STEP 1: CREATE A BUSINESS PLAN
The first step in launching a successful business involves the creation of a comprehensive business plan. This document outlines your business idea, goals, and the strategies you'll employ to achieve them. It serves as a roadmap, detailing your market analysis, organizational structure, product or service offerings, marketing and sales strategies, and financial projections. A well-crafted business plan is not just a tool for guiding your business decisions; it's also essential for attracting investors and lenders by demonstration the viability and potential profitability of your business concept.
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STEP 2: DECIDE ON YOUR STRUCTURE AND REGISTER YOUR BUSINESS NAME
The next step in establishing your business is to decide on the legal structure and register your business name, This critical step involves selecting a business entity such as sole proprietorship, partnership, corporation, or LLC, based on factors like liability, taxation, and management style. The chosen structure will have significant legal and financial implications for your business. After selecting the structure, the next task is to register your business name with the appropriate authorities. This not only secures your brand identity but also ensures legal compliance and protection.
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STEP 3: OBTAIN NECESSARY LICENCE AND PERMIT REQUIREMENTS
Step 3 in setting up our business involves obtaining the necessary licenses and permits. This step is crucial for legal compliance and variers based on your business type, location, and industry. In North Carolina, you made need specific state licenses, in addition to local permits from your town or county. These could include professional licenses, sales tax permits, health department permits, and others. It's essential to conduct thorough research or consult with local authorities to understand the exact requirements for your business. Failure to acquire the right licenses and permits can lead to legal complications and disrupt your business operations, so ensuring you have all the necessary documentation is a key part of establishing a successful business.
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STEP 4: OBTAIN NECESSARY TAX INFORMATION
Taxation for small businesses may be simple or complex, depending on the size and structure of your business. The tax liability for each business will be different.
Consult your attorney and accountant regarding comprehensive tax planning.
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STEP 5: IDENTIFY SOURCES OF FINANCING
Finding sources of capital for your business start-up is a critical step in process. This involves exploring and securing necessary funds to launch and sustain your business operations. Financing can come from various sources, such as personal savings, loans and financial institutions, venture capital, angel investors, crowdfunding, or government grants. Each option has its own advantages, requirements, and implications for your business. It's important to carefully assess how much funding you need, understand the terms and conditions associated with each source, and choose the one that aligns best with your business goals and financial capabilities.
Fueling-Your-Business-in-North-Carolina
STEP 6: LEARN ABOUT EMPLOYER REPORTING REQUIREMENTS AND RESPONSIBILITIES
As a business owner with employees, you are required to adhere to various federal, state, and local regulations. This included submitting employment taxes, providing workers' compensation insurance, adhering to labor laws, and filing specific reports like the W-2 for wage and tax statements. Additionally, you must stay informed about OSHA standards to ensure a safe working environments. It's essential to familiarize yourself with these obligations to maintain legal compliance, avoid penalties, and create a responsible and supportive workplace for your employees.
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ADDITIONAL CONSIDERATIONS
Consult with an accountant for bookkeeping and tax purposes.
Obtain insurance.
Review contracts with legal counsel.
Review trademarks or patents.
Develop policy and employee handbook.
Join trade associations and chambers of commerce.
Other Resources:
US Small Business Administration
Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.
Visit their website
Constant Contact
Constant Contact is an online marketing platform tailored to small businesses. It offers various free tools and other resources for small businesses. Topics include email, social media, SMS texting, online stores, and websites. Constant Contact also provides educational webinars, seminars, and local events year-round.
This platform can help your team members level up their skills while improving operations. It includes small business resources for digital marketing tailored to your skill level—just starting out, up and running, or advanced marketer.
Visit their website
FDIC: Money Smart for Small Business
Boost your financial literacy with 13 modules for starting and managing a business. The materials and instructor-led curriculum were developed jointly by the Small Business Administration and Federal Deposit Insurance Corporation (FDIC). You can download financial resources at Money Smart – Teach – For Small Business.
The lessons consist of:
- "Is Owning a Business a Good Fit for You?"
- "Planning for a Healthy Business"
- "Banking Services Available for a Small Business"
Google
A Google Business Profile, formerly Google My Business, can drive customers to your brick-and-mortar storefront and online platform. It also offers many free tools for entrepreneurs and small teams, including Google Workspace and Google Drive. The Google for Small Business page provides a wealth of information for small business owners, helping you navigate SEO, advertising, and marketing.
Course topics include:
- Getting your business online.
- Standing out on Search and Maps.
- Understanding SEO.
- Gathering insights.
- Starting an online store.
- Using email marketing.
- Advertising online.
The small business lesson collection helps you research your market, develop a business plan, and prepare to request funding. Also, check out the Grow with Google small business showcase on YouTube. It offers more than 250 videos covering topics like project management and data analytics.
HR.com
Manage human resources effectively with a free membership and resources from HR.com. It has e-learning lessons, webcasts, and virtual events. You can learn about upcoming changes to regulations and help your HR employees achieve Professional in Human Resources (PHR) and Senior Professional in Human Resources (SPHR) certifications.
Free resources for small businesses consist of:
- HR compliance posters.
- Industry trends and research papers.
- HR certification prep courses.
- More than 5,000 educational webcasts.
- Recertification credits.
- HR forms, templates, and tools.
Visit their website
HubSpot
HubSpot is a cloud-based customer relationship management (CRM) tool offering free and paid courses. It also provides the HubSpot Academy for ongoing education geared toward your entire team, including leaders, department supervisors, and employees. There are dozens of programs, including free online courses and longer certification sessions, and you can display earned badges on websites and company bios.
Achieve certifications through business courses, such as:
- Digital marketing.
- Inbound sales.
- Growth-driven graphic design.
- Content marketing.
- Digital advertising.
- Sales management.
- Email marketing.
Also, check out HubSpot’s Website Grader. Enter your company’s website and email address and click “get your score.” HubSpot grades your site based on performance, search engine optimization (SEO), mobile, and security. It also provides a list of recommendations for site improvements.
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National Association for the Self-Employed (NASE)
Networking groups for entrepreneurs can help you develop local and national connections. NASE represents companies with 10 employees or fewer. It has free resources for small business owners and offers many more tools for members, including unlimited access to consultants for tax, retirement, finance, and operations questions. NASE also provides a member-only NASE Succeed Scholarship, helping entrepreneurs pay for training programs, business courses, and college.
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Service Corps of Retired Executives (SCORE)
Since 1964, SCORE has helped more than 11 million entrepreneurs start, grow or successfully exit a business. SCORE's 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories.
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US Chamber of Commerce
As the world’s largest business organization, the U.S. Chamber of Commerce advocates for business-friendly policies, supports local chapters, and provides free resources for entrepreneurs. You’ll find many virtual events and informative guides on small business topics and can network within your community by joining a local branch.
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Contact Us
For assistance with any of the information listed, please contact the Town by calling 910-201-8015, or using the Staff Directory or Contact Form provided below.