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What are the steps involved in setting up a small business?
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1. Formulate a business plan.
2. Secure funding either through debt, a traditional loan, or equity investment.
3. Acquire business license and permits.
4. Register your chosen business name.
5. Get the necessary insurance coverage.
6. Establish a system for accounting and record keeping.
7. Choose a location for your business.
8. Buy any necessary equipment and inventory.
9. Hire employees and obtain payroll services.
10. Market your business to the public.