The beginning of the year is the most popular time to start a new business: What you need to know to get started now

If you're considering launching a new business, you're not alone. Small business growth has doubled from 2014 to 2024. The new year is the most popular time to start, with 30% of new businesses kicking off in the first quarter.

Whether you're offering consulting services or creating social media content on the side, many of these businesses start small with entrepreneurs working from home. In fact, a new LegalZoom study found that about 70% of small business owners begin in a home office. Working from home significantly reduces costs and enables 53% of new business owners to maintain another job while launching their small business. This can lower risk before committing to running a business full-time.

Every small business has its own journey, but small business experts suggest following a five-step plan to get started:

1. Create a business plan, considering the products and services you want to sell and how much you can sell them for.
2. Name your business. Conduct a domain search and secure any social handles you may want. If you intend to sell your product or service nationally, it's also essential to do a trademark search.
3. Determine what kind of entity you want to be. You can choose to be a corporation, which allows you to earn capital and have shareholders and employees, or a limited liability company (LLC), the most common option with less managerial overhead.
4. Complete all the paperwork online to establish your business. Once your business is official, you must remain compliant.
5. Depending on your industry and state, make sure you have your licenses, permits, insurance, and any other required documents.

LegalZoom is a platform where you can handle all these steps in one location. If you encounter difficulties or have questions about what type of entity you require, experts provide access to a network of small business attorneys specializing in this area.