6 Tips to Opening a Small Business

Since 2010, small businesses have been increasing all across America. People prefer to shop at a small business rather than a large, chain box stores because they know they are benefiting the community. You may be passionate about an idea that you are looking to turn into a business someday. Well, that idea of “someday” can come sooner than you think with a few tips on starting a small business.

Step 1: Write a business plan.

You may already be working on this you just don’t know it yet. A business plan should be a detailed guide of what you plan to sell, how you plan to sell it, the finances involved, proposed business insurance, and possible business partners. Establishing these key components will help you make more executive decisions about your business further down the line.

Step 2: Chose a location.

This may seem like a simple step, but it is one of the most important. Think of the customers you want to attract and the space you will need. Think if you want to build or buying an existing building. If you are an online only small business, think of building a professional looking website and the design.

Step 3: Finances.

Many small business owners dig into their pocket to finance their small business dreams. Before you dig too deep, think of using government back loans, venture capital, investors and research grants that can give you some additional funds to help you get started on your small business. Of course there are many more guidelines to how you should handle your finances as a small business owner but it matters where you start.

Step 4: Register your business name.

Register your business name with your state government. Your business name should give reference to what your business does. Think of using the names of local neighborhoods or streets to give your customers the sense of “local business.”

Step 5: File Taxes.

It is required for all businesses to pay local, state, and federal taxes. File the appropriate papers with the state of North Carolina to get a tax Identification number.

Step 6: Obtain a business licenses.

If you are opening up a restaurant, you will need certain health and food permits. If you are serving alcohol, you will need an alcohol license. Every business needs a basic business-operating license from the state government. Make sure to obtain all the necessary licenses before you open your doors for business.

From one small business to another, the small business community is here for one another. Starting a small business may take time, but it is putting your dreams and passions into a reality. Make sure you do your research before starting your small business. Protect your business from the start with the right insurance. If you are in the process of starting your own business, give a Spivey Insurance Group agent a call at 704-821-4460. Let your small business stay connected with us on Facebook, Twitter, Pinterest, and Google Plus!

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