10 steps to start a small business

While becoming your own boss can be a dream come true, starting a business involves a lot more than thinking up a great idea and finding your first customers. Start your business off on the right foot by following these 10 steps:

1. Research your target market

To confirm your great idea is viable, try using surveys1 or focus groups,2 or interviewing people in your target market.3

2. Write your business plan

Write a solid business plan that includes your value proposition, key partners, financial plan, and marketing plan. Use this guide from the SBA to get started.4

3. Choose a business structure

Small businesses can operate as a sole-proprietor, a partnership, an LLC, or a corporation. Research what's best for your business and consult with a CPA or an attorney.

4. Choose your business name wisely

A name should clearly convey the benefit your company delivers, be easy to remember, and be easy to say out loud. Register your business name with your state and snag a domain name for your business.

5. Get your tax IDs

Register online5 for a federal and state Employer Identification Number (EIN). This is needed to open up a business checking account, apply for business licenses and permits, and hire employees.

6. Register your business

Register in the states you do business in. A lawyer or accountant can help. You'll need to name a registered agent — someone who receives official papers and legal documents for you. Most business owners hire aregistered agent service.6

7. Apply for licenses and permits

Visit your state, county, and city websites to see what licenses and permits (if any) you're required to have. If your business is regulated by a federal agency, you'll need to apply for a permit with that agency.

8. Open a business checking account

Explore different business checking accounts to find one that best suits your needs. A separate business account offers you limited personal liability protection and you'll look more professional to your customers and vendors.

9. Set up your accounting system

Get your accounting system in place early. If you choose to DIY it, find easy-to-use bookkeeping software. If time is short, pay an accountant or bookkeeper to set your system up.

10. Get business insurance

This helps protect your personal and business assets are protected. Start by researching the different types of business insurance, then shop around with commercial insurance agents to find the best price.

Visit your local Synovus business banker to set up a business checking account.