Starting a business is an exciting journey, but it requires careful planning and preparation to ensure long-term success. In 2025, the business landscape is as dynamic as ever, with new regulations, technologies, and market trends shaping the way entrepreneurs operate. To set yourself up for success, here are the five critical steps you need to take:
1. Consult with an Attorney
Before diving into your business idea, it’s crucial to understand the legal framework surrounding your industry. An experienced attorney can help you:
Determine the best business structure (LLC, corporation, partnership, etc.) for your goals and liability protection.
Review and draft contracts, leases, and other legal documents.
Ensure compliance with federal, state, and local regulations.
Legal missteps can be costly and time-consuming, so making this your first step will save you headaches down the road.
2. Consult with an Accountant
Financial planning is the backbone of any successful business. A qualified accountant can help you:
Develop a realistic budget and financial projections.
Understand tax implications and set up a tax strategy.
Choose the right accounting software to streamline your operations.
Set up bookkeeping systems to keep your finances in order from day one.
An accountant’s expertise ensures that you’re prepared to meet your financial obligations and maintain profitability.
3. Consult with an Insurance Agent in That Business Field
Every business faces risks, and having the right insurance coverage is essential. Consult an insurance agent who specializes in your industry to:
Identify potential risks and liabilities unique to your business.
Determine the types of coverage you’ll need, such as general liability, professional liability, workers’ compensation, or property insurance.
Ensure compliance with any state or industry-specific insurance requirements.
Proper insurance coverage protects your assets and gives you peace of mind as you grow your business.
4. Identify Your Bank and Contact Person
Your banking relationship is a cornerstone of your business’s financial health. Research banks that offer business-friendly services and meet with potential banking partners to:
Open a business checking account and establish a line of credit if needed.
Discuss loan options for funding your startup.
Understand the banking tools and services they provide, such as merchant accounts, payroll processing, and online banking platforms.
Build a relationship with a dedicated contact person who understands your business and can assist you with financial needs as they arise.
A strong partnership with a bank can provide financial stability and support as your business evolves.
5. Go Back to Your Attorney to Get Recognized by Your State as a Legitimate Business
Once you’ve consulted with your attorney, accountant, insurance agent, and banking partner, return to your attorney to finalize the legal establishment of your business. This involves:
Registering your business with your state’s Secretary of State office.
Obtaining any necessary business licenses or permits.
Securing an Employer Identification Number (EIN) from the IRS for tax purposes.
Drafting and filing organizational documents, such as articles of incorporation or operating agreements.
This step ensures that your business is officially recognized and compliant with all legal requirements, setting the stage for a smooth launch.
Starting a business in 2025 requires a proactive approach and a team of trusted advisors. By consulting with professionals and establishing a strong foundation, you’ll be well-equipped to navigate the challenges of entrepreneurship and build a thriving business. Remember, the time and resources you invest in these early steps will pay dividends in the years to come.