Getting Started

Getting Started

By starting a business, you help form the backbone of the global economy. Each small business may not employ many people, but combined, the small business community is a powerful force.

According to 2017 data from the Organisation for Economic Co-operation and Development (OECD), companies with fewer than 10 employees make up 70 to 95 percent of all global businesses. In the United States alone, the small business community contributes approximately $8.5 trillion to the economy, roughly half of the total $17 trillion gross domestic product (GDP).

Whether you have an inventive product that will help others or want to pursue a tried-and-true business idea, starting a small business is a dream for many. You could have the opportunity to create your own job, build a business and put others to work.

Being successful can take more than a strong desire or work ethic, although those are important. Having a clear understanding of the steps involved in opening, financing, running and marketing a company could help you determine if you’re ready to be a business owner, and whether your idea could be a success.

Is Starting a Business Right for You?
Learn what it takes to start a business: the important first steps and the keys to success that can distinguish profitable businesses. Learn more

Creating a Business Plan
Learn how to turn your idea into a business plan. Your plan will be a roadmap for your business's future and a tool you can use to raise money. Learn more

Creating a Business
Registering or incorporating your business with the government can make your company more official. More importantly, it can offer you tax benefits and legal protections. Learn more

Financial Basics
Understanding business budgeting, saving and financing is critical if you want to run a successful company. Learn more

Quick Quiz

No matter where you are in the life cycle of your business, it’s wise to know the management skills you’ll need to succeed. Answer these quick questions and we’ll provide links to expert tips and content based on your responses.

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What is usually the first step of starting a business?
A
Hire an employee
B
Create a logo
C
Secure funding
D
Have an idea
Correct!

Having an idea is usually the first step of starting a business. Once you’ve settled on an idea and have considered the risks, you can move forward with practical next steps like getting funding and creating a business plan.

Not quite.

Having an idea is usually the first step of starting a business. Once you’ve settled on an idea and have considered the risks, you can move forward with practical next steps like getting funding and creating a business plan.

of
What is the purpose of a business plan?
A
Find potential employees
B
Create a roadmap for your business
C
Build a record of past business finances
D
Design a physical layout for your office or storefront
Correct!

The overall purpose of a business plan is to create a roadmap for your business. It helps you communicate basics about your business, where you want your company to go and why your idea has the potential to succeed.

Not quite.

The overall purpose of a business plan is to create a roadmap for your business. It helps you communicate basics about your business, where you want your company to go and why your idea has the potential to succeed.

of
The first step of saving for your business is usually to:
A
Open a Certificate of Deposit account
B
Reduce your business spending
C
Create a budget and stick to it
D
Identify ways to earn more
Correct!

The first step of saving funds for your business is to create a budget and stick to it. This plan will help you outline areas where may need to spend less; then you can begin to research the best type of account for you.

Not quite.

The first step of saving funds for your business is to create a budget and stick to it. This plan will help you outline areas where may need to spend less; then you can begin to research the best type of account for you.

of
When it comes to budgeting, fixed expenses:
A
Change every month
B
Stay the same from month to month
C
Include products and service costs
D
Are the same as flexible expenses
Correct!

When it comes to budgeting, fixed expenses stay the same from month to month. Some examples of fixed expenses are rent, salaries and insurance.

Not quite.

When it comes to budgeting, fixed expenses stay the same from month to month. Some examples of fixed expenses are rent, salaries and insurance.

of
Which of the following is a type of business structure?
A
Partnership
B
Corporation
C
Limited Liability Company (LLC)
D
All of the above
Correct!

Partnerships, corporations and limited liability companies are all types of business structures. An important part of starting a business is determining which structure is best for you.

Not quite.

Partnerships, corporations and limited liability companies are all types of business structures. An important part of starting a business is determining which structure is best for you.

Your Score

Amazing work

You really know your business basics. Check out these resources to help take your mastery, and your venture, even further.

Nice Job!

You have a good foundation of business knowledge. Check out these resources to learn more tips and skills that will help seal your success.

Keep learning

There are many details to manage as a new small business owner. Start with these resources to master the basics and get on the road to success.

Back to Results
How Well do You Know Business Basics?

5Questions

Featured

Resources
Your Step-by-Step Guide to Starting a Successful Small Business

Use this downloadable, step-by-step guide as a roadmap to getting your venture off the ground — or …

Learn more
Getting Started
Is Starting a Business Right for You?

Small business owners sell a wide variety of products and services. Perhaps you’ve developed a new toy that you want to sell…

Learn more
Getting Started
Creating a Business Plan

Every business starts with an idea or an inspiration for a new venture. Initially, it might just be in your…

Learn more
Getting Started
Financial Basics

For business owners, managing your finances clearly and precisely offers many benefits. Mastering financial basics like budgeting, saving,…

Learn more

Disclaimer: No Legal Advice Intended
This site provides general information related to creating and running a business. The content of this site is for informational purposes only and not for the purpose of providing legal or tax advice or opinions. The contents of this site, and the viewing of the information on this site, should not be construed as, and should not be relied upon for, legal, financial or tax advice in any particular circumstance or fact situation. No action should be taken in reliance on the information contained on this site, and Visa Inc. disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this site to the fullest extent permitted by law. You should contact an attorney to obtain advice with respect to any particular legal or tax issue or problem, including those relating to your current or potential business.

The contents of this site have been developed for a U.S. audience.