10 Steps to Start A Business

1. Come Up With An Idea 
The road to entrepreneurship and having your own business starts with an idea. Maybe you already know the type of business you are interested in starting. Some people come up with business ideas because they identified a gap in the marketplace or a problem that needs to be solved. 

2. Do Market Research 
Market research will help you determine whether your business is viable. It will tell you whether there’s an opportunity to turn your idea into a successful business. By doing market research, you are gathering information about potential customers, competitors and the industry. This information will help you think about ways to have a competitive advantage. 

3. Give Your Business A Name 
Picking a name for your business is one of the most important decisions that you’ll make. It impacts the way customers will engage with you and the type of brand that you want to build. Once you decide on a name, make sure that it isn’t already taken. 

4. Determine Your Business Structure 
The legal structure you choose for your business will impact the process for registering your business as well as the types of taxes you pay along with your personal liabilities. 

5. Write A Business Plan 
A business plan helps to set the foundation for your business. It’s a plan for how to structure, run, and grow your new business. You’ll also use your business plan to help you seek out funding opportunities from investors. 

6. Determine Sources of Funding 
One of the biggest incentives for creating a business plan is helping you identify the types of funding that you’ll need to start your business and how much. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. The good news is that there are many sources of funds available to help fund the start of your business. 

7. Obtain Tax Identification Number/Employee Identification Number 
An Employer Identification Number (EIN) is a number used to help open up a bank account and pay taxes. It’s like a social security number for your business. 

8. Register your business with the State of Maryland 
Once you have an EIN, you can register your business with the state of Maryland so that you can apply to all state and local requirements for operating a business. 

9. Obtain appropriate licenses and permits 
You will be required to obtain certain licenses and permits, depending on the type of business that you start related to things like health, safety, cleanliness, etc. and to comply with the law. 

10. Open a business bank account 
Once you receive federal and state documentation of business formation, you’ll want to open up a business checking account to manage your business income, expenses and taxes. It’s always good to keep your business finds separate from your personal funds.

Please reach out to the City's Economic Development Manager, at (240) 552-2044 or email  economicdevelopment@greenbeltmd.gov with any questions!