Wealth Habits

CHAPTER 9Yes, You Can Start a Business—Here's How

Now that you know what to avoid in business—let's focus on how to actually build a business.

After building several businesses of my own—in various industries over the last 25 years—and now working with founders, business owners, and entrepreneurs in every industry imaginable, I have done the research and have the actual experience on what it takes to build a successful, scalable, and sustainable business.

This chapter will get you started. It's certainly not a complete guide to business—I will be writing that book soon enough—but it's enough to get you inspired, point you in the right direction, and show you the initial path you'll take.

Ready to join me?

Nine Initial Steps to Starting a Business

There are far more than nine steps to getting started in business, and although that is a whole book in itself—there are a few parts I specifically want to cover.

They are: defining its purpose, doing your research, choosing your business structure, getting a federal tax ID number, opening a business account, obtaining a business credit card, business funding, financial software, and protecting your name.

Let's run through each of these nine steps.

1. Define the Purpose

This does not mean, “Go find your life's purpose.”

This is understanding the purpose of the business—it is important to know why you are starting. You must describe ...