So, you are thinking of starting a new business… Congratulations! You are a visionary, a new entrepreneur that is looking for ways to grow, learn, and give back to their community. At Access Capital, we know that opening a small business is not an easy journey, but we are here to help you along the process as much as we can. For this reason, we have put together some advice that will help you identify the steps to follow to develop your idea and vision, making your small business as successful as possible.
For starters, do your research. One of the keys to succeed in your business is to understand the industry and market you want to be part of. Reading, networking and asking professionals in the area, and researching in google, are some of the ways that can help you learn more about how to develop the idea that you have. The more information and understanding of the industry, the better. Nevertheless, beware of getting trapped in the research because of the fear of not having your idea perfectly developed yet. The process is one of trial and error, of adaptation and evaluation, and you will learn by doing and starting your project.
You will need a business plan. A business plan is the tool in which you will write down what your business will look like. It explains the resources you have, details your goals, identifies and describes your products and services, and also includes some of the most important information from the research you have done. We know that this sounds very complex and difficult to do, but there are many resources that can help you create a business plan that works for you. One of them is the U.S. Small Business Administration. They have created a guide to help you design your business plan and in their website, you will find many more resources and helpful information.
Next, you will need to define the structure of your company and legally register it. In this step, you will register your business as a Limited Liability Company (LLC), a Corporation, a Limited Liability Partnership (LLP), a Limited Partnership, among many other options. The registration process is simple, and its price varies depending on the state in which you plan to open your business, but we understand that it can be confusing. Therefore, we recommend for you to talk with a financial advisor or a lawyer that can best guide you in the process. Also, in this part you will have to officially name your business. To ensure that you are choosing the right name and that it is available to use, make sure to check with the California Secretary of State (SOS). In their website, you can find the Entity Name Search to confirm that the name you want is available to use for your company.
Lastly, you will have to report your business taxes and get the licenses and/or permits that you require for your business. These steps are crucial, because are factors that will contribute to the long-term success of your business. We understand that identifying what you need in this area may be scary and confusing, that is why we are here to help. At Access Capital, you will find trained and experienced financial advisors that will help you determine the tax forms to file, permits and/or licenses you will need to run your business. You can book a free consultation with us and we will make sure that we respond to your small business needs the best we can.
These are some overview steps to take when starting your own small business. We hope that everything you are planning turns to be successful and remember, we are always here to help. To end, we would like to share some advice from Nicholas Hänny on how to start your own business without investors. Good luck and come back next week for fresh new content.
Video Nicholas Hänny – https://www.youtube.com/watch?v=owS4NQmzv2w
Access Capital is a financial consulting company with over 20 years of experience in the financial industry of California. It focuses on helping small businesses grow through their services that include financial consulting and advising, small business loan processing, digital marketing, business coaching, and accounting & management. For more information go to accesscapital.org.
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