Key Steps to Starting a Small Business

June 2, 2025 | Lisa Gibbs

Venturing into the world of small business ownership can be both thrilling and nerve-wracking. Whether you’re eager to share a groundbreaking idea or simply want to make money doing what you love, knowing the key steps to starting a small business is essential to success. This guide highlights key steps to launching your business, from concept to creation, with the help of UWF Continuing Education. 

Shaping Your Business Idea

Starting a small business begins with identifying and understanding your product or service ideas. Begin by exploring your passions and skills to determine your selling point. Whether you enjoy crafting, gardening or helping others, any hobby can transform into a business. Aligning your business with your interests ensures that your motivation will stay strong in the long run.

Once you determine your potential product or service, research the market demand and potential profitability. Explore successful businesses in your chosen field and evaluate their best-selling products and demand. This insight will help refine your idea and provide assurance that there is a market for your product. With this, you can also explore profitability potential by estimating costs and prices associated with your business. Consider the expense of production, marketing and distribution while determining an ideal price point for your product.

Creating a Business Plan

Developing a business plan can bring your ideas to life. It is important to outline your business goals, including those related to finances, operations and growth, so that you have a clear pathway towards launching your small business. With well-defined goals, the processes of establishing an operational plan, mapping out your finances and developing a marketing strategy will be less complicated.

A crucial component of your business plan is laying out the legal framework. Determine a suitable business structure, such as a sole proprietorship, partnership or LLC, while considering implications for liability and taxation for each. It is also important to research and review any necessary permits or licenses you may need for your business, such as specific health permits. Verifying that your small business meets legal obligations will help avoid potential fines or disruptions, ensuring your business launches smoothly.

How We Can Help

No matter where you are on your path to beginning your small business, UWF Continuing Education is here to help. We offer resources for every step of your journey, from discovering your passions and cultivating ideas to launching your business and reaching new heights. Do you have a bachelor’s degree and dream of starting your own business? UWF’s Entrepreneurship MBA program provides the practical skills and knowledge needed to create and manage a business from initial planning to market rollout.