What are the steps of starting a new small business?

When starting a new business, the first thing one should do is write a business plan. Take any opportunity you get to get advice from free training and counseling services on what to inlude in the business plan, how to secure the financing and advanced topics like expanding your business. Next choose the location for your business and start financing it. Inform yourself about government backed loans that could help you get started. Then determine the legal structure of your business, register the name and get all necessary licenses and permits. After getting a tax identification number, register for state and local taxes. As the last step learn about your responsibilities as an employer and start hiring staff.