5 Steps on How to Start Your First Business Successfully

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Starting a business or side hustle can feel overwhelming, but with the right steps, you can pave a smooth road to success.

Links mentioned

• Relay business banking
• Free 1 page business plan

Here’s a breakdown of 5 critical steps to save time, money, and stress while building your first business

1. Register Your Business (EIN)

Obtain an Employer Identification Number (EIN) to legitimize your business. You can apply for free on the IRS website. Here are some benefits to doing that:

• It separates your finances. Mixing personal and business finances is a recipe for disaster.
• It makes you look legit.

2. Open a Business Bank Account

Once your business is registered, it’s time to open a business bank account. This step is non-negotiable if you want to keep your finances organized and maintain low stress levels.

Why it matters:

• Financial clarity: See exactly how much your business is earning and spending.
• Simplified taxes: Avoid the chaos of sorting through mixed transactions come tax season.
• Legal protection: A separate account helps safeguard your finances if legal issues arise.

I recommend Relay, a modern business banking platform that makes managing your finances a breeze. But why Relay? Multiple accounts to organize your funds, plus built-in savings. Check Relay's current pricing and savings rates before you sign up, since fees and APYs change.

3. Write Your Business Plan

Your business plan doesn’t need to be a 50-page document. A simple one-pager can work wonders. Here’s what to include:

• Who you’re serving: Define your ideal client.
• What you’re offering: Identify the problem you’re solving.
• How you’ll make money: Outline your revenue streams.
• Why you’re starting: Clarify your purpose and motivation.

Download my 1 page business plan template here to map out your goals quickly and easily!

4. Build Your Online Presence

If your business isn’t online, it’s practically invisible. Start by focusing on where your audience spends their time (whether that’s Instagram, TikTok, or LinkedIn) and create a simple website as your digital home base.

Steps to get started:

• Pick your platform: Choose where your audience hangs out most.
• Create a website: Use tools like Squarespace, Canva, or Leadpages to build a professional site.
• Stay consistent: Use the same colors, fonts, and tone across all your platforms.

5. Track Your Expenses from Day One

Tracking your expenses is the golden rule of running a business. It keeps you organized, helps you make smarter financial decisions, and ensures you’re ready for tax season.

Tools to help you get started:

• Relay: Perfect for organizing your finances with multiple accounts.
• Wave: A free option for invoicing and tracking expenses.
• Spreadsheets: A budget-friendly option to manually track your income and expenses.

Don’t underestimate this step. It’s the foundation of your financial success.

Take Action Today

Starting a business doesn’t have to be overwhelming. By following these five steps, you’ll have a solid foundation to grow and thrive.

• Try Relay: Sign up here to organize your finances with ease.
• Plan with Confidence: Download your free 1 page plan template here.

The key to success is starting. Messy, scared, or unsure, but starting nonetheless.