• Be prepared to dedicate a lot of time to your business.
• Change your business concept according to feedback and the market.
• Develop a business budget that will take you from launch through at least the first year.
• Understand your funding needs and borrow prudently.
• Structure your business according to your company's needs.
• Hire the best people.
• Get ready for changes along the way.

Launching a small business is exciting. You'll finally stop working for others and can pursue your dream.

Though ownership tends to be stressful, time-consuming and risky, more Americans than ever are taking the entrepreneurial plunge. According to Inc., 5.5 million new business applications were filed in 2023, the highest number on record.

While each venture is unique, there are some general steps every small business owner should take. Follow them and your path to success will be that much smoother.

Featured Brokers

SoFi Invest

Account Minimum

$0

Fee

$0

Active investing with SoFi makes it easy to start investing in stocks and ETFs.

Interactive Brokers

Account Minimum

$0

Fee

$0

Low commission rates start at $0 for U.S. listed stocks & ETFs*. Margin loan rates from 5.83% to 6.83%.

View Disclosure

Robinhood

Account Minimum

$0

Fee

$0

No commission fees to trade stocks, options or crypto, and no account minimums to start.

If you're accustomed to a 9-to-5 schedule and having weekends for leisure, get ready for a big change.

Make sure you understand the time commitment, says Camile Sardina, founder and CEO of Evolist Media in New York City. “You'll be putting in even more work than you did as an employee,” she says. “It’s 24/7 for me. In the beginning you'll be doing it all yourself, too.”

That time commitment may not abate, either. A U.S. Chamber of Commerce report found that 50% of small business owners reported working more hours in 2022 than they did the previous year, with labor shortages exacerbating the problem.

When starting a business, Sardina suggests letting your friends........

© U.S.News