Tips to Start a Business in Today’s Economy

tipsOwning a business is a common dream among many people. But in today’s economy you may be hesitant to start a business. One of the secrets to success is meeting a need. Supply people with what they need, or convince them they need what you’re providing, and your business will be a success. Here are some tips to help you get to the point of having a successful business. Use them to start a business of your own.

  • Have a business plan. Each journey needs a map and a business plan is your map to success.
  • Get training. If you need training on running a business – get it. You can take seminars, classes, or get a degree in business.
  • Location is important. Choose a location if you are going to start a business and be in a physical location. Check on the zoning and land-use regulations.
  • Find financing to start a business. Use government grants and loans if you qualify. You can also enlist private investors to back your venture.
  • Decide upon the legal structure of your business. Do you want to be incorporated, become an LLC, or a sole proprietorship?
  • DBA today. Register your business name. This is an important legal step which will protect your brand identity when you start a business.
  • Obtain a tax identification number from the IRS and state revenue agency.
  • You will need a state tax identification number, register for worker’s compensation, disability and unemployment insurance.
  • Get the proper local, state, and federal business licenses and permits to start a business in your area.
  • Know your responsibilities as an employer. Contact OSHA for information on employee safety and guidelines to protect your employees and you as their employer.

There are federal and state programs available to help you start a business, especially if you are a minority, a veteran, a woman, or are starting a green business. Take advantage of these programs and contact the Small Business Bureau for tips on finding and using these resources. Another little known tip is to use government surplus furniture and supplies to start a business. This will save you money and help you set up your business without a lot of capital outlay on your part. It is possible to start a business in today’s economy. It takes hard work, organization, and tapping into the available resources in your area to be a success.

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Posted in Startups.

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