4 Steps to Start Your Local Business

The Neve Group knows that local businesses are the heart and soul of our community. If you want to join the ranks of other local small business owners, there are a few things you need to know first. These resources will help first-time business owners take the required steps to get their business up and running.

Build Your Business PlanIf the adage “If you fail to plan, you plan to fail” is true, having a business plan in hand early during your startup phase is crucial. Harvard Business Review notes that a business plan makes a startup more likely to succeed, so be sure you take the time to do it right.

 

●     Learn how to write a business plan, step by step.

●    Conduct market research and competitor research for your business plan. Check out these 10 ways to rapidly test your startup idea.

Register Your BusinessBefore you open for business, it’s necessary to legally register it, which begins by deciding how your operation will be structured. Are you best suited to operate as a sole proprietorship? A partnership or corporation? Many small business owners opt to become a limited liability company (LLC), so-called because any adverse actions against your business -- like a lawsuit -- can only affect business assets; your personal assets are protected. Other benefits of an LLC include less required paperwork, tax advantages, and more flexibility in how you run your business. Consider these steps when incorporating:

 

●     Use a one-stop LLC registration via an online formation service. It’s important to note that, when operating in Pennsylvania, you’ll need to establish a registered office; that is, a physical address in the state where time-sensitive and legal documents can be sent.

●     Research corporate name availability and name reservation procedures.

●     How to choose a business entity.

Secure Small Business FundingWhile traditional banks and credit unions offer a variety of types of business financing, Business News Daily writes that there’s also plenty of alternative funding options. These include venture capitalists, crowdsourcing, grants, and community development finance institutions (CDFIs). Start with these tips:

 

●    Experian.com lists 7 ways to fund your small business.

●     Understanding small business loans.

●    14 questions to ask before you get a small business loan.

●     Check into federal assistance programs, especially those created due to the effects of the pandemic. For instance, you may be eligible for up to $100,000 in tax-free money thanks to the American Rescue Plan Act of 2021.

Will Your Workspace be at Home?There are currently 15 million home-based businesses in the U.S., almost half of all businesses. And the good news is that most home-based businesses are started for less than $5,000. Consider these plusses and minuses when it comes to deciding whether to go the home-based or brick-and-mortar route:

 

●    Pros and cons of a home-based business vs. a brick and mortar business.

●    Considerations when starting an online business.

 

Starting a business doesn’t happen overnight. There’s a business plan to refine, paperwork to file, and space, staff, and customers to procure before your great idea can become a full-fledged business. Luckily, local entrepreneurs have a great small business community to help them through the process. Whether you need help testing your business idea or getting found by local customers, reach out to local business resources like the local business development center and small business networking groups.

 

Written by: 

Courtney Rosenfeld

http://www.gigspark.biz/