- MARKET RESEARCH
You will need to conduct an market research of the area you are located in and see if there’s an need for this type of business in your area. It’s an great way to get information on potential clients and who’s your competition in the area you are looking to start your business.
2. FORM AN BUSINESS PLAN
Start putting together an business plan if you don’t have one yet on how you’d like to go about starting this business so you know what structures need to be in place and a layout of what needs to be done to grow your business. It will also help when you go to the banks to apply for funds to start your business.
3. FINDING FUNDING FOR THE BUSINESS
Getting your business funded will be the next critical piece to starting your business, with an well written business plan you’ll be able to have investors and bankers see your clear plan of how this funds will be used to start and run the business. If you don’t have any funds already on hand there’s many options to choose from for funding like private investors, loans or even business grants.
4. PICKING THE BUSINESS LOCATION
Finding the perfect business location is one of the most important decisions you’ll make when starting your business. Whether you’re setting up a brick-and-mortar business or launching an mobile business, choices you make could affect how much you pay in taxes, legal requirements, and revenue generated if you do other things besides just dog poop removal services.
5. CHOOSING BUSINESS ENTITY
The legal business structure you choose will impact your business registration requirements, how much you pay in taxes, and your personal liability. There’s several options from LLC’s, Sole proprietorship, Corporation and etc. so be sure to choose one that best benefits your business needs.
6. PICKING AN BUSINESS NAME
Choosing your business name is very important as it helps potential clients find your business and understand what services you offer to them and your community. You’ll also want to make sure your business name isn’t already being used by someone else.
7. GETTING BUSINESS REGISTERED
After you have decided on the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, as it varies from state to state. Be sure to check with your local state government what is needed for you to do this.
8. GETTING BUSINESS FEDERAL TAX ID AND STATE TAX ID
Once you receive your employer identification number (EIN) which is an important step to start and grow your business, like opening a bank account and paying taxes. Your EIN is like a social security number for your business. In the state of South Carolina you are required to get a tax ID as well but this varies state to state.
9. BEING STATE AND FEDERAL COMPLIANT
In order for your business to keep running be sure that your business entity is legally compliant. Find out what licenses and permits you need for your business these also vary by industry, state, location, and other factors.
10. OPEN AN BUSINESS BANKING ACCOUNT
There are several small business checking account can help you manage all of your legal, tax, and payroll duties. The best thing about this is it’s easy to set one up if you have the right registrations and paperwork needed from the state to do so.
written by Palmetto Scooper Inc.