Issues to be aware of before you start a small business

Issues to be aware of before you start a small business

| Jul 21, 2021 | Business Financing |

You’re finally going to take the plunge and open a small business in Georgia. Maybe you have always wanted to run your own coffee shop, plumbing business or landscaping outfit. It’s great that your dream is on the verge of coming true. However, you will need to be aware of some important legal and other considerations that go along with the responsibility of being a small business owner.

Don’t allow your idealism and excitement to distract you from the practical details of opening a business. Attending to those matters will help you be successful and avoid troublesome pitfalls later on.

For example, is there a demand for the goods or services you want to provide in the region where you want to launch the business? You will learn that by doing research. How many competitors would you be up against? That is another piece of information you can get from your research.

What to do before your small business gets off the ground

Take your time and handle these steps correctly. You’ll be glad you did everything appropriately.

  • Make a business plan. This document will be central to the productive operation of your new venture. According to the Small Business Administration, “You’ll use your business plan as a roadmap for how to structure, run, and grow your new business.” There are two typical types of business plans – traditional and lean startup. Choose the one that works for you best.
  • Borrow or raise the funding you’ll need.
  • Decide on your business structure. There are many choices such as a sole proprietorship, corporation, non-profit and more.
  • Figure out a name for your business and register it if necessary.
  • Obtain a federal tax ID and a state one if you need it.
  • Find out which permits and licenses are required and get them.
  • Start a checking account for your business.

There are plenty of things to think be aware of before you open the doors of your new business. Make sure to understand exactly what you need and get advice from legal advocates if you have questions.