Guidelines for starting a business

What are the guidelines for starting a business no matter what state you live in?

Guidelines at a glance are:

· What type of business do I want to open?

· What location do I want?

· Is there a real need for the market I am picking?

· What do I know about the business?

· Contacting your state Department Of Development for permits and a business start up kit.

More in-depth guidelines for starting your business:

· Business planning, you must put for a great deal of effort in your business plan and projections.

· Why are you going into this business?

· Long term goals

· Short term goals

· Is the business a sole proprietorship, partnership, LLC, non-profit or a corporation?

· Where will I find funding?

· What is my marketing strategy?

· How will I manage the business?

· What equipment, employees, stock or other purchases needed?

· What are the regulations in my state for such a business?

These are things you should ask yourself before attempting to start a business. Know you market, know your business plan and do your research. First step if you are serious is to register your business name with your state you can use a trade name, this will cost you a minimal fee. You can register a fictitious name and this will also be a minimal fee. Prepare yourself for the fees from the state before you even get your business in order. Many decisions within each guideline must be thoroughly thought out.

What tax requirements are needed for the type of business you will open.

What vendor licenses with you need depending on the business you will open examples are, regular vendors license, transient vendor, limited, service or delivery. You may find you need more than one and each cost a minimal fee.

What are your environmental requirements?

Register for an EIN, Employer Identification Number. Those who have a sole proprietorship need not apply for this, because they are accepting all responsibility and may use their own social security number.

Meet the OSHA requirements for your state and the business you will have. Check to see if it is necessary for you to sign up for Workers Compensation.

Finally funding, where will the funds come from? Will you be using grants and do you have a business plan in place? A business plan is one of the most important tools you can use. Every lending company will want to know what your projections, startup costs and expectations are for your company and are not likely to loan for a simple “idea” with out a plan. Going into a business blindly that you have actually no idea about is indeed a setup for failure. Know your business, know your market, and know your demographics for your area.

When finding the perfect spot for your business, notice where it is located. It is easy to access? Is the road well traveled? What other businesses are around where you plan to establish yourself, are you or will you be in competition? For example, if you are opening a café, and there is a restaurant across the street that has been there for 14 years and has built a good patronage, opening a business across the street from them is not the right idea. People for the most part are loyal to where they do business for long periods of time.