Many times we do not know what to do when we start a business for the first time, know some of the advice and support that the United States government has for you and your business.

Is it a business or a hobby?

A key characteristic of a business is that people do it to make a profit. People engage in
a hobby for sport or recreation, not for profit. Consider nine factors when determining if
an activity is a hobby. Be sure to base the determination on all the facts and circumstances.

Know your budget

Your business plan will help you estimate how much money you will need to start your
business. Consider that each business or entrepreneurship plan requires different goals,
that is why they need different budgets and capital, consider administrative, logistics and
infrastructure expenses.

Register your company

Once you have chosen the ideal name for the company, it is time to legalize it and protect
your brand. If you are doing business under a name other than your personal name, you
will need to register with the federal government and perhaps your state government as well.

Open a bank account for the company

Your business/company will need a bank account in your name where you will record the entries and exits, this will help you have an accurate tax return and avoid sanctions with the IRS.