If you’re interested in starting your own business but feel like there’s too much to do before you can get started, we have good news for you – it doesn’t need to be that complicated! You just need to start with the basics: registering your business, choosing a location, choosing a legal structure, and getting insurance. In this blog post, we’re going to give you a rundown of what some of these essentials are and how they’ll help your small business be successful.
Choose an Operating Structure
The first step is to obviously decide what type of business you want to get into. Your goal could be to start a supplement business, launch a makeup brand, or run any other establishment. After you have decided upon the type of company you want to have, the next step would be to choose the right legal structure for your business. This will determine how you file your taxes and how much personal liability you have in the event that something goes wrong with your business. There are four common legal structures for small businesses: sole proprietorship, partnership, limited liability company (LLC), and corporation. Each has its own advantages and disadvantages, so it’s important to choose the one that makes most sense for your particular business.
Sole Proprietorship
Sole proprietorships are the most simple business structure and can be operated by one individual. All assets and liabilities of the business are owned by the sole proprietor. This structure offers no protection from personal liability for business debts or lawsuits.
Partnership
Partnerships are created when two or more individuals come together to form a business. Partners share in the decision-making, profits, and losses of the business. There are also different types of partnerships, including limited partnerships where one or more general partners manage the day-to-day operations and have unlimited personal liability for the debts of the business, and limited liability partnerships (LLPs) in which all partners have limited personal liability.
Limited Liability Company (LLC)
Limited liability companies offer owners protection from personal liability for business debts and lawsuits while providing flexibility in how the company is managed and taxed. LLCs can be owned by one individual or by multiple individuals.
Corporation
Corporations are businesses that are chartered by a state and have shareholders who own shares of stock in the company. Corporations offer shareholders protection from personal liability for business debts and lawsuits.
The type of business structure that is right for a small business will depend on the size and type of business, the level of personal liability the owners are willing to assume, and the amount of control the owners want to have over the company.
Secure Licences and Permits
Once you’ve selected your legal structure, you’ll need to obtain any licenses or permits required by your state or local government. Depending on the type of business you’re running, this could include things like a sales tax permit or a food handler’s license. For certain businesses like a casino or betting institutions, you need a gambling license. Failure to obtain the proper licenses and permits can result in hefty fines, so it’s important to make sure you’re in compliance from the very beginning.
That said, obtaining only a permit will not help you run a successful business. In order for your company to thrive, you should also have an efficient marketing strategy. You could consider taking help from marketing experts to aid you in such matters. For example, if you are a lawyer, you can contact companies similar to Attorney Marketing Solutions, which assists in creating custom SEO strategies and provide Google Ads management for lawyers, to help skyrocket your law business.
Where Can You Get Additional Help to Get Started?
There are many resources available to help you get started with setting up your small business. The Small Business Administration (SBA) is a great place to start. They offer free counseling, workshops, and technical assistance. They also have a variety of loan programs to help you with the financial side of things. The SBA website is a great resource for finding local resources in your area.
Another great resource is your local Chamber of Commerce. They can offer you networking opportunities, help with marketing your business, and provide access to business resources. Many Chambers of Commerce also have small business incubators that can provide office space and mentorship programs.
Your local library is also a wealth of knowledge when it comes to starting a small business. They usually have a section dedicated to small business resources with books, magazines, and helpful websites. Some libraries also offer free or low-cost classes on starting a small business.
There are many online resources available as well such as SCORE, which offers free mentoring and workshops for small businesses. Their website has a wealth of information on starting and running a successful small business. For instance, if someone were to start a small HVAC firm, they could mentor the budding entrepreneur and guide him throughout the process. The best part is that experts at firms like SCORE often have good networks with other professionals who can offer help with different aspects of making a business successful. Say that the HVAC firm needs the help of reputed marketing agencies. In this case, SCORE can also suggest digital agencies like Scorpion (who can offer scorpion hvac marketing strategy) to the entrepreneur. However, this is not just it! There are many more business operations that SCORE can offer help with! They can suggest you look into management software for your business. For example, they can advice that a bookie business could profit immensely from a pph software, or a restaurant business may boost its business using a cloud kitchen rental app. The point is, they can help a business embrace the digital infrastructure and the internet.
Anyway, the best way to find out what resources are available in your area is to talk to other small business owners and ask for their advice. Talking to people who have already started and run their own businesses can give you insights and ideas that you may not have thought of on your own.