If You Want To Open A Business, Start With These 10 Steps
You’ve dreamed about it, mulled it over, and made the decision to start your own business. Now it’s time to get to work. The First Financial Bank team of professionals will help guide you through the necessary steps to get started.
1. Build a Business Plan.
A business plan will provide lenders and investors with key information as you develop a successful business. It should include an executive summary with key facts about your business, such as its products and services, as well as your expertise. Be sure to develop a mission statement that defines your business objectives. Describe how you arrived where you are today and your what you expect concerning future growth. The summary should also include information about your finances.
2. Decide which Business Structure is Best.
Determining your business structure has legal and tax implications. Be sure to do your homework to learn which is right for your company.
- Sole Proprietorship
- Limited Liability Company (LLC)
- S Corporation
3. Name your Business.
Naming your business is important. Take your time to decide on just the right one. An effective name will help brand your business. Once you’ve decided on a name, you must register it with the appropriate state agency, such as the county clerk.
4. Obtain Business Permits and Learn about Business Laws and Regulations.
Certain types of businesses may require federal or state permits or licenses. Do your research to avoid roadblocks. If you will be hiring employees, seek guidance on Employment and Labor Laws. Depending on your business, there may be other regulations that impact your business. Seek the advice of an attorney whenever you have questions and concerns regarding your business’ legal matters or compliance to regulations.
If necessary, file for a Federal Tax ID. You will need this document before you can establish your banking relationship.
5. Fund your Business.
How much money will you need to open your business? Are you able to finance or will you need to borrow money? Prepare a financial statement and determine what funds will be needed to support your business. Make sure you understand your cash flow needs so you can support your business and help it grow.
When it comes to determining the borrowing needs of your business, the expertise of a First Financial lender can be most beneficial. Your business plan will be an excellent tool to show your lenders and investors how and why your business will be a success.
7. Select your Business Location.
Deciding the location of your business is determined by a number of factors. Check local zoning laws before you lease or purchase property.
Will your business require heavy equipment, office furniture, and vehicles? Consider exactly what you will need to open your business and manage it efficiently. Be sure to review your equipment needs with your lender.
9. Hire Staff.
Determine your staffing needs. How many employees will be required to run the business effectively? Will they be full-time or part-time? Don’t forget to publicize the job openings, conduct interviews, and create an onboarding process.
10. Open the Doors.
You’ve done your homework, sought the advice of legal and financial experts, and have the equipment and resources. It’s time to open the doors!
First Financial will be a constant partner as your business grows. Come by, meet us, and let us help make your dreams come true.