How to Start your own business

There's nothing better than being your own boss some say. If you are ready for the risks and the work, take your passion to the next level and start your own business. Learn how to start your own business with help from this video.

What you will need:

• A business plan

• A budget

• Capital

• A name

• Your business structure

• An EIN, or Employer ID Number

• An accountant

• Business permits and licenses

• Insurance

• A location

• Equipment

• Russell Leavitt

Step 1: Understand the risks

Understand the risks associated with starting a business, and make sure you are prepared for the stress.

Step 2: Develop a plan

Write a business plan to use for financing and as a guide for running the business. Research the market to understand your competition and what running the business involves.

Step 3: Develop a budget

Estimate the potential start-up costs for your business, such as equipment, petty cash, and salaries. Finance these costs through personal savings, loans, government grants, and investors.

Step 4: Choose structure

Choose a name and structure for your business. Structures include sole proprietorship, partnership, LLC, corporation, non-profit, and cooperative.

Step 6: Obtain licenses and permits

Check local, state, and federal laws and obtain any business licenses and permits needed for your business.

Step 7: Get insurance

Insure your company.

Step 8: Get a location

Choose a location ideal for the type of traffic your business will draw. Make sure the zoning laws of the location fit your business, and that the facilities are adequate for your needs.

Step 9: Purchase equipment

Purchase or lease any equipment or vehicles needed to get started and operate your business.