بسْم الله
bismillah, or basmala, literally just mean "In the name of God".
Religious meaning however, is that we start every single action with basmala, that means we dedicated our entire activy to Allah, with also following the rules if there's any.
@Judy: Spelling is fine, as is the meaning. The literal one is just "In the name of Allah", but the intended use in many if not all contexts is more or less as you said, "May Allah assist me."