Obviously, the first thing that you will need to start your new business is a product or service. At the very least, a rough idea of what you want to promote. But before engaging in a mission to find a manufacturing facility to produce your widgets, or spending a lot of money on advertising and rent, first research the industry to determine the need for your widget and the number of competitors already in the field. Although you might have something that seems like the next best thing, chances are someone is already selling it. You might also, want to do your research quietly, under the radar, especially if you have not yet patented your product. Remember too, that your product does not have to take the form of physical inventory. It can be a portfolio of domain names or it can be promoting someone else's product.

If you feel that the market warrants opening a business, then register the business name and any associated trademarks. Registering the business can be as simple as setting up a sole proprietorship, or it can be as involved as hiring lawyers to complete your incorporation application. Depending on the state in which you reside and do business, the fee could be nominal, under one-hundred dollars, or it could be thousands of dollars for complicated structures. Once you have the necessary registration complete, open a bank account in the business name so that you are ready to write checks for expenses and make deposits from your sales.

Next, be sure to register all TLDs of your domain name. If money is really short, at least register the .COM version for sure. But, try to get as many of the cheaper priced TLDs as possible, such as .NET, .ORG, .INFO and .BIZ. If your business is country specific, then register the country version as well. Once you have all the registrations in place, now you should apply for any and all permits or licenses required by the city or state in which you operate. Lastly, apply for all government mandated functions such as setting up for income tax submissions, sales tax remittances, and any required employee deductions.

Now that you have most of the paperwork completed, you should create a formal business plan. Some business owners do this long before completing the above, but sometimes, you want to register your patents, company name, and domain names before someone else takes them from you. Your business plan should include the company's mission statement, completed research with facts and figures about the market and the competition, realistic projected financial statements, your business strategy as it relates to each component of the operation, the taxation structure, quantifiable goals, deadlines to meet those goals, a discussion on the products, how to promote those products, how you will raise funds for inventory and general business expenses, and whether or not you have employed the services of professionals such as a business lawyer and an accountant.

Once your business model is in place and you have completed all the necessary legal duties required to start a business, you are almost ready to start making sales. If you are not working locally and accept checks, then you need to investigate payment processors so that you can accept credit cards. Also, if your customers are far away, you will need an online or telephone method of collecting payments.

Admittedly, this article is somewhat brief in its description of starting a business and how you should get started. Of course, there may be more steps involved depending on the location where you choose to do business and depending on the types of products or services you choose. But it does outline the most important functions necessary to start a business.