How to Start a Business in 2024: A 10-Step Guide

Starting a business involves planning, doing market research, and acquiring knowledge of the legal aspects of opening a firm. You’ll answer questions like, “How do I find a product to sell?” “What’s the right business model?” “What are the best channels for marketing?”

Let’s go over the key steps on how to start a business, including creating a business plan, registering your company, promoting your offering, and more.

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1. Choose a business idea

It all begins with an idea. Many small business ideas are available for you to pursue, including ventures you can run from home.

26 Best Small Business Ideas to Start This Year
List of The Most Popular Online Business Ideas
17 Unique Business Ideas for First-Time Entrepreneurs
10 Profitable Home Business Ideas You Can Start Today

2. Research your product and audience

Upfront research is necessary to determine whether there’s an audience for your business or product idea.

How to Define Your Target Market and Target Audience
The Marketing Research Process in 6 Steps
How to Do a Competitive Analysis + Example Template
How to Create a Product Validation Spreadsheet

3. Write a business plan

A business plan helps you get clear on how to manage key aspects of the business. It includes everything from your executive summary to your financials.

How to Write a Business Plan: Step by Step Guide
How to Write a Lean Business Plan: A Detailed Guide
Free Business Plan Template & Examples for Startups
The 7 Best Business Plan Examples to Inspire Your Own

4. Make or source products

If your product is a handmade item, you can choose an appropriate space in your home to carry out its production. If it’s designed to be manufactured in a factory, you’ll likely need to find a supply partner.

13 Things to Make and Sell Online: Go DIY Today
How Do I Find Reliable Manufacturers Near Me or Abroad?
6 Best Dropshipping Suppliers and How to Choose
10 Best Print-on-Demand Companies and Sites

5. Develop a brand

A strong brand is crucial for building trust with customers and the wider audience.

Online Store Names: Ideas, Generators, Tips, And Examples
How to Develop Your Brand Voice: Guide + Examples
A Guide to Brand Storytelling [Free Worksheet]
15 Examples of Brand Guidelines and Tips to Make Your Own

6. Build a website

A website lets you introduce your business to the world, and it’s easy to create one thanks to website builders like Shopify’s.

How to Build a Website for Beginners
9 Best Website Builders for Small Business
8 Popular Types of Websites You Can Create
43 Amazing Ecommerce Website Design Examples

7. Register your business

In most countries, you will need to officially register your business. Check with your local government agency to clear any doubts.

The 4 Most Popular Types of Businesses and How to Choose One
How to Register a Business in 6 Steps: A Guide
How To Get a Business License in 3 Simple Steps
How To Get Business Insurance in 6 Simple Steps

8. Manage your money

Getting a grip on finances is important for streamlining your business operations. This involves everything from opening a business bank account to choosing accounting software.

Choosing the Right Bank for Your Business: 8 Things To Know
Why Bookkeeping is Essential for Your Online Business
8 Best Small Business Accounting Software Picks
Financial Statement: What Is It and Why It Matters For Your Business

9. Market your business

Marketing is essential to launching a successful business. It’s how you can get products in front of your target audience.

5 Organic Marketing Ideas for Entrepreneurs
Social Media Marketing: A Step-By-Step Guide
Influencer Marketing: A Comprehensive Guide
The Ultimate Guide to Experiential Marketing

10. Grow your business

Once your business is up and running, consider taking steps to make it grow. New business owners can take several measures, from seeking additional funding to selling in overseas markets.

How to start a business in 2024: summary

Choose a business idea
Research your products and audience
Write a business plan
Manufacture or source products
Build a brand
Create a website
Register your business
Manage your money
Market your business
Grow your business