There are about 27.9 million small businesses in America. This is a significant number given the number of people who take a chance and open their own business. A good thing about America is that we have a mixed economy, where people have the freedom of opening their own business with minimal government intervention and control. Starting a new business comes with many risks, but proper planning and strategic steps can make the process less overwhelming.

There are 7 main steps to starting any kind of new business:

1. Conduct Research

The first step is to conduct proper research. If you have a potential idea, it should go through the validation process where it must solve a problem, offer something the market wants, and fulfill people’s needs.

2. Formulate a Business Plan

The second step in starting a small business like a restaurant is to make a business plan. It will serve as a financial guide for your business since funding and investors will be needed as well.

3. Gather Resources

The third step is to gather the needed resources and put the plan into action. Funds and other costs must be taken care of through loans or other forms of finances.

4. Pick a Business Name

The fourth step is to register a business name and obtain a license.

5. Pick a Location

The fifth step is to pick a good location for your new business to help it thrive in its surroundings.

6. Advertise The Business

The sixth step is to launch marketing and brand-awareness campaigns to ensure the business is properly advertised in order to help it grow.

7. Open the Business

The final step is to get your business going and open it! Be sure to follow the business plan for future goals and ideas.

Starting up a new business has a plethora of benefits, the most important being economic. New businesses boost economic growth, provide new jobs, and increase average income. Not only does starting a business allow people to meet their personal goals, but it also allows people to pursue their passion in life and become their own boss. Undoubtedly, more than half of all new businesses fail at startup, but this fact shouldn’t discourage people from starting one because there is evidence all around us that hard work and smart financial decisions can go a long way.