Keys to starting a business for the first time
En Hispanic Entrepreneurs we review the keys to start a business for the first time. We will focus on the recommendations made by the United States Government itself and agencies such as the SBA and the General Trade Commission. If you are looking for information to take the final step, we invite you to continue reading.
Get familiar with the steps to start a business
If you are thinking of opening your own company in the United States, you should research very well how to do it, the requirements, permits and licenses, tax obligations, etc. For example, it is essential to understand that each state has its own rules, so you should start where you are going to start.
You may want to start your business in the state where you live for a number of reasons. In the first place, the proximity to handle it, it will always be better to be there to assist you and resolve any situation.
In case you plan to relocate, keep in mind that licenses and permits vary in different entities. Which means that if you have one contractor license in Tennessee and you want to move to Florida, you will have to process a new one.
These are details that you should consider when planning to start a business for the first time.
There are a series of steps that you must follow, which we can summarize in the following list:
- - Create a business plan to outline what you are going to do, how you will do it and what you need to achieve it.
- - Choose the right location, you have to study this decision well because numerous factors will depend on it.
- - Seek training with qualified mentors to help you get your business going.
- - Choose a business structure, the form of taxation, business management, among other aspects, will depend on it.
- - Determine what resources you have and if you need financing.
- - Choose a name for the business and register it. First you must verify that no one else has it.
- - If you are going to hire employees, obtain the Employer Identification Number.
- - Register the company to pay tax in the state.
- - Process the licenses and permits that the business needs.
Keys to starting a business for the first time
Here are some recommendations to follow if you want to start a business. You can delve into each of these by visiting the Government website USA.gov
Identify the resources offered by the federal government
The government offers many resources for those who want to start their own business. So if you want to know what it takes to start a business for the first time you can turn to them.
Among these, the Federal Agency for the Development of Small Businesses (SBA, for its acronym in English) stands out. Within this agency you will find the most complete business guide that will help you from planning and even after you have started your business.
If you have questions about how to create a business plan, are looking for advice, training courses or want to apply for a federal loan, this is the place to go.
Find mentors to help you move forward
Another recommendation USA.gov offers is to enlist the help of qualified mentors. These know how to start a business for the first time, the difficulties that may arise and how to solve them. Although each case is different, having their guide is very valuable because it will allow you to make better decisions.
As we mentioned, at the SBA you can access mentoring, there are also training courses in which you can participate. The agency has offices in every state, which is a great advantage.
But not only in the agency do you have this type of advice. There are recognized institutions that also have their own mentors. Do your research to find the one that suits you best.
Do your research before starting a business
Another key to starting a business for the first time is spending time researching the opportunity you have.
Suppose someone presents you with a proposal that seems ideal and you are thinking of investing in it. Before doing so, you must take precautions and find out if it is what it seems or, on the contrary, it is a fake business opportunity.
These are plentiful and you shouldn't be surprised, but the Federal Trade Commission (FTC) is there to help you identify them and help you make a good decision.
The FTC is also a valuable source of information for starting your business.
Get familiar with the types of taxes
Along with the SBA and FTC, the IRS (Internal Revenue Service) is another source you should consult to get off to a good start. Here you will find information on the types of business taxes that companies must comply with. It should be noted that these depend on the structure you have chosen.
They will also give you information on the accounting methods that you can follow in your business.
Follow these tips to start a business for the first time. If you need advice you can contact contact with Hispanic Entrepreneurs.
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