10 Steps to Starting a Business
Starting a business is exciting, but it can also feel overwhelming. Between figuring out legal structures, startup costs, and business plans, it’s easy to get stuck asking, “Where do I even begin?”
That’s exactly why ASSETS Lancaster hosted our recent webinar, 10 Steps to Starting a Business. We wanted to break down the process into clear, manageable steps that anyone can follow.
Whether you’re still refining your idea or already getting things off the ground, this session offers practical insights, free resources, and a dose of encouragement from people who’ve been there.
You can watch the full webinar on-demand, but here’s a preview of the key takeaways to get you moving forward with confidence.
Step 1: Get Clear on Your Business Idea
Before you move forward, ask yourself: What problem am I solving? What product or service am I offering, and who is it for? The more specific you can be, the easier it will be to make decisions about pricing, branding, and marketing.
Step 2: Know Your Customer
Who are you serving? Not everyone is your customer. Take time to define your ideal audience. Understand their behaviors, values, and where they spend their time. This will help you design products and messaging that truly resonate.
Step 3: Understand the Competition
You always have competitors, even if your product or service is unique. Research both direct and indirect competitors. Learn how they price, how they market, and how you can stand out in a meaningful way.
Step 4: Calculate Your Costs
Make a list of everything you’ll need to spend money on before you open your doors. That includes equipment, permits, branding, legal fees, and more. Then calculate what your monthly operating costs will be. Tools and support from ASSETS and the Small Business Development Centers (SBDCs) can help you build a realistic financial plan.
Step 5: Choose Your Legal Structure
Your legal structure determines how you file taxes, manage liability, and more. Common structures include sole proprietorship, LLC, and S-Corp. The best option depends on your goals and risks. Talk with a trusted accountant or legal advisor before making this decision.
Step 6: Register Your Business
Once you’ve chosen your structure, it’s time to make it official. You may need to register with the state, city, or federal government, depending on your industry and location. The PA Business One-Stop Hub is a great place to begin.
Step 7: Build a Business Plan
Your business plan doesn’t have to be long or complicated, but it does need to be thoughtful. A strong plan includes your goals, your target customer, pricing strategy, startup budget, and projected income. Even if you’re not applying for a loan right now, a clear plan will help you stay focused and make smart decisions.
Step 8: Set Up Your Financial Systems
Keep your business and personal finances separate. Open a business bank account, use bookkeeping software, and keep good records. Sit down with an accountant early on to make sure you’re set up for success when it’s time to file taxes or apply for funding.
Step 9: Plan for Growth
Think ahead. What do you want your business to look like in six months, one year, or five years? Set goals for growth and identify what support you’ll need along the way. Make time to work on your business, not just in it.
Step 10: Surround Yourself with Support
You don’t have to do this alone. From funding to mentorship to technical assistance, organizations like ASSETS are here to walk with you every step of the way. We meet with entrepreneurs one-on-one, offer free webinars and trainings, and provide access to capital through our microloan program.
You Have What It Takes. You Don’t Have to Do It Alone
Entrepreneurship isn’t always easy. It takes courage and commitment. But when you have access to the right resources, the path forward gets clearer.
At ASSETS, we believe that every entrepreneur deserves a fair chance to succeed. That’s why we’re proud to offer tools, training, and capital that are accessible and people-centered.
This session is packed with insights, examples, and guidance you can put into action right away. Whether you’re just starting out or already in business, this is a resource designed to move you forward.
Your idea has power. Let’s build it together.