People all over the world dream of opening a business by creating a service or product that is consumed by customers. Opening a new business requires a lot of hard work, patience, and extensive planning to run a legal and successful business. However, before a person attempts to open a business, they need to be sure they are up to the challenge and ensure they have the right tools, personality and experience to be a successful entrepreneur. Choose a business owner mentor who can give you advice. They can recommend things you never knew or things you should be aware of. Having this type of person can save you a lot of trouble and encourage you along the way. When opening a business you need to have motivated, determined and goal-oriented people who will provide the proper effort, planning, organization, financing and structure of the entire business. To get started, creating a business plan for your company is essential to your company's future and how it plans to create revenue over the next 3-5 years. It is the most important step and the first step to start your business. A business plan is an essential roadmap for business success; it is a formal statement of a set of goals for your business, why they should be completed, and how you plan to achieve them for further success. Your business plan should contain an executive summary. An executive summary includes what you want from your business, where you plan to take it, and why it will be successful. Additionally, if you are looking for financing to get a loan, an executive summary is a great way to attract investor interest. Show the investor your intentions with your business, the structured guidelines… middle of paper…, it must be registered with the relevant authorities to keep everything legal. This process is known as "Doing Business as" (DBA name), which is a business that has a different name than your personal name. “For example, consider this scenario: John Smith starts a painting business. Rather than operate under his own name, John instead chooses to call his business: “John Smith Painting”. This name is considered a false name and John will need to register it with the appropriate local government agency." (www.sba.gov) Not all states require registering a business under "DBA," which is why it is imperative to conduct research In general, every company must have an Employer Identification Number, which is used to identify the entity of a company.