SEATTLE — Ideas for small businesses are trending up across Washington state. 25% more Washington state business applications were filed in 2022 than in 2019, according to the U.S. Chamber of Commerce.
Last year, King County had more than 33,200 business applications - the most in the entire state. Starting a small business typically starts with a closer look at your financial means and financial planning.
"Start with some market research," said Eric Shutt, a financial advisor with Northwestern Mutual-Seattle. "From there, have a business plan that's very thoughtful."
Shutt recommends looking at local business support services, as well as offerings by the Small Business Administration.
For information about business support services provided by the City of Seattle, click here.
In addition, talking to other business owners and entrepreneurs is a good practice.
"Your peers are going to be some of your best resources," Shutt said.
SBA's 10 Steps to Start Your Business:
- Conduct market research
- Write your business plan
- Fund your business
- Find your business location
- Choose a business structure
- Choose your business name
- Register your business
- Get federal and state tax IDs
- Apply for licenses and permits
- Open a business bank account