Now open—starting a business successfully

Your expertise may not entirely overlap with the intricacies of bringing your business to market. Here are some things to consider as you're starting a company:

• Types of corporations. There are four main types of corporations: C Corp., S Corp., LLC, and Nonprofit. It's important to understand the difference between them, as each has its own corporate structure, tax obligations, etc.
• Partnerships. Think about whether this venture would benefit from partnering with other individuals who might be able to lighten the workload and/or provide valuable experience.
• Personal commitments. Starting a business takes a lot of time and energy. Set realistic expectations regarding how this might affect the personal relationships for you and your staff.
• Financing options. Determine how much money you'll need to borrow (if any) and the best option for your business.
• Trusted professionals. Will you need attorneys, CPAs, insurance agents, etc.? Consider engaging a mentor and/or professional associations (e.g., Chamber of Commerce or SCORE) as well.

If you're feeling a little lost in terms of first steps, consider the following to-do list:

• Get a reality check. Take the time to understand your strengths and weaknesses, the marketplace, your customers and—all things considered—the likelihood of success.
• Gather financial statements. Assemble the past three years of your finances, including bank statements and tax returns. 
• Estimate revenue. Analyze similar businesses to gain a sense of approximate future revenue. This will help inform your business plan, priorities, etc.
• Create a business plan. This should include clearly defined goals, markets, missions, and financial forecasts. Summarize this information in an elevator pitch.  
• Prepare for loan applications. If you're applying for an SBA loan², gather your cash flow projections, profit-and-loss statements and balance sheets.