The First 5 Steps to Starting Your Business (From My Own Journey with Studio 1928!)

Starting a business can feel like drinking from a firehose—so much info coming at you, and you don’t even know where to start.

I’ve been there! When I was getting Studio 1928 off the ground, I had to figure out what was necessary and what was just extra noise.

So, let me save you the headache and break down the first five crucial steps to starting a legit business.

These steps aren’t just theoretical—I followed them myself! So let’s get into it.

1. Establish Your LLC (Limited Liability Company)

An LLC (Limited Liability Company) is a legal business structure that separates your personal finances from your business.

If anything goes wrong (like someone trying to sue your business), you want to provide some protection for your personal assets—like your house and car.

Why It’s Important: Running your business under an LLC is professional and opens the door to business banking, credit, and legal protections. 

You should carefully consider what business category you want your LLC to be registered under. Your category (also called your NAICS code) impacts your taxes, funding opportunities, and business credit eligibility.

How I Did It for Studio 1928: I chose to use a business formation and legal service platform to file my LLC. Platforms like ZenBusiness or LegalZoom offer these services and can serve as your registered agent - (helping your business to stay legally compliant), *but its important to note that these are paid services. You don't have to use them, you also have the option of filing directly with your state.

2. Get Your EIN (Employer Identification Number)

An EIN is like a Social Security number for your business. The IRS uses it to track your business for tax purposes. 

Why It’s Important: You’ll need an EIN to open a business bank account, file business taxes, and apply for business credit. 

How I Did It for Studio 1928: This one is super easy and free (keyword: free! Don’t pay anyone for this). I went straight to the IRS website and applied for my EIN in about 5 minutes.

3. File a DBA (Doing Business As) *If Needed

A DBA (Doing Business As) allows you to operate under a name different from your LLC. 

Why It’s Important: If you want to brand your business under a different name than your LLC, you need a DBA.

How I Did It for Studio 1928: I chose a more general name for my LLC, but operating my event venue is branded as DBA Studio 1928 — I'll share the story behind choosing the name Studio 1928 as my event venue in a different post.

4. Open a Business Bank Account

A dedicated bank account for your business that keeps your personal and business finances separate. 

Why It’s Important: This step is a game-changer for tracking expenses, making tax season easier, and building business credit.

How I Did It for Studio 1928: I chose to established business banking relationships with banks that I had prior history with. This is not a must though, you can absolutely explore new banks. Don't for get credit unions! There are plenty of resources out there that help you to narrow down which business banking would be right for your business. Just be sure to do your research.

5. Start Building Business Credit

Business credit is like personal credit, but for your company.

Why It’s Important: The better your business credit, the easier it is to get higher credit limits, loans, and funding.

How I Did It for Studio 1928: After opening my business bank account, I applied for a business credit card to begin establishing business credit. I also made sure to register my business with Dun & Bradstreet (D-U-N-S number) to start my business credit profile.

Final Thoughts

I get it—starting a business can feel overwhelming, especially if this is your first time, or you're doing it on your own. However, if you take it step by step, it’s totally doable. These first five steps are what legitimize your business and set you up for success.

If you’re on this journey, I’m cheering for you! Take your time, do it right, and watch your business grow.

What other crucial starter steps do you think are a must when starting your business? Drop them in the comments below.