Ajax - First For Business, offer resources on the economic development and business investment opportunities in the vast growing Durham region.

1. Steps Required to Start a
Business

2.  Many people dream of someday
running their own successful
business. The thought of being
your own boss and making a
great living doing something you
love is very enticing. Of course,
running a successful business
begins with starting the business,
and it’s important to follow some
specific steps if you want to be
successful. Like any worthwhile
endeavor, the first step to
starting a business is making a
thorough plan.

3. Make a Business Plan
 A business plan is a must for anyone who is thinking of starting a new business. It is basically a
written outline of all the different aspects that a business entails. A business plan will let you
know if your idea is financially feasible, and whether there is room in the marketplace for what
you are offering. Some of the essential parts of an effective business plan are:
 Executive Summary – This usually comes right at the beginning and provides a glimpse into
the business as a whole. The Executive Summary usually includes a thorough company profile
and the long and short-term goals of the business.
 Company Description – This is a brief section that shows what differentiates your business
from your competitors and precisely what it is you do.
 Market Analysis – This step is essential to determine whether or not there is a need for what
you are selling. You’ll conduct market research on the potential markets, your target market
and your competitors.
 Management Structure – Not all businesses are structured the same way, so it’s wise to
detail the management hierarchy so everything is clear.
 Marketing and Sales – No new business or any business will survive without a solid
marketing strategy. It’s important to detail your sales process and several different marketing
strategies you plan to use to attract new customers.
 Financial – This section will discuss how much you need, how much you have, and how you
intend to make up the difference, if there is one. It’s also beneficial to include your financial
projections for the business.

4. Register the Business
 If all goes well with the business plan and you’re ready to move
ahead with the idea, you’ll have to register the business.
 If you haven’t already, you must select a name for the business.
Some people have one all figured out right from the start of the
process, but if you aren’t one of them now is the time to do it. To
give your business a name you must conduct a search to see if that
name is already taken. Every city and town will have a local
department that deals with this aspect of starting a business. Call
town hall and ask how to proceed and then follow the directions.
 You’ll have to pay a small fee to register your business name, and
depending on where you’re located you’ll also have to fill out other
business forms before you’re officially up and running. Employer
health tax forms, retail sales tax vendor permits and various
insurance forms are common. Once you have completed all the
necessary forms and paid the fees, you will be given a business
license.

5. Hire Employees
 Depending on the type of business you are
starting, you may have to hire some
employees. Exactly when this happens
will depend on when you plan to open for
business, and how much training is
required before they can get to work.
 It’s important to write up a brief detailing
your ideal employees, so you can tailor
the recruiting and hiring process
accordingly. It’s also important to learn
about and follow any government
regulations that might influence how you
do things. Take the time to look into all
the legalities and potential issues, so
you’re able to find the best possible
employees.

6. Market Your Business
 This step may come before or after hiring employees,
depending on your specific timeframes to get open
and running. Basically, you’ll want to implement the
marketing strategies that you outlined in your
business plan. The degree to which you can roll
them out depends on your budget and financial
structure, but you’ll have to at least begin the process
to get your name out there.
 In today’s business world, it’s also imperative that
you have at least a basic website, so your prospective
customers can find you online. A homepage, About
Us, Contact Information and directions to your
business will at least give you a bit of an online
presence. If it’s in the budget, have a professional
SEO company drive traffic to the site and add
valuable content that your customers will find useful.