You’ve decided you want to start a business in Orlando, FL, but don’t know where to start. Well, before you rush into signing a lease agreement or submitting an application to trademark your name, there are a few things the U.S. Small Business Administration (SBA) recommends you to do ensure your business thrives. Below we have outlined for you what these 10 steps are.
- Conduct market research.
Market research will help determine if there is a need for your business. When conducting market research, you will find out how many people would be interested in your product/service, the demographic information for the area where your product/services will be offered, and even what your potential customers are already paying for a similar product/service.
- Draft your business plan.
Your business plan should be well thought out and serve as “a roadmap for how to structure, run, and grow your new business.”
- Decide on who you want to fund your business.
Starting a business can be costly and you’re likely to run into unexpected costs as you get closer to opening up. Therefore, you need to have a plan that establishes how you are going to fund your business. While some small business owners obtain their funding through investors, others apply for government or bank loans.
- Choose a location.
If you’re opening up a brick-and-mortar store, the location you choose will have a direct effect on your revenue so you are going to want to choose wisely.
- Select the right business structure.
Are you going to be running a sole proprietorship or forming a limited liability company (LLC)? It is important that you choose the right business structure as the type you select will determine how much you pay in taxes, the type of paperwork you will need to file, and if you can be held liable should you run into a financial hiccup.
If you need assistance with choosing the right type of business structure for your company, contact the Orlando, FL business law attorneys at Legal Counsel P.A. today.
- Choose a business name.
Not only should you choose a name that reflects your brand, but also one that is not already taken.
- Register your business.
After you choose your business name, you may be required to register it with your state government and/or the federal government so that your operations are legal, and your brand is protected.
- Get federal and state tax IDs.
Your state ID and federal tax ID, which are referred to as an Employer Identification Number (EIN), “let your small business pay state and federal taxes.”
- Apply for the appropriate licenses and permits.
The type of business you are starting will determine the types of licenses and permits you will need to obtain.
- Open a business bank account.
This will allow you to track your business finances and keep them separate from your personal finances.
Now, if you would like some help with getting your business started, don’t hesitate to contact Legal Counsel P.A. to speak with an Orlando, FL business law lawyer.
Legal Counsel P.A. has an office in Orlando which is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]