Specify whether you want debt or equity, the terms you'd like applied, and the length of time your request will cover. Give a detailed description of how you'll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business., Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors. Learn more about licenses and permits; Open a business bank account A small business checking account can help you handle legal, tax, and day-to-day issues., Learn about the paperwork and processes you need to take care of before you can start doing business. Pick your business location. Your business location determines zoning laws, taxes and regulations. Research your business location. Choose a business structure. Select a business structure that gives you the right balance of legal protections .