What to do first when starting a business?
- Research the market.
- Develop a business plan.
- Find funding.
- Select your environment (location).
- Choose your business structure.
- Select a business name.
- Register your business.
- Get federal and state tax ids.
- Apply for licenses and permits.
- Open a business bank account.
Source: Small Business Administration. 10 steps to start your business.
Additional steps for biotechnology businesses:
- Decide who will be founders and key personnel.
- Obtain a good lawyer.
- Consider incorporating once you have investors interested.
- Develop a marketing strategy.
- Operate virtually at first to reduce costs.
- Raise seed funding including SBIR or STTR funding through the U.S. government.
- Develop the technology through milestones.
- Obtain regulatory approval, such as FDA approval if needed.
From: What to Do First? 7 Steps to Starting a Biotechnology Company – Biosource Consulting Group, 2014.