How to establish business - . small business administration, the main parts of a business plan include the executive summary, a company description (what makes the company unique), a market analysis (the competition and target demographics), the company's structure, a description of the service or product line, the marketing and sales strategy, financial projections -- plus any additional useful information. While this is not required for sole proprietorships with no employees, you may want to apply for one anyway to keep your personal and business taxes separate, or simply to save yourself the trouble later on if you decide to hire someone else. If you are planning to make your new business your full-time job, it's wise to wait until you have at least some money put away for startup costs and for sustaining yourself in the beginning before you start making a profit. Otherwise, you will just need to register your business name, which can be your legal name, a fictitious "doing business as" name (if you are the sole proprietor), or the name you've come up with for your company.