy most

As you do, try to work on projects that balance satisfying all four of these. As you do, your work will start to spread. In time, you’ll have more freedom to choose the work you want to do most.

Choose a name

In the beginning, the business is just you. But in time, you might consider choosing a separate name for your business.

The right business name can make more of a difference than you think. The more the name stands out and the easier it is to remember, the more people will be to talk about your business. And word of mouth advertising is the best kind of advertising. (Hat tip to Creator Science founder Jay Clouse for teaching me much of this.)

Try to choose a name that:

• Is easy to remember (and say)
• Is different or unique
• Resonates with you

Want to test out your business name? You’ll find a free name evaluation test (and more naming tips) at Eat My Words.

Decide on a business structure.

Ok, things are starting to move; your business is starting to do well. If you haven’t started thinking about a structure for your business, you definitely want to start.

Your business structure will impact many things, including whether or not you hire employees and how you do so, to what type of income tax return you file, to how much of your personal assets are at risk. In the U.S., business structures include the following:

• Sole proprietorship
• Partnership
• Limited Liability Company (LLC)
• Corporation (includes C corporation, S corporation, benefit corporation, and nonprofit corporation, among others)

The benefits, protections, and risks of each of these can be complex. So, take your time and seek advice as you make a decision.

Write a business plan

A business plan is a document that outlines a company’s goals and strategies. It can serve as a roadmap for how your business continues to grow and develop.

Wait a second, you’re thinking. I’ve gotten this far without a business plan. Do I really need one?

The answer is, it depends. Some business owners never write an official business plan. However, taking time to think through exactly what you want to achieve with the business, along with how you plan to achieve it, can help you reach those goals more quickly. And since clear writing leads to clear thinking (and vice versa), a business plan is usually a good idea.

Of course, your business plan can be more formal or informal, depending on why you’re doing it. If you’re planning to stay small and just want help setting goals and staying on track, a more informal business plan will likely serve your needs. On the other hand, if you’re planning to pitch to potential lenders and investors, you’ll need a business plan that’s more refined, and you’ll likely want help writing it. (You can read more about what a business plan entails and how to write one here.)

Register your business

Depending on your business name, your business structure, and where your business is located, you may need to register your business.

For example, if you conduct business as yourself and you use your legal name, there is likely no need to register. However, in other cases you will need to establish your business as a distinct legal entity. Further, business registration can support your goals of protecting yourself against personal liability and make it easier to get certain tax and other legal benefits.

Don’t worry, registering your business isn’t as hard as you might imagine. For most small businesses, it simply involves filling out some forms and submitting them to state and local governments. (You can read more about business registration in the U.S. here.)

Get a Tax Identification Number

After registering your business, you should consider applying for an Employer Identification Number (EIN).

An EIN is your business tax number; it’s like a Social Security number for your business. You’ll need it to pay federal taxes and hire employees, to open a bank account, and to apply for licenses and permits. (You can read more about EINs and apply for one on the official IRS website here.)

State tax ID numbers are handled on the state level. You can learn more by checking the official website of the state(s) where you do business.

Secure a business license and permits

Depending on what your business does, and where, you may need a combination of licenses and permits from government agencies, either on the federal or state level, or both.

In addition to obtaining the proper licenses and permits, you’ll want to make sure to keep them current—renewing licenses and permits is usually easier than applying for a new one. (You can find more information on licenses and permits in the U.S. here.)

Open a business bank account

Depending on your business structure, you may need to open a business bank account to stay legally compliant and protected. And even if you’re not legally required to do so, a business bank account will provide separation between your personal and business finances.

Additionally, some business bank accounts offer perks that you may not get with a standard personal bank account, like a larger line of credit or a business credit card.

When looking for a business bank account, you could check with your personal bank if you have a good experience with them. Or, you could shop around to see which bank offers the best rates and/or the specific perks you’re looking for. Be sure to research or ask ahead of time which documents you’ll need to open an account, which may include, but not be limited to, your Employer Identification Number (or Social Security number if you’re a sole proprietorship), formation documents, business license, and other documents.

Get help

One thing about being a business owner: You have to wear a lot of hats, especially in the beginning. You’re the executive team. The production, marketing, sales, finance, and research and development departments, all wrapped up into one.

Eventually, though, you may be in a position to start hiring specialists to help you manage your ever-increasing workload. You could start by hiring specialized freelancers or agencies. Or, you might search for an assistant who can handle a variety of tasks.

In time, you may even want to hire your first employee(s). That will bring a whole new set of questions and complex considerations. To get help, you might consider partnering with a Professional Employer Organization (PEO). As long as your business has its own registered entity and fits other requirements, a PEO can work with your business to co-employ individuals and offer a wide range of HR services such as payroll, benefits, tax filing, workers compensation, and business insurance.

No matter how big or small your business, hopefully this guide will help you begin to navigate the complexity—and help turn your business idea from dream to reality.

—By Justin Bariso

This article originally appeared in Fast Company’s sister publication, Inc.

Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.