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local businessStarting a business is a lot of hard work, which can be very rewarding. But, to avoid unexpected problems, it's important to plan ahead and get started on the right foot. Here's how:
  1. Create a business plan: While a small, home-based business may only need an informal business plan, a larger company requires a complex, fully-structured business plan. It should address the purpose of your business, what sets it apart from other businesses, profit goals, target demographics, employee needs, initial investments, business insurance etc. A consultant can help new business owners get started.
  2. Choose a business structure: Meet with a tax advisor, attorney or accountant to discuss business structures and their tax requirements. Each structure - sole-proprietorship, corporation, partnership, LLC, cooperative and S corporation - has different tax implications. Bear in mind, as your own employer, you're fully responsible for paying your social security contribution, along with your healthcare.
  3. Register your business: Choose a name for your business and then apply for an Employer Identification Number (EIN), which is required for tax purposes. Freelancers can register their businesses under their actual names. In some states, you may also need to apply for a business license.
  4. Create a marketing plan: Marketing is essential for gaining customers and should be carefully planned each year. Pass out business cards and flyers to your target demographic group. Create a website and set up social media accounts. Facebook is particularly important because 26 percent of website traffic is generated through Facebook. If you have a physical storefront, hang window signs to announce your grand opening and any subsequent sales.
  5. Open for business: Prepare for your grand opening by offering a special promotion or advertising a big sale to bring people in. Give away samples, teach a class or any number of other ways to promote your new business. The more people spread the word out of excitement and/or satisfaction, the more business you're likely to receive.
Don't forget to protect your investment. Call Moore Insurance Agency at (361) 991-9000 for more information on Corpus Christi business insurance.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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