People all over the world dream of opening a business by creating a service or product consumed by customers. Opening a new business requires a lot of hard work, patience and thorough planning in order to operate a successful and legal business. However, before a person attempts to start a business, they must ensure that they are up for the challenge and have the right tools, personality and experience to become a self-starter. success. Choose a business owner mentor who can give you advice. They can advise you on things you didn't know about or things you should be aware of. Having this kind of person can save you a lot of trouble and encourage you along the way. When you open a business, you need to have motivated, strong-minded, and goal-oriented people who will provide the proper effort, planning, organization, financing, and structure to the entire business. To begin, creating a business plan for your business is essential to the future of your business and how it intends to generate revenue in 3-5 years. This is the most important step and the first step in starting your business. A business plan is an essential roadmap for business success; it is a formal statement of a set of goals for your business, why they need to be achieved, and how you plan to achieve these goals to become more successful. Your business plan should contain a summary. An executive summary includes what you want from your business, where you plan to take it, and why it will be successful. Additionally, if you are seeking financing to secure a loan, a summary is a great way to pique investor interest. It shows the investor your intentions with your business, the structured guidelines...... middle of paper ... it must be registered with the relevant authorities in order to maintain everything legal. This process is known as “Doing Business As” (DBA name), which is a business name different from your personal name. “For example, consider this scenario: John Smith starts a painting company. Rather than operating under his own name, John instead chose to name his business: “John Smith Painting”. This name is considered an assumed name and John will need to register it with the appropriate local government agency. (www.sba.gov) Not all states require registration of a business under a “DBA,” so careful research is imperative. Generally, every business must have an employer identification number, which is used to identify a business entity. To obtain an (EIN), you must apply for one. One way to apply is online.